The images of banking industry leaders and federal regulators in Washington answering to Congress on what went wrong with Silicon Valley Bank and Signature Bank made for some can't-miss TV this week. Maybe not quite the NBA playoffs, Succession or American Idol, but you get the picture.

Whether this is just theater or leads to some honest introspection about what happened and how we can all ensure that large banks are able to be resolved in a more orderly fashion remains to be seen. I take a closer look in this week's issue.

My colleague Peter Malyshev also takes a look at a proposed broadening of Federal Energy Regulatory Commission enforcement powers and, in London, Alix Prentice examines the FCA's proposal on revamped remuneration rules. We've also included an important news item from Rachel Rodman and Simon Walsh from our sister publication, Cadwalader Climate, on results of the 2022 Eurosystem Balance Sheet Climate Risk Stress Test.

Any thoughts? You can reach out to me here.

Daniel Meade 
Partner and Editor, Cabinet News and Views

By Daniel Meade

Partner | Financial Regulation

This week, the Senate Banking Committee and the House Financial Services Committee held multiple hearings on bank failures that have occurred this year, with each committee holding a hearing with former leaders of the failed banks, as well as hearings with the federal depository institution supervisory agencies and the California and New York banking Supervisors. 

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By Peter Y. Malyshev

Partner | Financial Regulation

Earlier this month members of Congress jointly introduced the “Energy Consumer Protection Act of 2023,” with the intention of expanding the Federal Energy Regulatory Commission’s ability to address energy market trading violations under the Federal Power Act and Natural Gas Act.

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The UK’s Financial Conduct Authority has published Consultation Paper CP23/11 on enhancing the proportionality of the application of rules on remuneration for smaller, dual-regulated firms in relation to the risks those firms pose to UK consumers and markets.

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By Rachel Rodman

Partner | Consumer Financial Services Enforcement and Litigation

By Simon Walsh

Special Counsel | Global Litigation

As part of the European Central Bank’s 2021 action plan to incorporate climate change considerations into its monetary policy, the ECB conducted a climate risk stress test of the Eurosystem balance sheet in 2022.

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