In a joint statement, the Federal Reserve, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corp., the National Credit Union Administration, the Office of the Comptroller of the Currency, and state financial regulators announced they will resume supervision and enforcement actions under Regulation X mortgage servicing rules. This statement replaces the one made in … Read more
Michael Hsu, Office of the Comptroller of Currency’s (OCC) acting comptroller, addressed the risk climate change poses to banks. During his remarks at OCC headquarters, Hsu announced the OCC will be issuing high level framework guidance for large banks on climate risk management by the end of this year. “These words are extremely important. Bank … Read more
Securities and Exchange Commission (SEC) Commissioner Caroline Crenshaw wrote about decentralized finance in an article published in The International Journal of Blockchain Law. Crenshaw discussed the similarities between DeFi offerings and products and those in the traditional financial marketplace, the potential issues with unregulated markets, the SEC’s role in regulating DeFi, and the structural problems … Read more
Tuesday 16 November 2021 16:52
Summary FINRA is soliciting comment on a proposal to amend FINRA Uniform Practice Code Rule 11880 (Settlement of Syndicate Accounts). The proposed amendments would reduce the maximum time for the final settlement of syndicate accounts in a public offering of corporate debt securities from 90 days to 30 days following the syndicate settlement date. Questions … Read more
The President’s Working Group on Financial Markets, the Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency issued a report on stablecoins, related activities, and the risk posed to the economy and consumers. The report concluded with recommendations for Congress to preserve market integrity, investor protection, and avoid illicit finance concerns. … Read more
The Federal Deposit Insurance Corp. has created an Office of Minority and Community Development Banking. The new department will support the agency’s engagement with minority depository institutions, community development financial institution banks, and other mission-driven banks. Read on for more details.