CFTC Staff Provides Temporary Financial Reporting Relief To Bank Swap Dealers

CFTC staff provided temporary no-action relief to swap dealers subject to the capital requirements of prudential regulators (“Bank SDs”) from the CFTC’s swap dealer financial reporting rules.

CFTC Letter 21-18, which was issued in response to a SIFMA and ISDA joint request, provides relief from certain financial reporting requirements under CFTC Rule 23.105(p)(2) (“Financial Report and Position Information”) and information otherwise required to be submitted on CFTC Appendix C to Subpart E of Part 23.

The CFTC stated that it will not […]

By | September 3rd, 2021 ||

FFIEC Issues Updated Guidance On Authentication And Access To Financial Institution Services And Systems

On August 11, the Federal Financial Institutions Examinations Council (FFIEC) issued new guidance, providing examples of effective authentication and access risk management principles and practices for financial institutions.  The principles and practices relate to access to digital banking services and information systems by customers, employees, and third parties accessing digital banking services and financial institution information systems.  The FFIEC – whose voting members include representatives from the FDIC, the NCUA, the OCC, the CFPB, the […]

By | September 2nd, 2021 ||

Federal Reserve Proposes Guidelines For Access To Federal Reserve Bank Services For Non-Traditional Federal And State Charters

The Board of Governors of the Federal Reserve System (“FRS”) has proposed guidelines that the regional Federal Reserve Banks (“FRBs”) would use to evaluate requests for accounts and payment services (the “Proposed Guidelines”).1 As discussed in Operating Circular No. 1, an institution has the option to settle its FRB services transactions in its master account with an FRB or in the master account of another institution that has agreed to act as its correspondent. The […]

By | September 2nd, 2021 ||