After several years of anticipation, the Federal Reserve Board (“FRB”), Federal Deposit Insurance Corporation (“FDIC”) and the Office of the Comptroller of the Currency (“OCC”) (the “Agencies”) issued for comment a long-awaited proposal (the “Capital Proposal”) on the U.S. implementation of the so-called Basel III endgame. The FRB also issued a proposal related to the capital surcharge for the eight…
In a Law360 article originally published July 25, 2023, Andrew J. Ceresney, Stephan J. Schlegelmilch and Megan McGuiggan discuss the recent United States Court of Appeals for the District of Columbia Circuit order preliminarily enjoining FINRA from proceeding in an enforcement action against Alpine Securities, a FINRA member firm. The article, “DC Circ. Ruling Could Mean FINRA Hearings Are On…
OVERVIEW On June 5, 2023, the SEC filed a complaint against Binance Holdings Limited (“Binance”) and its founder, Chengpeng Zhao (“Zhao”), for operating an unregistered exchange, broker-dealer, and clearing agency under an intentional deceptive scheme that was designed to evade U.S. regulation.. The SEC also brought action against BAM Management and BAM Trading, U.S. entities related to Binance, for the…
On June 21, 2023, the Recovering Executive Compensation Obtained from Unaccountable Practices (RECOUP) Act passed 21-2 out of the Senate Banking Committee. Spearheaded by Sens. Sherrod Brown (D-OH) and Tim Scott (R-S.C.), the legislation seeks to “strengthen[] certain existing authorities” to address concerns regarding executives’ accountability in the wake of the recent bank failures.[1] The legislation is particularly noteworthy because…
On June 20, 2023, Jonathan Kanter, the Assistant Attorney General for the Department of Justice’s Antitrust Division, gave a speech at the Brookings Institution outlining his thoughts on promoting competition in banking. Recently, Acting Comptroller Hsu and Treasury Secretary Yellen expressed a willingness to being open-minded concerning bank mergers and “acting in a timely manner on applications”;[1] however Kanter’s speech,…