In a significant move today, the Alternative Reference Rates Committee—of which the American Bankers Association is a member—said it plans to recommend CME Group as the administrator for a Secured Overnight Financing Rate term rate, once market indicators outlined earlier this month are met.
The OCC today finalized a rule on prior notice periods for withdrawals from collective investment funds that are invested in real estate or assets not readily marketable.
President Biden late Thursday signed an executive order on climate-related financial risk that, among other things, directs financial regulators to take several steps to ensure the appropriate measurement and mitigation of these risks.
The Treasury Department today released a report further detailing its proposals to shrink the tax gap as part of the American Families Plan that was unveiled by President Biden last month.
During a virtual roundtable hosted by the Financial Accounting Standards board today, investors, bankers and regulators expressed broad agreement on accounting alternatives related to troubled debt restructurings under CECL and acquired loans.
The Federal Reserve plans to publish this summer a discussion paper exploring the implications of issuing a U.S. central bank digital currency, Federal Reserve Chairman Jerome Powell said in a statement today.
In testimony before the House Financial Services Committee earlier this week, National Credit Union Administration Chairman Todd Harper urged lawmakers give his agency examination and enforcement authority over third-party vendors, including credit union service organizations, or CUSOs, to address what he called a “growing regulatory blindspot.”
Banks and credit unions are the most trusted financial institution, according to a new survey released this morning by Morning Consult, with 61% of consumers saying they “naturally trust banks.”
The economic projections coming out of the Federal Open Market Committee’s April meeting were slightly stronger than the group’s March forecast. In minutes from the committee’s April 27-28 meeting, members said that real GDP growth was projected to post a “substantial increase” this year, along with a “rapid decline” in the unemployment rate.
Testifying before the House Financial Services Committee today, Acting Comptroller of the Currency Michael Hsu said that the OCC needs to determine how to charter fintech firms in a “safe and sound way, where we can adapt to the innovation.”