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.
At a meeting of the OCC, FDIC and President's Working Group on Financial Markets, the PWG stated its intent to address regulatory gaps with respect to stablecoins in the coming months.
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 proposal by the FDIC, the Federal Reserve Board, the Office of the Comptroller of the Currency, the SEC and the CFTC to exclude certain community banks from the Volcker Rule was published in the Federal Register. Comments must be submitted by March 11, 2019. As previously covered, pursuant to Section 203 of the Economic Growth, Regulatory Relief and Consumer Protection Act ("EGRRCPA"), the proposal would exclude a community bank from the restrictions of the Volcker Rule if both of the following conditions are met: (i) it has total consolidated assets equal to or less than $10 billion, and
Senior U.S. and European officials will conduct a second round of discussions on cross-border resolution planning.