GHOS Presses Speedy Bank-Crypto Capital Standards
Basel’s governing body, the Governors and Heads of Supervision, today endorsed the Committee’s planned work schedule.
Fed Finally Finalizes LIBOR Transition Regs
Narrowly ahead of its year-end statutory deadline, the Federal Reserve today issued a final version of its detailed proposal (see FSM Report LIBOR8) to implement the LIBOR Act’s provisions on replacement rates for existing contracts without fallback language (see FSM Report LIBOR7).
Regulators Highlight P2P, Crypto, NBFI Risks at FSOC Meeting
Although most of the FSOC’s discussion today of the LIBOR transition and climate risks was perfunctory, comments on the now-released 2022 Treasury annual report were not.
McHenry, Davidson Point to Forex-Clearing Systemic Risk
Picking up a recent BIS report finding at least $65 trillion at risk in off-balance sheet foreign-exchange clearing, incoming HFSC Chairman McHenry (R-NC) and the top Republican on the panel’s fintech task force, Rep. Warren Davidson (R-OH), called on Fed Chairman Powell and Secretary Yellen to investigate what they consider a looming risk to U.S. financial stability.
Chopra Presses Cloud-Service Provider, Stablecoin Systemic Designation
CFPB Chairman Chopra’s written statement for the FSOC meeting is considerably different than the oral one described in our earlier client alert.