SEC braces for change of leadership and approach

Hester Peirce, a Republican commissioner at the Securities and Exchange Commission (SEC) paid tribute to the agency’s former chair, Jay Clayton, an independent, praising his handling of market volatility triggered by the Covid-19 pandemic and his style of leadership. 

NYSE delists three Chinese companies following Republican criticism

The New York Stock Exchange (NYSE) reversed a decision not to delist three Chinese telecoms companies following pressure from the US Department of the Treasury. 

Fed gives US banks greenlight to resume share buybacks

The most profitable US banks have been given the green light by the US Federal Reserve to resume share buybacks this year following a six-month ban relating to the economic effects of the Covid-19 pandemic.

OCC criticised over climate change stance

A formal comment was submitted to the Office of the Comptroller of the Currency (OCC) by Ceres, claiming the agency is fundamentally misrepresenting climate risk management, and warned that it could endanger the country’s banking system and economy. 

Banks shrug off Democrats taking control of the Senate

The winning of two Senate seats from the Republicans in the state of Georgia in a run-off election places the Democratic Party in a potentially stronger position to push through a bigger economic stimulus plan, tax rises and tougher rules on big banks.

SEC pressures exchanges over data fees

A ruling by the US Securities and Exchange Commission (SEC) will force the leading US stock exchanges to share more of their data as the regulator attempts to energise competition in that area.

Biden administration could impact credit ratings related to housing exposures

The incoming Democrat administration of president-elect Joe Biden has the potential to influence credit conditions relating to US housing finance, according to a note from Moody’s Investors Service. 

Heath Tarbet to step down from CFTC following change of administration

Heath Tarbert, chairman of the Commodity Futures Trading Commission is set to leave the post in early 2021, in advance of the incoming administration, which takes over from January 20.

Resolution plan fixes of certain foreign banks approved by federal regulators

Weaknesses in the resolution plans of Barclays, Credit Suisse, Deutsche Bank and UBS have been remedied to the satisfaction of the two prudential federal regulatory agencies, which also issued guidance. 

Joe Biden thumbs up

New US administration to be tougher on banks, but not just yet ...

The outcome of US elections on November 3 potentially ushers in a new tougher era for the big banks, however it may take some time before any real pain is felt by these firms as the incoming Democratic Party administration has other priorities. By Justin Pugsley