A non-U.S. bank and its New York State branch settled separate charges with the Federal Reserve Board and the New York Department of Financial Services for unauthorized disclosure of confidential supervisory information and anti-money laundering and related violations.
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Federal Reserve Board Vice Chair for Supervision Michael S. Barr argued that good cyber defense is "not sufficient" to address cyberattacks; he emphasized that banks must focus on operational resilience and improved risk management to confront the threat.
Federal Reserve Board Governor Michelle W. Bowman offered a proposed path forward to address the balance needed for successful bank capital reform in the financial markets.
Federal Reserve Board Governor Michelle W. Bowman urged banking regulators to prioritize their attention in the new year on (i) fundamental risks such as liquidity and interest rates; (ii) tailoring regulations to the size, complexity and business model of institutions; and (iii) increasing "supervisory transparency."
The Federal Reserve Board and the FDIC adjusted the asset-size thresholds for "small bank" and "intermediate small bank" as required under Community Reinvestment Act regulations.