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.
A bank settled DOJ and SEC charges for Foreign Corrupt Practices Act violations in connection with its use of third-party intermediaries, business development consultants and finders.
An investment firm was fined $2.9 billion by several authorities for its failure to (i) properly oversee its operations, (i) maintain internal controls and (iii) conduct proper risk management, with regard to its employees' involvement in improper payments to foreign officials.
An SEC final rule rescinding Industry Guide 3 concerning statistical disclosures that banking entities and bank holding companies provide in their registration statements, was published in the Federal Register.
An investment bank agreed to settle SEC and CFTC charges that the firm engaged in spoofing in the market for U.S. government securities.