United States

Conduct, Culture & Accountability

NYDFS Proposes Guidance on ‘Character and Fitness’ Reviews

By Editors | 13/05/2023

Superintendent Adrienne Harris said character and fitness standards have become a “policy priority” in light of “recent events” in the industry.

Capital Adequacy

Fed Official Calls for Banking Reforms to be “Targeted” and “Thoughtful”

By Mark Johnston | 12/05/2023

Michelle Bowman urges targeted and evidence-based reforms to address the root causes of the recent spate of bank failures.

Liquidity Risk

US Super-Regional Banks Bore the Brunt of SVB Failure: NY Fed

By Mark Johnston | 12/05/2023

Deposit withdrawals after SVB’s failure were limited to around 30 super-regional banks, according to a new study by the NY Fed.

Climate Risk

US Fed Governor Questions Need for Special Focus on Climate Risk

By Mark Johnston | 12/05/2023

Climate change is real, but not a serious risk to financial stability, Fed Governor Waller said in a speech in Madrid.

Structural Regulation

PCAOB Publishes Findings from Audit Inspections of Chinese Firms

By Editors | 12/05/2023

The PCAOB said it found an “unacceptable rate” of deficiencies in the KPMG and PwC audits of US listed Chinese companies it reviewed last year.

Supervision & Enforcement

HSBC, Scotia Fined for Use of Unapproved Messaging Tools

By Editors | 12/05/2023

Employees, including those at senior levels and in compliance roles, used unapproved messaging tools to engage in business-related communications.

PEPs & Sanctions

IRS, Chainalysis Team Up to Support Ukraine Law Enforcement

By Editors | 11/05/2023

The IRS is sponsoring Ukraine’s access to a Chainalysis blockchain analysis tool and also organising cyber training sessions.

Emerging Prudential Risks

FSB Assessing Role of Social Media in Bank Failures

By Sanday Chongo Kabange | 11/05/2023

Head of financial stability analysis Costas Stephanou said the FSB plans to issue a detailed report on its findings later in 2023 or next year.

Market Abuse

Ex-Coinbase Employee Sentenced to Jail for Insider Trading

By Editors | 11/05/2023

The former Coinbase product manager was sentenced to two years in prison for feeding his brother and a friend information about upcoming crypto listings.