Regulation
James Bullard on Fed policy, action and governance
St Louis president calls for tapering, quantifies AIT and details Congress’s role in Fed ethics
Quarles term as Fed vice-chair ends without replacement
Fed supervision committee will continue without a chair, acting on consensus basis
Crypto asset transactions hit ‘macro critical levels’ – IMF GFSR
Crypto valuations “already systemic” in “many countries”, says IMF’s Adrian
FSB to press ahead with money market fund reforms
Asset managers had argued turbulence in MMFs during Covid was symptom of stress not cause
China’s financial market at risk of ‘distress’, RBA report warns
Authorities may have to choose between market discipline and intervention to save Evergrande
People: US Senate confirms CFPB head
Israel adds new member to MPC; Swiss deputy governor will undergo heart surgery
Greater competition cut US banks’ ‘insider lending’ – BdF paper
Researchers quantify bank owners’ and executives’ loans to themselves and their interests
Fed asks watchdog to review controversial trading
Move follows resignation of Boston and Dallas heads, as Warren asks for SEC probe
Larry Summers on stagflation risks, lessons from Delphi and never-ending ‘punch’
Ex-US Treasury head speaks about fiscal ‘overexpansion’, Fed/Treasury debt discord and ‘unknown unknowns’
Elizabeth Warren publicly rejects Powell reappointment
Senator calls Jerome Powell “a dangerous man to head up the Fed”
Dallas Fed president resigns, following Boston’s Rosengren
Both faced criticism for equities trading and holdings, but are not unique among Fed leaders
Biden nominates law professor for OCC
Saule Omarova favours more regulation and suggested the Fed take over deposits, alarming banks
China outlaws all crypto transactions and bans mining
PBoC, cyber watchdog and central economic planner act in a joint crackdown on crypto
Agustín Carstens on BIS strategic priorities, innovation and central bank policy
BIS chief speaks about policy trade-offs at a critical time, tech collaboration, tackling NBFIs and the dearth of ‘green’ assets
RBI steps up work on climate change
Sustainable Finance Group will “spearhead” climate-related supervision and regulation
PBoC tells payment firms to cut ties to other business lines
Governor’s speech follows reported crackdown on China’s Ant Group
Vietnamese government tells central bank to draft fintech rules
Move follows central bank warnings of dangers posed by unregulated fintech sector
PBoC opens up wealth management to Hong Kong and Macau
China looks to shore up Hong Kong’s status as a financial centre amid concerns over security crackdown
OCC issues $250 million penalty against Wells Fargo
US regulator says bank has failed to meet commitments on loss mitigation
Eurosystem calls for full Basel III implementation
Supervisors say output floor should be implemented through single set of risk-weighted assets
Bitcoin becomes legal tender in El Salvador
Observers warn move could further destabilise the fragile Salvadoran economy
Payments Canada launches new wholesale payments system
Bank of Canada governor says new system is important to keep system secure and efficient
Brazil delays integrating payments into ‘open banking’ project
Phase three of project delayed to October after technical difficulties emerge
People: New York names state financial services regulator
New president at development bank; Chile names manager for financial markets