The FDIC, the Federal Reserve, the Office of the Comptroller of the Currency, and the National Credit Union Administration are seeking comment on proposed guidance for credit risk review systems.
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Banks and Financial Institutions Regulation
A snapshot of recent regulatory developments in the banking space is set out below. 1. CANADA: Department of Finance: Consultations on the Review of the Canadian Payments Act -
IsDB and ITFC sign agency agreement to support COVID-19 Restore Program
The Islamic Development Bank and the International Islamic Trade Finance Corporation have signed an agency agreement to facilitate the implementation of COVID-19 Restore Program. The program will be implemented -
Central Bank of Nigeria reiterates its ban on cryptocurrencies
In a circular to banks and other regulated financial institutions, the Central Bank of Nigeria (CBN) has reiterated that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges remains prohibited -
Finland: Updated guidelines on management of operational risk
The FIN-FSA Financial Supervisory Authority has updated Regulations and Guidelines 8/2014 Management of Operational Risk in supervised entities of the financial sector. The updated guidelines cover incident reporting of
February 21, 2021
FINTRAC updates its guidance on politically exposed persons
FINTRAC has updated its guidance on politically exposed persons and heads of international organizations, ongoing monitoring and business relationships. Further details are available here. Photo Credit: Pixabay North America
February 21, 2021
IsDB and ITFC sign agency agreement to support COVID-19 Restore Program
The Islamic Development Bank and the International Islamic Trade Finance Corporation have signed an agency agreement to facilitate the implementation of COVID-19 Restore Program. The program will be implemented through provision of trade finance and line of finance operations in member countries. The agreement also aims to further Asia & South America
February 16, 2021
Bank of Canada researches digital currency options
The Bank of Canada (Bank) is researching potential system designs and business models for a digital currency. In 2020, the Bank engaged three independent project teams to conduct exploratory design work. All three design proposals, coming from the University of Calgary, McGill University, and the University of Toronto and North America
February 10, 2021
LIBOR Transition: US regulator publishes a self-assessment tool for banks
The Office of the Comptroller of the Currency (OCC) has issued a bulletin that provides a self-assessment tool for banks to evaluate their preparedness for the expected cessation of the London InterBank Offered Rate (LIBOR). The OCC indicates the tool can be used to assess the appropriateness of a North America