The effective date for the Federal Reserve Board's new framework for the supervision of insurance activities engaged in by depository institution holding companies will be November 3, 2022.
Federal Reserve Board Governor Michelle W. Bowman outlined her perspective on supervision and regulation of the banking industry and highlighted the costs of over-regulation.
The Federal Reserve Board adopted a final framework for the supervision of any depository institution holding company that (i) is an insurance underwriting company or (ii) has over 25 percent of its consolidated assets held by insurance underwriting subsidiaries.
Federal Reserve Board Governor Michelle W. Bowman reviewed the FRB's response to emerging financial technologies in the banking industry.
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.