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Federal Reserve Issues Policy Statement Further Restricting Crypto-Asset Activities and Addressing Uninsured State Member Banks

USA - February 1 2023 On January 27, 2023, the Board of Governors of the Federal Reserve System (“Federal Reserve”) issued a policy statement regarding the permissible…

David L. Beam, Joseph A. Castelluccio, Andrew Olmem, Joe Pennell, Jeffrey P. Taft

NYDFS Requests Comment on Presumptions of Control for New York-Regulated Institutions

USA - January 27 2023 On December 20, 2022, the New York Department of Financial Services (“NYDFS”) requested comment on how it applies the presumptions of control in New…

Kris D. Kully, Jeffrey P. Taft

What to Expect in Banking in 2023

USA - January 24 2023 The end of 2022 saw a few noteworthy proposals and other actions by the US banking regulators. Final rulemakings on some proposals may come in 2023…

Jeffrey P. Taft

US Federal Reserve Launches Climate Scenario Analysis Exercise

USA - January 23 2023 On January 17, 2023, the Board of Governors of the Federal Reserve System (“Federal Reserve”) launched its pilot climate scenario analysis exercise…

J Paul Forrester, Joy Tsai

FHFA Releases Supplemental Model Risk Guidance

USA - January 18 2023 On December 21, 2022, the US Federal Housing Finance Agency (“FHFA”) issued Advisory Bulletin 2022-03 (“Advisory Bulletin” or “Guidance”) to provide…

Tori K. Shinohara