In testimony before the U.S. House Appropriations Subcommittee on Financial Services and General Government, SEC Chair Gary Gensler and Treasury Secretary Janet Yellen testified on the impact of market developments on agency budgets.
The U.S. House Financial Services Subcommittee on Investor Protection, Entrepreneurship and Capital Markets considered legislation and testimony concerning the transition from the London Inter-Bank Offered Rate.
An investment firm was fined $2.9 billion by several authorities for its failure to (i) properly oversee its operations, (i) maintain internal controls and (iii) conduct proper risk management, with regard to its employees' involvement in improper payments to foreign officials.
In a new staff report, the SEC Division of Economic and Risk Analysis considered the interconnections among six separate U.S. credit markets, and how three distinct types of stresses in each of the markets affected the products and participants during the COVID-19 pandemic.
The Office of Compliance Inspections and Examinations alerted firms to the increased prevalence of "credential stuffing," a cyberattack method that involves the use of automated scripts to attempt to log into customer accounts using stolen personal information.
The U.S. Senate Committee on Banking, Housing, and Urban Affairs approved the renomination of Commissioner Hester M. Peirce to the SEC and the nominations of Caroline A. Crenshaw to the SEC and Kyle Hauptman to the National Credit Union Administration Board.