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8 Mar 2022, 6:18 am by Scott H. Kimpel
The next day, in a March 3 hearing on monetary policy before the Senate Banking Committee, Federal Reserve Chair Pro Tempore Jerome Powell faced questions on a number of topics, including cryptocurrency and sanctions compliance. [read post]
8 Mar 2022, 6:17 am
Senate Committee on Banking, Housing, and Urban Affairs (the “Committee”) considered President Biden’s nomination of Sarah Bloom Raskin for Vice Chair for Supervision and a Member of the Board of Governors of the Federal Reserve System (the “Federal Reserve”), along with the nominations of Dr. [read post]
” These controls, which went into effect on Mar. 3 when relevant revisions to the Export Administration Regulations were published in the Federal Register, limit the export, re-export and transfer of both sensitive U.S. [read post]
3 Mar 2022, 9:03 pm by Sam Wong
Zhang, senior attorney in the legal division of the Board of Governors of the Federal Reserve System, discussed issues that can arise when banks undertake commercial activities that are typically considered outside of the sphere of banking. [read post]
It is now prohibited: To provide financial services for the purposes of reserve and asset management or foreign exchange to the Central Bank of the Russian Federation; the National Wealth Fund of the Russian Federation; the Ministry of Finance of the Russian Federation (or any person owned/controlled by the above or acting on their behalf) unless a licence is obtained. [read post]
2 Mar 2022, 6:49 am by Hunton Andrews Kurth LLP
The stated purpose of the most recent round of economic sanctions is to impose measures to ensure Russia cannot use its Central Bank reserves to support its currency and thereby undermine the impact of prior sanctions.2 The latest sanctions broadly prohibit all transactions with Russia’s Central Bank, National Wealth Fund, and Ministry of Finance. [read post]
The most notable development regarding financial sanctions was the announcement over the weekend that a number of Russian financial institutions, including the Central Bank of the Russian Federation (a.k.a., the Bank of Russia or Bank Rossii) will be removed from the SWIFT financial messaging system. [read post]
25 Feb 2022, 12:12 pm by gabrielagendreau
ALEI is comprised of legal specialists and other extension specialists who help agricultural producers understand and comply with state, federal, and local laws and regulations. [read post]
24 Feb 2022, 2:46 pm by Oona Hathaway, Scott Shapiro
Even before this latest set of announcements, Russia’s stock market and currency had cratered in the face of the promised measures, forcing Russia’s central bank to tap its $600 billion-plus reserve chest to staunch the slide. [read post]
18 Feb 2022, 8:28 am by Scott R. Anderson
Most are at the Federal Reserve Bank of New York (FRBNY), a popular depository for many countries’ foreign exchange reserves. [read post]
17 Feb 2022, 10:28 am by Katherine Pompilio
Enlow is the security operations manager of Jones’s media company, Free Speech Systems, LLC. [read post]
14 Feb 2022, 4:50 am by Scott A. Coleman
Crypto-Asset Risks: The FDIC and other federal banking agencies must carefully consider the significant safety and soundness and financial system risks a variety of crypto-asset or digital asset products could pose and determine the extent to which banking organizations can safely engage in crypto-asset-related activities. [read post]
11 Feb 2022, 1:11 pm by gabrielagendreau
Confederated Tribes of the Colville Reservation Staff Attorney, Office of the Reservation Attorney. [read post]
10 Feb 2022, 7:45 pm by Allan Blutstein
Federal Reserve Regional Bank system and consider consolidating regional banks that are “wandering” into issues such as climate change.Senator Pat Toomey of Pennsylvania said Thursday that the 12 regional banks were formed to manage the economies in their districts, but that largely ended in the 1930s as oversight was taken over by the central bank. [read post]
” Georgieva also referenced the Federal Reserve’s January report, which announced that the central bank “is considering how a CBDC might fit into the U.S. money and payments landscape. [read post]
7 Feb 2022, 4:02 pm by Sabrina I. Pacifici
Central Bank Digital Currencies: Policy Issues, Updated February 7, 2022: “The recent proliferation of private digital currencies or cryptocurrencies, such as Bitcoin, has led to questions of whether the Federal Reserve (Fed) should create a central bank digital currency (CBDC)—a digital dollar that would share some of the features of these private digital currencies. [read post]
3 Feb 2022, 3:13 pm by Sabrina I. Pacifici
“The Federal Reserve Bank of Boston and the Digital Currency Initiative at the Massachusetts Institute of Technology today released the findings of their initial technological research into a central bank digital currency, or CBDC. [read post]
1 Feb 2022, 3:12 pm by Sabrina I. Pacifici
To address the “too big to fail” issue, large banks and SIFIs are subject to enhanced prudential regulation (heightened safety and soundness standards) by the Federal Reserve…” [read post]