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United States
Resolution & Recovery
JPMorgan to Assume First Republic Bank’s Deposits and Loans
By Manesh Samtani | 01/05/2023
The FDIC will provide loss share agreements as well as $50bn in financing. The cost to the Deposit Insurance Fund is estimated at $13bn.
Fraud, Scams & Cybercrime
CFTC Issues Largest Ever Civil Monetary Penalty
By Editors | 30/04/2023
The CFTC ordered the operator of a fraudulent multilevel marketing scheme to pay a $1.7bn penalty and a further $1.7bn in restitution.
AI Risk & Governance
US Agencies Pledge to Combat Harmful Uses of AI
By Editors | 30/04/2023
Four agencies reaffirmed their commitment to “vigorously enforce their collective authorities and to monitor the development and use of automated systems.”
Supervision & Enforcement
US Govt Accountability Office Shines Light on Causes of Bank Failures
By Sanday Chongo Kabange | 30/04/2023
GAO says regulators “did not escalate supervisory actions in time” to prevent the failures of Silicon Valley Bank and Signature Bank.
Trading & Investment
Firms Must Continue to Act to Ensure Orderly LIBOR Transition: FSB
By Editors | 28/04/2023
A “pile-up” towards end-June 2023 that could introduce operational risks and wider market disruption, the FSB said.
Resolution & Recovery
Standoff Could Push First Republic Bank into Receivership
By Manesh Samtani | 27/04/2023
Large banks are seeking government support to help First Republic Bank, but the government is currently unwilling to intervene.
PEPs & Sanctions
British American Tobacco to Pay $629m in DPRK Sanctions Case
By Mark Johnston | 27/04/2023
OFAC’s $508mn penalty, its largest ever against a non-financial institution, settles charges related to the export of tobacco products to North Korea.
Market Data & Technology
Cboe Global Markets Unveils New 1-Day Volatility Index
By Manesh Samtani | 27/04/2023
The VIX1D measures the expected “current trading day” volatility of the S&P 500 Index, whereas the existing VIX Index reflects expected volatility 30 days out.
Market Abuse
CFTC Fines Mizuho Capital Markets for Swaps Conduct Failures
By Editors | 26/04/2023
Mizuho Capital Markets engaged in anticipatory hedges of deal-contingent FX forwards without appropriate disclosure to customers.
Stablecoins
US Lawmakers Propose Another Draft Bill for Stablecoins
By Editors | 26/04/2023
New bill provides a narrower focus overall and gives state regulators more power to charter stablecoin issuers.
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