In this latest edition of Regulation Around the World we review the position regarding recovery and resolution for banks. Following the 2008 global financial crisis, the G20 leaders endorsed at the Cannes Summit in November 2011, the Financial Stability Board’s Key Attributes of Effective Resolution Regimes for Financial Institutions as the international standard for resolution … Continue Reading
As many of you are aware, Silicon Valley Bank (SVB), a bank licensed by the State of California whose deposits are insured by the FDIC, was seized by the California Department of Financial Protection and Innovation and placed into FDIC receivership on Friday, March 10. Read our full update here.… Continue Reading
A three-judge panel of the US Court of Appeals for the Fifth Circuit ruled on October 19 that the current funding mechanism for the Consumer Financial Protection Bureau (CFPB) is unconstitutional. Specifically, in Community Financial Services Association of America v. Consumer Financial Protection Bureau, the court held that the CFPB’s independent funding through the Federal … Continue Reading
Noting that ransomware incidents have become increasingly prevalent in the financial services sector, the Federal Financial Institutions Examination Council has released an update to its Cybersecurity Resource Guide for Financial Institutions – a publication that was last updated in October 2018. Read our update here.… Continue Reading
In the first in our global series of regulatory podcasts focussing on conduct issues, financial services partners from Australia, United Kingdom and the United States cover the rising cost of living, vulnerable customers and consumer duty. (Apple Podcasts / Spotify)… Continue Reading
