- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-05-29T20:01:00
The acting head of the Office of the Comptroller of the Currency (OCC) favors requiring more mid-sized U.S. banks to conduct the same rigorous recovery planning as the largest banks, part of a lesson learned from the collapse of three mid-sized banks in 2023.
Michael Hsu, in a speech delivered Monday at a European conference, said the issue of recovery planning helps mitigate the too-big-to-fail problem.
“Ensuring effective recovery planning at large banks is especially important given last year’s bank failures in the U.S. and Credit Suisse’s distress and eventual acquisition by UBS,” he said, referring to the fates of Silicon Valley Bank, Signature Bank, and First Republic Bank in the United States and Credit Suisse’s merger with its bigger Swiss rival.
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2024-07-09T14:16:00Z By Aaron Nicodemus
The Treasury Department’s Office of the Comptroller of the Currency proposed a rule that would extend requirements for recovery plans to all banks with at least $100 billion in assets.
2024-06-20T15:40:00Z By Aaron Nicodemus
Compliance departments at financial institutions must become more involved in ensuring their firm’s operational resiliency to address emerging risks, the Treasury Department’s Office of the Comptroller of the Currency said in its semi-annual risk perspective.
2024-03-26T19:20:00Z By Aaron Nicodemus
Acting Comptroller of the Currency Michael Hsu argued banks should adopt a “strong sense of fairness” to bolster the effectiveness of their compliance programs, particularly regarding lending decisions guided by AI and machine learning tools.
2025-03-28T18:45:00Z By Aaron Nicodemus
The Securities and Exchange Commission’s Republican leadership is abandoning the climate-related disclosure rule package passed last year by Democrats, hoping that the courts will kill regulations already on life support.
2025-03-24T15:47:00Z By Aaron Nicodemus
The U.S. Treasury Department’s Financial Crimes Enforcement Network issued a final interim rule that eliminates beneficial ownership information reporting obligations for U.S.-based companies and persons.
2025-03-19T13:00:00Z By Aaron Nicodemus
Federal Reserve Board member Michelle Bowman has been nominated as the board’s vice chair for supervision, a position that oversees regulation of the nation’s largest banks.
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