US Reg Round Up: 06/03/2024

Federal Reserve

FED’s minutes of the meeting for determining the discount rate has been released - 27 February 2024

In a joint meeting with the FOMC and the Board they decided to maintain the federal funds rate at 5.25 - 5.5 percent. The board also approved maintaining the interest paid on reserve balances at 5.4 percent.

The FED release the 2023 Shared National Credit (SNC) report - 16 February 2024

The Federal bank regulatory agencies reported in the 2023 Shared National Credit (SNC) report that while credit quality for large, syndicated bank loans remains moderate, there is still declining credit quality trends due to the pressure of high interest rates on leveraged borrowers along with compressed margins in some sectors. Risks are high in leveraged loans and risks for certain industries remain still elevated.

Securities and Exchange Commission

SEC updates ethics rules governing securities traded by agency personnel - 22 February 2024

The SEC amended its ethics rules to strengthen and modernize its ethics compliance program. The rules now encompass security holdings and transactions of all agency employees, their spouses, and minor children. Now agency employees are banned from investing in financial industry sector funds. The amendments also require financial institutions to transmit data of the securities and holdings of employees directly to the SEC.

Bundesbank

Bundesbank establish a national cash forum - 16 February 2024

As the Bundesbank is the largest issuer of euro banknotes in the Euro system, they have established the forum to study the topics of efficiency, sustainability, security, and digitalization of cash. Highlighting that cash is here to stay, despite its declining use at the point of sale.