The Federal Reserve Bank of New York aims to prepare for cyberattacks on the banking system because they are intertwined with systemic risk, President John Williams says. "At a time when everyone's at home relying on technology to support us, [that] means this is a particularly important issue for us," he says.
Citigroup will have no more than 40% of its staff return to the office as a precaution until a vaccine is found to prevent the spread of the coronavirus, said Paco Ybarra, head of the institutional clients group. "It is going to take a long time for numbers to go up, as social distancing is reducing our capacity to bring people back to the office, while others don't want to come back because of concerns around public transportation," he said.
The UK Competition and Markets Authority has concluded a purchase of Broadway Technology by trading-software provider Ion Group could damage competition and erode customer choice. A full investigation might follow, which would suspend the deal.
Deutsche Bank and Google have planned a multiyear contract for cloud computing services to modernize the bank's IT function and boost its client offering. "This cooperation with Google Cloud is a significant step forward for our technology strategy and will transform the way we produce and deliver our client services," said Deutsche Bank technology chief Bernd Leukert.
Acting Comptroller of the Currency Brian Brooks said he expects to clarify a rule that determines if a bank or a fintech is the "true lender" on a loan in about two weeks, a change that could have major implications for fintechs. Brooks is also supporting a policy that would create a pathway to a bank charter for fintechs.
Commodity Futures Trading Commission Chairman Heath Tarbert said if the Securities and Exchange Commission determines that a digital asset is not a security, "then we can start taking it under our own purview." "Once you start seeing more clarity on whether something is or is not a security, you will start seeing more futures listed on digital assets," said Tarbert.
Join us on July 15, 1:30-2:30 p.m. EDT, for a virtual briefing with SIFMA and Lorie K. Logan of the New York Fed. During this webinar, learn how the Fed's unprecedented pace of asset purchases during COVID-19 has supported recent market functioning and how, over coming months, ongoing purchases will help sustain these gains. Complimentary for SIFMA members and regulators. Register today!
Over the last few years, regulators have sought to reassess implementing regulations of the Volcker Rule with a view towards eliminating unintended, negative consequences to markets and capital formation. With the recent completion of the covered funds amendments, they've completed this important process. Join us Monday, July 13 from 1-2:30 p.m. EDT when we will discuss the key aspects of the final rule, addressing the final covered funds rules.