US
US Agencies (FRB and FDIC) Issue Final Guidance for Resolution Plan Submissions for Domestic Triennial Full Filers (Federal Register 2024-18191)
The US Agencies (FRB Board & the FDIC) are adopting final guidance for the 2025 and subsequent resolution plan submissions by certain Domestic Banking Organizations (full filers every 3 years which are Category II and III banking organizations). The final guidance is meant to assist firms in developing their resolution plans, which are required to be submitted under the Dodd-Frank Act, and the jointly issued rule. It describes the agencies’ expectations, depending on the resolution strategy chosen by the firm, regarding a number of key vulnerabilities in plans for an orderly resolution under the U.S. Bankruptcy Code. The final guidance is available on 8/15/2024.
US Agencies (FRB and FDIC) Issue Final Guidance for Resolution Plan Submissions for Foreign Triennial Full Filers (Federal Register 2024-18186)
The US Agencies (FRB Board & the FDIC) are adopting final guidance for the 2025 and subsequent resolution plan submissions by certain Foreign Banking Organizations/FBO’s (full filers every 3 years which are Foreign Category II and III banking organizations). The final guidance is meant to assist firms in developing their resolution plans, which are required to be submitted under the Dodd-Frank Act, and the jointly issued rule. It describes the agencies’ expectations, depending on the resolution strategy chosen by the firm, regarding a number of key vulnerabilities in plans for an orderly resolution under the U.S. Bankruptcy Code. The final guidance is available on 8/15/2024.
The Federal Reserve Issues Features Guide for Discount Window Direct (DWD)
The Federal Reserve (FRB) issued a Features Guide link to the Reserve Banks’ Discount Window Direct (DWD). The DWD is an online portal and application that allows depository institutions to request loan advances, make prepayments and allows for secure messaging with the FRB, with service available 24 hours daily and lending features during local business hours. Institutions eligible for primary or seasonal credit will receive credentials to access. There are no fees associated with using the DWD, only interest charges will apply. The FRB is evaluating enhancements that include functions related to collateral, Payment System Risk (PSR), and Borrower-in-Custody (BIC).
National Institute of Standards and Technology (NIST) Guidance on Artificial Intelligence (AI) Standards & Tools
The NIST final guidance releases include two new documents: an initial public draft from the U.S. AI Safety Institute, which is intended to help software developers mitigate the risks stemming from generative AI and AI systems that can be used for either beneficial or harmful purposes, and a testing platform designed to help AI system users and developers measure how certain types of attacks can degrade the performance of an AI system. For the remaining three releases, two are guidance documents related to generative AI and serve as companion resources to NIST’s AI Risk Management Framework (AI RMF) and Secure Software Development Framework (SSDF).
Financial Industry Regulatory Authority (FINRA) Issues Updated Margin Rule Interpretation
FINRA issued an updated set of interpretations of its margin rules (FINRA Rule 4210) in addition to publishing a guide to updated interpretations, including a comparison to the prior version. It adds new definitions and amends certain prior definitions included in the earlier version. In addition, it adds new interpretations to minimum equity per account type, replacing an existing chart. Guidance was incorporated into the interpretations from Regulatory Notice 12-44. Additional minor interpretations and guidance changes were made throughout the rule. The new, updated set of interpretations is effective beginning 8/9/2024.