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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.
Full IssueRisk Channel
UK/Europe
The CEO of the Financial Conduct Authority (FCA) has been summoned to appear in front of a House of Lords committee as a row over the regulator’s plans to “name and shame” financial services firms under investigation spirals. Nikhil Rathi has defended the plans, arguing that being more transparent about probes will serve as a deterrent. The City roundly condemned the move and the Chancellor also stepped in and urged the FCA to rethink its plans. Now, the Lords' Financial Services Regulation Committee has launched its own inquiry after Rathi failed to respond to a request to pause the implementation of the plans until after peers had properly scrutinised the proposal. Lord Forsyth of Drumlean, chair of the committee, said: “This isn't acceptable.” Meanwhile, a senior lawyer has made a rare call for the government to intervene and overrule the regulator. “This is but the tip of the iceberg,” said Harvey Knight, UK head of the financial services regulatory group at Withers. The FCA is “exceeding its statutory objectives in pursuit of what it considers to be its best interests without any balancing considerations,” he added. Finally, the Labour party said the FCA should listen to the City and ensure “an appropriate balance between enhancing the integrity of the sector while protecting the international competitiveness of the UK.”
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