Global Regulators Implore an End to LIBOR
Repeating many prior pleas, the FSB today implored financial institutions to prepare for LIBOR’s end by the end of this year. Firms are told of the risks of failing to prepare for all contracts in all currencies as supervisors are directed to step up LIBOR-transition efforts.
FRB-NY: Overdraft-Fee Caps have Unintended Consequences
We continue our analyses of FRB-NY blog posts on inequality with an assessment of one focused on overdraft fees. Like the post we assessed late last week, this post looks at bank checking accounts. However, it takes a far more sympathetic view of banking, concluding that overdraft-fee caps have unintended consequences for those they hope to protect.
Basel: Reforms Helped Banks Absorb Pandemic Shock, New Issues Identified
The Basel Committee today released a report finding that increased quality and higher levels of capital and liquidity in the global banking system thanks to its reforms “significantly helped” banks absorb the pandemic shock.