US
FDIC Public Resolution Plans for Big Banks
The FDIC released the public sections of the resolution plans of 21 large insured banks. The plans were due by December 1st, 2022, reflecting how the FDIC, as receiver, might timely resolve the institution under the Federal Deposit Insurance Act, maximize returns, and minimize losses. The plans have public and confidential sections, with some elements summarized.
US Banking Agencies Crypto-Assets Risks Approach - Statement
The Fed, OCC, and FDIC, issued a joint statement (JS) highlighting key risks for banking organizations associated with crypto-assets (CAs) and the crypto-asset sector (CAS) as a whole. Additionally, the agencies described their approaches to supervision in this area. They are taking a careful and cautious approach given the significant risks evidenced by the recent failures of several large crypto-asset companies. The statement describes key risks associated with crypto-assets and the crypto-asset sector. The agencies continue to assess whether or how current and proposed CA related activities by banking organizations can be conducted in a manner that is safe and sound.
US Treasury/OFR New Proposed Bilateral Repo Data Collection - Federal Register (2022-28615)
The US Treasury’s Office of Financial Research (OFR) proposed rulemaking to collect data on bilateral repurchase (repo) transactions. The proposal would fill a critical gap in regulators’ repo market data, as transaction-level data on non-centrally cleared bilateral repos is not currently collected. It requires daily reporting to OFR by B/Ds, non B/D lenders, and financial firms with an exposure of more than $10bn to non-centrally cleared bilateral repos and extended guarantees. The OFR would apply coverage to financial companies, as defined by Dodd-Frank Title II. The rule would only apply to US firms. The Federal Register comment period ends 3/9/2023.
US
On January 5th, 2023, the OFR published a 60-day consultation on implementing a reporting regime for the U.S. uncleared bilateral repo market.
The Office of Financial Research (OFR) today proposed a rule to improve transparency in the U.S. repurchase agreement market. The Office proposed collecting daily transaction level data from certain financial companies on their non-centrally cleared bilateral repurchase agreement trades.
