- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-09-12T12:46:00
Facing intense pressure from the banking industry, the Federal Reserve Board may scale back two controversial rule proposals aimed at reducing risks of bank failures in the event of a market downturn.
Michael Barr, the Fed’s vice chair for supervision, said that he will recommend that two rules–the Basel III endgame proposal and the proposal to adjust the capital surcharge for global systemically important banks (G-SIBs)–be scaled back.
“I intend to recommend that the board re-propose the Basel endgame and G-SIB surcharge rules. This will provide the public the opportunity to fully review a number of key broad and material changes to the original proposals and provide comment,” he said in a speech delivered Tuesday at the Brookings Institution in Washington, D.C.
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The Federal Reserve Board will require more than 30 of country’s largest banks to maintain a minimum percentage of capital in reserve, a percentage which the Fed calculated based on their complexity and whether they are considered a global systemically important bank.
Citigroup will pay $135.6 million in fines levied by two banking regulators for repeated failures to remediate deficiencies in risk management, data governance, and internal controls.
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
The U.K. Financial Conduct Authority is pushing back the date for some firms to comply with its naming and marketing rule amid struggles to prepare for it, the FCA said Monday.
The U.S. Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency has created a new online portal for organizations to voluntarily report cybersecurity incidents, including ransomware attacks.
The Treasury Department’s Financial Crimes Enforcement Network released new anti-money laundering requirements for U.S. investment advisers and real estate professionals that attempt to close loopholes that criminals and kleptocrats have long exploited.
