U.S. President Joseph R. Biden urged Congress to "impose tougher penalties for senior bank executives whose mismanagement contributed to their institutions failing." He is expected to announce Administration actions to address the financial fallout of the recent bank failures today.
News & Insights
The OCC updated its Policies and Procedures Manual on assessing civil money penalties in response to misconduct.
The CFPB amended its procedures to clarify the situations in which the CFTC is likely to release publicly an enforcement decision or order, and to establish a process for respondents to object to such publication.
The FDIC proposed revisions to the guidelines for the appeals process on material supervisory determinations. The revisions would clarify the role of the FDIC's Office of the Ombudsman, an administrative office that focuses on providing informational assistance to organizations under FDIC supervision.
In separate hearings, the Senate Banking Committee and the House Financial Services Committee heard testimony from CEOs of the largest U.S. banks on a broad range of public policy and compliance matters.