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Year-End Reflections
December 14, 2023

As we have already begun some aspects of the year-end festive season, this week's newsletter includes insights from our authors on crucial developments shaping the financial landscape.

The OCC released its Annual Report this week, and I commend it to anyone interested in the OCC’s view on the state of the condition of the federal banking system (spoiler alert: the condition of the banking system is sound, but there are improvements that can be made and stakeholders should be on guard for complacency). However, this week I cover FDIC Director Jonathan McKernan’s speech to an ISDA conference regarding the Basel III Endgame proposal’s effect on the trading book and a suggestion for a possible phased approach to finalizing the rule.    

Alix Prentice delves into the UK’s Banking Regulator’s latest moves, providing a comprehensive breakdown of the Prudential Regulation Authority's publication of near-final policy statements. She explores the intricacies of the seven chapters outlined in consultation paper 16/22, shedding light on the implementation of Basel III standards and its potential impact.

Rachel Rodman brings a detailed analysis of the European Banking Authority's recent report. Focusing on the evolving landscape of environmental and social risks, she examines the EBA's insights, emphasizing the necessity for a robust prudential framework to address these emerging factors.

As we gear up for the holidays and turning the calendars to a new year, we want to express our heartfelt gratitude for your unwavering support. To rejuvenate and prepare for an exciting start to 2024, we'll be taking a brief hiatus and returning in January. 

We’re always here for comments and questions. Just drop us a note here

Daniel Meade 
Partner and Editor, Cabinet News and Views

Profile photo of contributor Daniel Meade
Partner | Financial Regulation

This week, Federal Deposit Insurance Corporation Director Jonathan McKernan gave remarks to the ISDA Conference on Trading Book Capital on Basel III Implementation.

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Profile photo of contributor Alix Prentice
Partner | Financial Regulation

The Prudential Regulation Authority has published its near-final policy statement setting out feedback to seven chapters of its consultation paper 16/22 on implementation of the final elements of Basel III standards on the measurement of risk-weighted assets.

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Profile photo of contributor Rachel  Rodman
Partner | Consumer Financial Services Enforcement and Litigation

In October 2023, the European Banking Authority published a report addressing the need for a comprehensive prudential framework that adequately considers emerging environmental and social risks. The report is a response to Article 501c of Regulation (EU) No 575/2013 (the Capital Requirements Regulation 2013 (CRR)) and Article 34 of Regulation (EU) 2019/2033 (the Investment Firms Regulation (IFR)), and the EBA initiated its publication through a discussion paper on May 2, 2022. This report signals a series of upcoming reports in line with the CRR.

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Cabinet readers, as the holiday season approaches, we want to take a moment to express our gratitude for your continuous support throughout the year. In celebration of the festivities and to recharge for an exciting new year, we'll be taking a short break. Wishing you all a joyful and safe holiday season filled with warmth and cheer. We eagerly anticipate reconnecting in the new year. 

Maurine R. Bartlett
Senior Counsel
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Sukhvir Basran
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Brian Foster
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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
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Peter Y. Malyshev
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Jed Miller
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Michael Newell
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Alix Prentice
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Rachel Rodman
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Richard M. Schetman
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Lary Stromfeld
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Jonathan M. Wainwright
Senior Counsel
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