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Commentary by Steven Lofchie

Federal Reserve Board Governor Michelle W. Bowman urged banking regulators to prioritize their attention in the new year on (i) fundamental risks such as liquidity and interest rates; (ii) tailoring regulations to the size, complexity and business model of institutions; and (iii) increasing "supervisory transparency."

Commentary by Steven Lofchie

The New York State Department of Financial Services issued guidance for financial institutions on the "management of material financial and operational risk from climate change."

Commentary by Steven Lofchie

Acting Comptroller of the Currency Michael J. Hsu prioritized "restoring public trust in the federal banking system" after the liquidity crisis, consequent market disruptions and bank failures early in the calendar year.

Federal Reserve Board Governor Michelle W. Bowman criticized proposed new capital requirements for banks with more than $100 billion in assets, arguing that the increases were not supported by facts and analysis and could lead to reduced credit availability and increased cost of credit.