A bank settled parallel SEC and Federal Reserve Board charges for (i) extending lines of credit to affiliates of the bank's CEO without the majority approval of its board, (ii) failing to disclose related party loans in annual reports and proxy statements, and (iii) issuing materially misleading statements.
Multiple regulatory agencies published semiannual agendas that include rules the agencies are currently considering to propose or promulgate.
An SEC proposal to impose extensive reporting requirements on any individual loaning a security was published in the Federal Register. Comments on the proposal must be submitted by January 1, 2022.
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.