FSB Says Swiss Standards, Not Its Own, Led to CS Chaos
The FSB today released the review of Swiss GSIB regulation announced after Credit Suisse’s failure.
Basel Tackles Private Credit, GSIB Window-Dressing
The Basel Committee today again pressed nations – clearly here focusing on the U.S. – to finalize the end-game rules as quickly as possible.
FinCEN Releases New AML/CFT Hit List
FinCEN today emphasized that the new FATF report has revised countries where strategic AML and CFT measures are deficient, warning U.S. banks to take this into account – i.e., to ensure appropriate de-risking.
CFPB Targets Bank Comparison-Shopping Posts
The CFPB today loosed another attack on bank marketing practices, arguing that key facts are omitted from credit-card and financial-product descriptions obscuring back-end fees.
Bipartisan HFSC Votes to Repeal SAB 121
At today’s abbreviated markup, HFSC took up H.J. Res. 109, which would repeal the SEC’s Staff Accounting Bulletin 121 requiring banks to keep custody cryptoassets on balance sheet (see FSM Report CUSTODY5).
HFSC Approves Secret Service Cybercrime Bill
As HFSC’s markup continued today, the committee turned to Rep. Fitzgerald’s (R-WI) bipartisan H.R. 7156 expanding Secret Service investigative authorities over cybercrime.
FSB Head Ratchets Up Stablecoin Systemic Worries
In remarks today, FSB Chair Klaas Knot discussed market developments in cryptoassets, suggesting that renewed market interest in stablecoins by bigtechs and financial institutions could have systemic implications.