In a new Bulletin, which replaced and rescinded previous guidance, the Office of the Comptroller of the Currency advised regulated banks to prepare for the reduction in the settlement cycle for regular way trades.
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Participants in the EU-U.S. Joint Financial Regulatory Forum highlighted cross-border interagency coordination on (i) financial stability, (ii) climate-related financial risks, (iii) banking and insurance regulation and supervision, (iv) capital markets, (v) operational resilience, (vi) digital finance and (vii) AML/CFT compliance.
The SEC, the Federal Reserve Board, the OCC, the Department of Housing and Urban Development, the FDIC and the Federal Housing Finance Agency reassessed several provisions of the Credit Risk Retention Regulation and decided not to propose any changes at this time.
Staff of the Inter-Agency Working Group on Market Surveillance proposed six guiding principles to reform Treasury market policy to increase market resiliency.
At a Financial Stability Oversight Council meeting on June 11, 2021, Federal Reserve Board Vice Chair for Supervision Randal K. Quarles encouraged the move toward the Secured Overnight Financing Rate and warned banks that the use of USD LIBOR quotes available after December 2021 for new products would create safety-and-soundness risks.