This week, we're shining a spotlight on a significant move by the Federal Deposit Insurance Corporation, Federal Reserve Board, and the Office of the Comptroller of the Currency. Federal banking agencies have jointly proposed a long-term debt requirement that could reshape the landscape for large banks – those with assets of $100 billion or more, but not a GSIB. I also dive into the rest of the agenda of the FDIC Board meeting from Tuesday.

My colleague Alix Prentice discusses the recent shifts in trading rules and regulatory changes under the new Financial Services and Markets Act 2023.

Any comments or questions? Just drop me a note here.

Daniel Meade 
Editor, Cabinet News and Views

By Daniel Meade

Partner | Financial Regulation

The Federal Deposit Insurance Corporation, Federal Reserve Board and Office of the Comptroller of the Currency issued a proposed rule to require large banks to issue and maintain minimum amounts of long-term debt. 

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By Daniel Meade

Partner | Financial Regulation

In addition to approving the long-term debt proposal we discuss separately today, the Federal Deposit Insurance Corporation Board had a busy day on Tuesday. As we noted last week, when the FDIC provided notice for the board meeting, Tuesday’s meeting was a busy one.

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By Alix Prentice

Partner | Financial Regulation

The Financial Services and Markets Act 2023 became law on 29 June 2023, with its principal objective stated in Section 1 being the revocation and replacement of EU laws that were retained and on-shored into the UK after its departure.

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