DAILY101023
Barr Stands Firm on Capital Rewrite
In remarks yesterday, Vice Chair Barr made it clear that, no matter all the industry and Republican pressure, the Fed believes the pending capital rewrite has no material problematic consequences and is necessitated by recent events.
FSB Calls for Continued Improvements in Cross-Border Payments
Following its cross-border payments roadmap, the FSB today released two progress reports finding that further work is needed in ensuring payment system interoperability, establishing common data standards for payments messages, developing tools needed for APIs, and providing a vehicle for the investigation of legal, regulatory and supervisory frameworks.
FSB Presses for Better Smaller-Bank, GSIB Resolvability
Following Basel’s review late last week on the 2023 crash (see Client Report REFORM228), the FSB today released its assessment of implications for GSIB resolution. Basel’s report acknowledged challenges in this area, but largely focused on what we call Basel V.
Fed Finalizes DIHC Insurance-Capital Construct
As promised in the bank-capital proposals (see FSM Report CAPITAL230), the FRB Friday voted 6-0 to finalize long-pending standards for insurance-focused depository institution holding companies.
GOP Hikes Pressure on Iran Payment, Sanctions
Presaging likely HFSC hearings and delays in regular committee action, Ranking Member Scott (R-SC) today called for Secretary Yellen to testify in front of Senate Banking to explain why $6 billion is being released to Iran and to identify any sanctions gaps.
Bowman Pursues Barr, Array of Recent Fed Actions
Continuing her opposition to much of what Vice Chair Barr is doing, …