Regulation
OCC issues $250 million penalty against Wells Fargo
US regulator says bank has failed to meet commitments on loss mitigation
Carolyn Rogers hits back at critics of Basel III
BCBS secretary-general dismisses “very tired” arguments against full implementation
MAS demands crypto exchange Binance cease operations
Move came after UK’s FCA said firm failed to provide sufficient supervisory information
US regulators warn Wells Fargo of new penalties, report claims
Bloomberg says OCC and CFPB believe US bank is moving too slowly on compensating scam victims
Fixing market-based finance: duct tape or deep reform?
Deeper reforms may be needed to avoid stretching central banks’ balance sheets to breaking point
Systemic banks shrink balance sheets at reporting dates – BIS paper
Authors find “systematic” balance sheet compression often results in lower capital requirements
Myanmar central bank restricts foreign hires
Move comes after months of unrest and shortly after military announced 2023 polls
G30 calls for major US Treasury market reform
Rise of non-banks and side-effects of regulation are triggering bouts of “dysfunction”, report warns
US regulator joins NGFS
OCC follows Fed into green network and appoints climate change risk officer
Finalising Basel III is crucial for the EU banking sector
EU banks stand to be more heavily impacted by Basel III finalisation, but that is not a good reason to hesitate, says Pedro Duarte Neves
Papua New Guinea central bank penalises largest lender
Regulators issue warning on AML breaches at BSP, but observers say actions are not strict enough
US regulators to align policies on lower income lending
OCC backs down on separate CRA rules and starts joint consultation with Fed, FDIC
RBI fines banks for violations in non-bank lending
Central bank alleges “deficiencies in regulatory compliance” but gives few details
US comptroller takes direct charge of agency’s bank supervision
US agency eliminates chief operating officer role as part of internal reorganisation
Basel III helped absorb impact of Covid-19, says BCBS
Early study of pandemic finds better-capitalised banks lent more to households and businesses
Mexico reminds banks crypto transactions are illegal
After El Salvador bitcoin law, authorities state virtual assets ‘not legal tender in Mexico’
FSB proposes menu of policies to tackle money market fund risks
Proposal aims for tailored approach to boosting resilience of key funding markets
Big banks pass Fed stress tests
Quarles: “The banking system is strongly positioned to support the ongoing recovery”
US Congress votes to repeal ‘true lender’ rule
Trump-era provision allowed lenders to partner with big banks, which prompted usury fears
EU blocks 10 major banks from bond issuances
Commission alleges lenders need to clarify previous antitrust breaches
Basel Committee proposes strict treatment of crypto asset exposures
Crypto assets such as bitcoin will face risk weight of 1,250%
US court throws out suit against fintech charters
Judges dismiss challenge to Comptroller of the Currency on procedural grounds
Bank of Russia amends market manipulation rules
Regulations updated to take account of recently developed scams and influx of new investors
Swedish investors favour EU-wide securities market harmonisation
But public consultation receives some resistance to using Target2-Securities for Swedish securities settlement