The Office of the Comptroller of the Currency has amended stress testing requirements for national banks and federal savings associations. The amendment, through a final rule, impacts stress testing
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United States: OCC fines Citibank $30 million over control deficiencies
The Office of the Comptroller of the Currency (OCC) has imposed a $30 million fine on Citibank, N.A. (Citi) over control deficiencies. The violations, according to the regulator, resulted -
South Korea: FSC introduces Guidelines on Financial Companies’ Investment in Fintech Business
The Financial Services Commission (FSC) has introduced Guidelines on Financial Companies’ Investment in Fintech Business. According to the FSC, the guidelines expand the scope of fintech business opportunities in -
National Bank of North Macedonia releases FAQs on crypto assets
The National Bank of North Macedonia has published answers to the most frequently asked questions on crypto assets. The details are available here. Photo Credit: Pixabay -
Germany: Guidance on outsourcing to cloud service providers
BaFin and the Deutsche Bundesbank’s joint assessment of outsourcing to cloud service providers, the guidance applies to regulated entities including financial services institutions, credit institutions, insurance undertakings, payment institutions, and
May 14, 2020
United States: CFPB Issues Final Remittance Rule
The Consumer Financial Protection Bureau has published a final rule covering remittances transfers (Rule). The Rule imposes requirements on entities that send international money transfers on behalf of consumers. Among its requirements, the Rule mandates that remittance transfer providers generally must disclose the exact exchange rate, the amount North America
May 14, 2020
Bank of Canada publishes Financial System Review for 2020
The Bank of Canada has published its Financial System Review (FSR) for 2020. The FSR focuses exclusively on COVID-19 impact on the Canadian financial system. It details the results of policy actions introduced to assist Canadians and businesses through this extremely challenging period. To date, the Bank’s policy North America
May 11, 2020
South Korea: Margin requirements for non-centrally cleared derivatives
The Financial Services Commission (FSC) has postponed implementation of margin requirements for non-centrally cleared derivatives by one year. The postponement, noted the FSC, is aimed at easing compliance burdens on South Korea-based financial institutions due to the COVID-19 pandemic. In April, both Canada and Australia similarly extended their Asia & South America
May 7, 2020
Australia: Prudential Regulator publishes FAQs on loan repayment deferrals and residential mortgage lending
The Australian Prudential Regulation Authority (APRA) has released a set of FAQs on its expectations for regulated deposit-taking institutions during the period of disruption due to COVID-19. The FAQs cover the regulatory capital approach for loan repayment deferrals. The page also clarifies APRA’s guidance for serviceability assessments in Prudential Oceania & Antarctica
May 7, 2020
The European Banking Authority proposes Framework for STS Synthetic Securitization
The European Banking Authority has published its proposal for developing a simple, transparent and standardized (STS) framework for synthetic securitization. The proposal, which is limited to balance-sheet securitization, includes a list of criteria to be considered when labeling synthetic securitization as STS. Among the regulator’s proposed criteria are requirements Europe