- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2021-10-06T17:51:00
Financial institutions’ transition efforts away from the London Interbank Offered Rate will be intensely scrutinized by the Federal Reserve as the expiration deadline of the benchmark interest rate looms.
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Companies looking to avoid running afoul of the SEC in their LIBOR transition efforts would be wise to include fallback language in their contracts and investments that reference the soon-expiring benchmark rate.
Randal Quarles, vice chair for supervision at the Federal Reserve, submitted his resignation as a member of the board, effective at the end of December.
SEC Chair Gary Gensler expressed his support for the Fed-backed Secured Overnight Financing Rate over the Bloomberg Short-Term Bank Yield Index, which he believes has similarities to LIBOR that could be manipulated.
When the DOJ released its revised Evaluation of Corporate Compliance Programs, it turned some heads. Tucked into a section on risk assessments was a strongly worded series of questions that appeared to shoulder compliance teams with the responsibility for ensuring the safe use of AI tools by their firms.
The Department of Justice’s Evaluation of Corporate Compliance Programs has made the importance of artificial intelligence governance frameworks clear, but it didn’t say what role compliance should play. Here’s the answer.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued an alert to financial institutions about their obligations to report deepfakes, warning artificial intelligence has given bad actors additional tools in their arsenal.
