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  • Federal Reserve Board Fines Wells Fargo $67.8 Million For Inadequate Oversight Of Sanctions Risk At Its Subsidiary Bank

    Date 30/03/2023

    The Federal Reserve Board on Thursday announced that it has fined Wells Fargo & Co., of San Francisco, California, $67.8 million for the firm's unsafe or unsound practices relating to historical inadequate oversight of sanctions compliance risks at its subsidiary bank, Wells Fargo Bank, N.A. Wells Fargo & Co.'s deficient oversight enabled the bank to violate U.S. sanctions regulations by providing a trade finance platform to a foreign bank that used the platform to process approximately $532 million in prohibited transactions between 2010 and 2015.

  • Federal Reserve: Senior Credit Officer Opinion Survey On Dealer Financing Terms

    Date 30/03/2023

    Release Dates  RSS DDP

    The Senior Credit Officer Opinion Survey on Dealer Financing Terms (SCOOS) is a quarterly survey providing information about the availability and terms of credit in securities financing and over-the counter (OTC) derivatives markets. The SCOOS is modeled after the long-established Senior Loan Officer Opinion Survey on Bank Lending Practices, which provides qualitative information about changes in supply and demand for loans to households and businesses at commercial banks. The SCOOS collects qualitative information on credit terms and conditions in securities financing and OTC derivatives markets, which are important conduits for leverage in the financial system. The survey panel for the SCOOS began by including 20 dealers and over time has been expanded. These firms account for almost all of the dealer activity in dollar-denominated securities financing and OTC derivatives markets. The survey is directed to senior credit officers responsible for maintaining a consolidated perspective on the management of credit risks. The HTML links below include the full report; the PDF links include the summary only.

  • ISDA derivatiViews: Transparency In CDS

    Date 30/03/2023

     

    March 30, 2023

     

    In the face of increased bank turmoil, questions are being asked about the role of credit default swaps (CDS), levels of transparency in this market and whether these products should be cleared. It all feels a bit like 2008, but there are important differences. Following the 2008 crisis, reforms were put in place to ensure that all over-the-counter (OTC) derivatives – including single-name CDS – are reported to regulators via trade repositories, alongside increased clearing of standardized derivatives. These rules mean single-name CDS, which play an important role in managing risk, are much more transparent.

  • US Acting Comptroller Of The Currency Emphasizes Focus On Safe And Sound Banking System, Discusses Elevating Fairness In Banking

    Date 30/03/2023

    Acting Comptroller of the Currency Michael J. Hsu today emphasized the Office of the Comptroller of the Currency’s (OCC) continued focus on the safety, soundness and fairness of the federal banking system and its work to elevate fairness in banking in remarks at the National Community Reinvestment Coalition’s Just Economy Conference.

  • FSB Work Programme For 2023

    Date 30/03/2023

    The Financial Stability Board’s work programme for 2023 reflects its global and cross-sectoral approach to financial stability policy.

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