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Recent Editions
Risk Channel
North America
The Federal Reserve and other top U.S. regulators are moving forward with their plan to increase capital requirements for big banks, despite calls to scrap it. Officials have decided to make adjustments to the original proposal rather than starting over, with some aiming to finalize it by August. The plan, released in July, has faced criticism from lawmakers and regulators who have raised concerns. The proposed changes to the plan may focus on how capital rules assess risk related to trading, wealth management, and investment banking activities. The plan is part of the Basel III international agreement and aims to address issues exposed by the failures of Silicon Valley Bank and Signature Bank. However, banks argue that they are already well-capitalized and the changes would harm consumers. The decision to proceed with the plan could reduce the impact of the November elections on the banking industry. Fed Governors Michelle Bowman and Christopher Waller have expressed concerns about the original plan's assessment of risks at banks.
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UK/Europe
Firms offering payment services in the UK have been given until March 2025 to meet new 'operational resilience' standards. These standards aim to ensure that firms can effectively respond to disruptions such as cyber attacks, IT glitches, or extreme weather events. The Bank of England (BoE) has introduced these standards to minimise disruptions that can lock customers out of their accounts or prevent them from making payments. The standards include "impact tolerances," which determine the maximum acceptable duration of a disruption before it causes serious harm to customers or financial stability. Sasha Mills, the BoE's Executive Director for Financial Market Infrastructure, emphasized the importance of confidence in financial market infrastructure services and called for greater engagement between financial market infrastructure (FMI) firms, participants, and the wider market. Mills also highlighted the need for FMIs to improve their testing approaches and develop robust remediation plans.
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