- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-06-26T22:27:00
A bill proposed by a House Democrat would require large banks to have a chief risk officer and notify relevant regulators when the position becomes vacant.
The “Chief Risk Officer Enforcement and Accountability Act,” introduced by Rep. Sean Casten (D-Ill.), was put forward this month as part of a wave of bills in response to recent banking turmoil in the United States that began with the collapse of Silicon Valley Bank (SVB).
SVB notably went eight months last year without a chief risk officer, after Laura Izurieta exited the role in April 2022. The company’s risk senior leadership held the responsibilities of the role until Kim Olson joined SVB in late December.
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Federal banking regulators jointly issued new rule proposals and proposed guidance in continuing the push to shore up the U.S. regulatory system after a series of mid-sized bank failures earlier this year exposed apparent gaps.
The Federal Reserve Board will propose increasing capital standards for large banks and holding companies to build up the banking system’s resiliency against unanticipated market shocks.
Federal Reserve Chair Jerome Powell shared in a speech three observations he had regarding the failures of Silicon Valley Bank, Signature Bank, and First Republic Bank earlier this year.
Securities and Exchange Commission Chair Gary Gensler will step down from his position as the top U.S. regulator of Wall Street when Donald Trump is sworn in as president on Jan. 20, ending weeks of speculation about his future.
President-elect Donald Trump announced he plans to appoint Cantor Fitzgerald President and CEO Howard Lutnick to lead the U.S. Commerce Department, as the incoming administration is expected to charge import tariffs against friends and foes.
If your business uses leather, rubber, wood, beef, palm oil, soy, or paper, then you may need to comply with the EU Deforestation Directive, a new rule intended to ensure that no goods traded in the EU contribute to global deforestation.
