In testimony before the Senate Banking Committee, Federal Reserve Board Vice Chair for Supervision Randal K. Quarles provided legislators with an update on the effects and wind-down of programs implemented in response to the pandemic.
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.
A national bank settled Federal Reserve Board and OCC charges for failure to correct deficiencies in risk management and internal controls, data quality management and compliance management.
Federal Reserve Board Vice Chair Randal K. Quarles recommended several proposals that would clarify expectations and encourage good risk management practices by banks.
Federal Reserve Board Vice Chair for Supervision Randal Quarles described how the agency is addressing concerns raised about the LIBOR transition.