Browsing: International regulatory coordination

Newsbytes

The Consumer Financial Protection Bureau today announced a new partnership with 11 financial regulators and related organizations around the globe aimed at creating a Global Financial Innovation Network. The network is intended to facilitate interactions between regulators and innovators as they seek scale and ubiquity for new technologies. A joint document published by the agencies

Economy

In remarks at a Harvard Law School event today, Federal Reserve Vice Chairman for Supervision Randal Quarles signaled that the Fed and the FDIC will revisit the capital and liquidity requirements in place for the largest U.S. and foreign firms and will seek public input on current “living will” guidance.

Economy

The Engage China coalition — a group of 12 financial trade groups that includes the American Bankers Association and its international finance subsidiary, BAFT — has welcomed the commitment made by Chinese leadership as part of President Trump’s state visit to Asia to open up its financial markets to greater foreign participation.

Newsbytes

As bank regulators consider internationally coordinated activity to address challenges posed by fintech, ABA said yesterday that a global regulatory framework is not well-suited to oversee fintech beyond the areas where robust coordination already exists, such as cybersecurity, payments and illicit finance.