- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-04-28T21:04:00
The Federal Reserve Board will likely recommend strengthening regulatory and supervisory procedures for mid-sized regional banks in the aftermath of the failure of Silicon Valley Bank (SVB).
An analysis of the failure of SVB—and the Fed’s inability to prevent it—was the subject of a report released Friday by the agency and its vice chair for supervision, Michael Barr. The Federal Deposit Insurance Corporation (FDIC) also released its own report Friday analyzing its supervision of New York-based Signature Bank.
SVB collapsed and entered receivership March 10. Signature Bank followed suit March 12.
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A new report by KPMG on key regulatory challenges for the second half of 2023 warned financial institutions to prepare for increased scrutiny, while all companies should expect more questions on how they oversee their cybersecurity and data management programs.
Leaders at Silicon Valley Bank, Signature Bank, and the regulators who seized their banks testified before Congress across separate hearings.
The Federal Deposit Insurance Corporation issued a notice of proposed rulemaking regarding a special assessment on large banks to recover approximately $15.8 billion in losses attributable to the failures of Silicon Valley Bank and Signature Bank.
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.
