FDIC Director Jonathan McKernan expressed skepticism on the Basel Committee's proposed "endgame" for capital standards.
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FINRA reminded firms that SEC rules govern how a firm's net worth must be calculated, recorded and reported. In a Regulatory Notice, FINRA offered guidance on applying financial accounting standards to revenue recognition from contracts with customers.
The Congressional Research Service prepared a detailed summary and analysis for legislators on the banking regulators' proposed "Regulatory Capital Rule: Amendments Applicable to Large Banking Organizations and to Banking Organizations with Significant Trading Activity."
The OCC, the Federal Reserve Board and the FDIC extended the comment deadline on a proposed rule on long-term debt requirements. The comment period was extended to January 16, 2024.
A broker-dealer settled charges with FINRA for failing to take net capital charges on loans for which the broker-dealer acted as the guarantor.