FSB proposes framework for the international regulation of crypto-asset activities including Stablecoin Arrangements
October 11, 2022
The Financial Stability Board (FSB) today published a proposed framework for the international regulation of crypto-asset activities. The core components of this framework are proposals for:
Acting Comptroller Discusses Identifying Crypto Risks
October 11, 2022
Acting Comptroller of the Currency Michael J. Hsu today discussed the importance of identifying and monitoring crypto risks to protect consumers and the financial system in remarks at DC Fintech Week 2022. His comments included discussion of skeuomorphisms, commingling, and data gaps to help risk identification.
Acting Comptroller Discusses Crypto and the Regulatory Perimeter
October 11, 2022
Acting Comptroller of the Currency Michael J. Hsu today discussed cryptocurrency and the regulatory perimeter in remarks to the Harvard Law School and Program on International Financial Systems’ Roundtable on Institutional Investors and Crypto Assets. His comments discussed the need to clarify supervisory expectations related to crypto activities and the role of regulators to ensure safety and soundness while promoting responsible innovation.
Remarks by Secretary of the Treasury Janet L. Yellen at Bilateral Meeting with Ukraine Minister of Finance Sergii Marchenko
October 11, 2022
Secretary of the Treasury Janet L. Yellen gave remarks at the bilateral meeting with Ukraine Minister of Finance Sergii Marchenko.
Survey: Inflation Expectations Decline in the Short Term; Tick Up in the Longer Term
October 11, 2022
The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the September 2022 Survey of Consumer Expectations, which shows that inflation expectations continued to decline in the short term, but increased slightly in the medium and longer terms.
Statement: The Auditor’s Responsibility for Fraud Detection
October 11, 2022
Securities and Exchange Commission Acting Chief Accountant Paul Munter issued a statement entitled, "The Auditor’s Responsibility for Fraud Detection."
Comment Letter: FDIC Rate Hike Proposal Fails the Test of Time
October 11, 2022
The American Bankers Association, Bank Policy Institute, Consumer Bankers Association, Independent Community Bankers of America, Mid-Size Bank Coalition of America, and National Bankers Association sent a supplementary letter to the Federal Deposit Insurance Corporation (FDIC) stating that the FDIC’s proposal to raise deposit insurance assessment rates would hurt lending and credit access.
European Commission raises a further €11 billion for NextGenerationEU and to support Ukraine
October 11, 2022
The European Commission has issued €11 billion in a dual tranche transaction, the proceeds of which will be used to support Ukraine under the EU’s MFA program and Europe’s recovery under the flagship NextGenerationEU program.
Survey: Machine learning in UK financial services
October 11, 2022
The Bank of England and Financial Conduct Authority released the results of a second survey into the state of machine learning in UK financial services.
Bank of England widens gilt purchase operations to include index-linked gilts
October 11, 2022
The Bank of England announced that it will widen the scope of its daily gilt purchase operations to also include purchases of index-linked gilts.
Discussion Paper: Artificial Intelligence and Machine Learning
October 11, 2022
The Bank of England published a discussion paper entitled, "Artificial Intelligence and Machine Learning."
Results of the firm feedback survey 2021
October 11, 2022
The Bank of England Prudential Regulation Authority released the results for the 2021 firm feedback survey.
Letter: Thematic feedback from the 2021/2022 round of written auditor reporting
October 11, 2022
The Bank of England Prudential Regulation Authority Executive Director Victoria Saporta sent a letter to chief financial officers of selected PRA-regulated deposit-takers which provides thematic feedback from the PRA’s review of written auditor reports received in 2022.
FCA updates guidance for branch closures
October 11, 2022
The Financial Conduct Authority has set additional expectations for banks that are considering branch or ATM closures.
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
U.S. Department of the Treasury – Janet Yellen (effective January 26, 2021)
Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
Federal Deposit Insurance Corporation – Martin Gruenberg (Acting Chair, appointed February 5, 2022)
Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)
Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)
Small Business Administration – Isabella Casillas Guzman (effective March 16, 2021)
Commodity Futures Trade Commission – Rostin Behnam (effective December 17, 2021)
Financial Crimes Enforcement Network
National Credit Union Administration – Todd M. Harper
U.S. Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021)
Federal Housing Finance Agency – Sandra L. Thompson, (confirmed May 25, 2022)
U.S. Department of Education – Dr. Miguel Cardona (effective March 2, 2021)
Click here to read more from our Coronavirus series.
Click here to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act"), Enacted March 27, 2020.
Click here to view the full text of the Paycheck Protection Program Increase Act of 2020, Enacted April 24, 2020.
Click here to view the full text of the Paycheck Protection Program Flexibility Act of 2020, Enacted June 5, 2020.
Click here to view the full text of the Consolidated Appropriations Act, 2021, Enacted December 27, 2020.
Click here to view the full text of the American Rescue Plan of 2021, Enacted March 11, 2021.
Click here to view the full text of the PPP Extension Act of 2021, Enacted March 30, 2021.
Click here to view a running list of proposed legislation from the Senate Committee on Banking, Housing, and Urban Affairs, Senate Committee on Small Business and Entrepreneurship, House Committee on Financial Services, and House Committee on Small Business.
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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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