Financial services: Compliance and reporting
The Federal Reserve Board (the Fed) released results of its annual bank stress tests on June 23, 2022. The tests are intended to measure banks’ capability to maintain sufficiently strong capital levels to enable continued lending to businesses and households during a recession.
Proposed amendments to expand the purview of the reporting framework, create more transparency, encourage more timely disclosure, and ultimately give the SEC and the FSOC a more complete view into the private fund market in order to better monitor systemic risk to the US financial system.
The Payment Card Industry Data Security Standard (PCI DSS) is a global standard for protecting payment (i.e., credit and debit) cards that applies to all merchants and service providers, even those that don’t directly handle the payment transaction itself. PCI DSS is a mature standard that just saw version 4.0 released in 2022; the latest version includes an extensive set of requirements to secure...
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