Global banks moving operations from the U.K. to the European Union because of Brexit are poised to face fresh regulatory scrutiny on the value of their assets and capital as the bloc's top watchdog seeks to curtail risks.
Federal Reserve Chairman Jerome Powell said a messy breakup between the United Kingdom and European Union could pose risks to the economy and financial system.
Rep. Patrick McHenry, R-N.C., the ranking member of the House Financial Services Committee, urged Chairwoman Maxine Waters, D-Calif., to prioritize certain "critical areas" in the new Congress.
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A no-deal Brexit could throw the international swaps market into disarray in a way that could be difficult to predict, and could have dire consequences for U.S. banks and the world economy.
The industry has largely avoided added federal oversight after the Equifax hack; the product has created a “financial albatross” as consumers game the system.
