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  • ASIC: ePayments Code Subscribers To Comply With Updated Code From Today

    Date 02/06/2023

    The updated ePayments Code takes effect from today. This follows a 12-month transition period to allow subscribers time to get ready for, and ensure compliance with, changes providing clarity on a number of existing protections for consumers (see 22-215MR).

  • CFTC Seeks Public Comment On The Risk Management Program Requirements For Swap Dealers And Futures Commission Merchants

    Date 01/06/2023

    The Commodity Futures Trading Commission today published an advanced notice of proposed rulemaking (ANPRM) seeking public comment on potential amendments to the Risk Management Program (RMP) requirements in CFTC Regulations 23.600 and 1.11 (collectively, RMP Regulations) applicable to swap dealers and futures commission merchants.

  • Readout: US Secretary Of The Treasury Janet L. Yellen’s Meeting With Incoming World Bank President Ajay Banga

    Date 01/06/2023

    Today, Secretary Yellen met with Ajay Banga at the Treasury Department ahead of his taking office as World Bank President on Friday. During their engagement, Secretary Yellen warmly welcomed Banga’s upcoming presidency and conveyed her strong desire for Treasury to continue close collaboration with Banga in building on the strong progress made so far on evolving multilateral development banks (MDBs). That includes continuing implementation of the recommendations of the G20 Capital Adequacy Framework review to get the most out of the Bank’s balance sheet, and improving and increasing the amount of private capital mobilized for our shared global development objectives and to refine the operating model to increase the responsiveness and agility of the bank. Secretary Yellen also reiterated the importance of the World Bank working more closely with its sister development banks. Secretary Yellen stressed the need to support the poorest of the Bank’s member countries as they continue to face multiple crises, including continuing global macroeconomic headwinds exacerbated by Russia’s war in Ukraine. Secretary Yellen underscored that she looks forward to having Banga’s experienced leadership and proven management skills at the helm of this critical multilateral institution during a period of significant global challenge and opportunity.

  • US Federal Agencies Request Comment On Quality Control Standards For Automated Valuation Models Proposed Rule

    Date 01/06/2023

    Six federal regulatory agencies today requested public comment on a proposed rule designed to ensure the credibility and integrity of models used in real estate valuations. In particular, the proposed rule would implement quality control standards for automated valuation models (AVMs) used by mortgage originators and secondary market issuers in valuing real estate collateral securing mortgage loans.

  • Statement Of CFTC Commissioner Christy Goldsmith Romero On Advance Notice Of Proposed Rulemaking On Risk Management Program Regulations - Requirements For Banks And Brokers To Manage Evolving And Emerging Risks

    Date 01/06/2023

    Management of existing, evolving, and emerging risk is paramount to the financial stability of the United States and global markets. This is evidenced by the recent bank failures, followed by subsequent government action taken out of regulatory concern over possible contagion effect to other banks and broader economic spillover.  Federal Reserve Board Vice Chair Michael Barr recently testified before the Senate at a hearing on the bank failures, “the events of the last few weeks raise questions about evolving risks and what more can and should be done so that isolated banking problems do not undermine confidence in healthy banks and threaten the stability of the banking system as a whole.”