In a new staff report on the nexus between central counterparties and clearing member banks, the Bank for International Settlements emphasized the need for central banks to evaluate the two entity types collectively.
The New York State Department of Financial Services provided temporary regulatory relief for New York-chartered financial institutions concerning (i) conducting in-person meetings and (ii) holding annual stockholder meetings.
The European Supervisory Authorities made final revisions to report on bilateral Margin Regulatory Technical Standards requirements in order to align with the Basel Committee and IOSCO international framework.
The House Financial Services Committee considered (i) testimony from federal banking regulators on a broad range of concerns and (ii) several proposed bills imposing additional requirements on financial institutions.
The CFTC voted to propose amending its uncleared swap margin regulations to (i) extend the implementation date of initial margin requirements, and (ii) exempt certain transactions from uncleared margin requirements.
An article on the effective date for the Federal Reserve Board, OCC and FDIC joint final rule increasing the major asset prohibition thresholds for the management interlock rule misstated the effective date as October 9, 2019. The correct effective date is October 10, 2019.
The Office of the Comptroller of the Currency, Federal Reserve Board and FDIC joint final rule to increase the major asset prohibition thresholds for management interlock rule was published in the Federal Register.
House Financial Services Committee Chair Maxine Waters and Senate Banking Committee Ranking Member Sherrod Brown expressed their "strong opposition" to "weakening" initial margin requirements for swaps between banks and their affiliates.