Be sure to set a reminder on your device of choice: June 23 at 4:30 p.m., EDT. That's when the Federal Reserve will announce the findings of its annual stress tests of major U.S. banking institutions. With the uncertainty in markets today − as exemplified by $5 gasoline and rising consumer prices for groceries and other necessities in the U.S. − some of the Fed's stress hypotheticals might read more like reality. We shall see.

In the meantime, we have continued activity in the digital assets/crypto space to examine, in the U.S. as well as in the UK and Europe. We take a closer look in this week's issue.

What's on your mind? We'd love to hear from you.  

Daniel Meade and Michael Sholem
Co-Editors, Cabinet News and Views

By Daniel Meade

Partner | Financial Regulation

In the last week, the Federal Reserve has announced two forthcoming dates when the Fed would be releasing two important announcements: (1) the results of its annual bank stress tests will be released on June 23 at 4:30 p.m. EDT; and (2) a second tool to help community financial institutions implement the Current Expected Credit Losses accounting standard will be released as part of a June 16 “Ask the Fed” webinar.   

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By Peter Y. Malyshev

Partner | Financial Regulation

By Mercedes Kelley Tunstall

Partner | Financial Regulation

Earlier this week, U.S. Sens. Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wyo.) introduced the first comprehensive legislation to establish a regulatory framework for digital assets to promote innovation, delineate regulatory jurisdiction, provide customer protection, ensure transparency and integrate digital assets into the existing regulatory regimes.

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By Michael Sholem

Partner | Financial Services

The UK Treasury recently announced a consultation on the government’s proposals to manage the failure of systemic digital settlement asset (including stablecoin) firms by adapting the existing Financial Market Infrastructure Special Administration Regime.

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By Peter Y. Malyshev

Partner | Financial Regulation

Last week, the Commodity Futures Trading Commission (“CFTC”) convened for the first time market participants to discuss the state and the challenges of the U.S. voluntary carbon credit markets and, at the end of the meeting, published a Request for Information on Climate-Related Financial Risk. This convening was an important step in CFTC’s broader initiative to conceptualize its jurisdictional reach over environmental, social and governance (“ESG”) commodity markets generally. 

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By Daniel Meade

Partner | Financial Regulation

Yesterday, in a welcome glimmer of bipartisanship, the Senate Banking Committee voted to move three of President Biden’s financial regulatory nominees to the full Senate. 

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A full contingent of Cadwalader attorneys will be in Barcelona next week for the 26th Annual Global ABS conference.

Conference attendees are encouraged to stop by Cadwalader Conexión (meeting room M218) to take a breather, enjoy refreshments, and discuss all things structured finance, including CRE CLOs, CMBS, RMBS, warehouse lending and more. View our full schedule here.

Cadwalader partner Peter Malyshev will be one of the speakers at the upcoming “FIA Forum: Commodities 2022” conference on June 21-22 in Houston, Texas. 

Peter will participate in the Wednesday, June 22 panel, “Compliance and Operations Hot Topics.” The panel will be moderated by Petal Walker, Managing Director, Risk & Financial Advisory, Deloitte & Touche LLP. 

Peter’s practice focuses on regulatory, compliance and transactional matters relating to commodities, derivatives, and securities products regulated by the U.S. Commodity Futures Trading Commission and the U.S. Securities and Exchange Commission.

Registration and other information is available here.