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Moving Forward
March 16, 2023

Well, that escalated quickly.

It’s hard to believe that just a week ago we were talking about crypto, ESG, fintech and other ongoing bank regulatory and financial services topics. Then came the sudden, lightning-quick collapse of Silicon Valley Bank, followed over the weekend by Signature Bank, and everything turned upside down.

In this past week, we talked with clients, regulators, lawyers at other firms and so many more participants in the financial services industry, and also amongst ourselves − all in an attempt to fully comprehend the impact of these developments and to provide the best possible guidance directly to our clients and in our thought leadership. 

The SVB and Signature bridge banks are open, and transactions are moving forward. We are all following the news to try to prognosticate what the near- and longer-term future will hold − but crystal balls always tend to be a bit foggy. 

So we’ll continue to tell you everything we know and will continue to update our “Financial Markets Resource Center” over the coming days and weeks (and months?). One resource in the Center worth highlighting, if you haven’t seen it already, is our interdisciplinary “Quick Take” produced on Monday.  

And, oh, by the way, life goes on in the financial services world, and today Mercedes Tunstall looks at the coming FedNow instant payment service and Alix Prentice covers a couple of noteworthy UK developments.

As always, and perhaps now more than in recent weeks, just drop me a line here if there’s anything on your mind.   

Daniel Meade 
Partner and Editor, Cabinet News and Views

We have created a “Financial Markets Resource Center” to serve as a central point of access for our firm’s insights regarding the SVB- and Signature-related market developments.

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Partner | Financial Regulation

The Federal Reserve Board invoked its authority under Section 13(3) of the Federal Reserve Act to establish the Bank Term Funding Program “to support American businesses and households by making additional funding available to eligible depository institutions to help assure banks have the ability to meet the needs of all depositors.”   

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Partner | Financial Regulation

This week the Federal Reserve reported that its instant payment service, FedNow, will be available for all participating financial institutions to use starting in July 2023. 

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In an announcement on 3 March 2023, the UK’s Financial Conduct Authority confirmed that it has opened an enforcement investigation into the London Metal Exchange’s decision to suspend its nickel market.

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On 14 March 2023, the PRA launched a consultation on the Deductions for Non-Performing Exposures (Revocations) (CRR) Instrument 2023 to remove the current Common Equity Tier 1 deduction requirement for NPEs that are treated as insufficiently covered by firms’ accounting provisions, along with associated regulatory reporting requirements.

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Maurine R. Bartlett
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Sukhvir Basran
Partner
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Brian Foster
Partner
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James Frazier
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Mark Howe
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Gregg Jubin
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Philip S. Khinda
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Ivan Loncar
Partner
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Peter Y. Malyshev
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Daniel Meade
Partner
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Jed Miller
Partner
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Michael Newell
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Alix Prentice
Partner
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Rachel Rodman
Partner
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Lary Stromfeld
Partner
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Jonathan M. Wainwright
Senior Counsel
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