Fb – Fb Libra faucets ex-OCC exec as lead counsel
The Libra Affiliation has introduced Saumya Bhavsar as the overall counsel for its fee subsidiary, Libra Networks. Bhavsar joins Libra after many years of expertise within the banking and public sector, together with eight years on the U.S. Workplace of the Comptroller of the Forex.
The affiliation introduced the appointment just lately, describing her as “a skilled industry leader with experience shaping and managing global and regional financial services organizations through periods of significant strategic change.”
In her new function, Bhavsar now faces the Herculean activity of steering the Libra Networks via the regulatory necessities which have impeded its progress for over a 12 months. Libra Networks is a subsidiary of the Libra Affiliation and is accountable for Fb’s Libra fee system.
Since its announcement in June 2019, Libra has confronted ceaseless opposition, particularly from regulators. A 12 months later, Fb revealed it had determined to vary its method, launching ‘Libra 2.0’. This did little to win over regulators. Nevertheless, Fb has but to provide in and has continued to make adjustments, together with establishing an ‘all things payments’ group, Fb Monetary.
Bhavsar is hoping to vary this, stating in her remarks that she is out to allow a extra inclusive international monetary system. She added:
“Along with many in the banking industry, I have been watching the Libra project from afar and believe the Libra payment system is poised to transform the industry and enable unprecedented financial innovation and inclusion at a time when we need it most.”
Bhavsar will carry over 20 years of expertise in regulation and compliance to Libra Networks. She beforehand served as the worldwide head of regulatory affairs at Swiss banking big Credit score Suisse. She has additionally labored at UBS within the authorized and wealth administration division and at Euroclear Bank because the assistant common counsel.
Bhavsar has additionally labored within the public sector, having served on the Workplace of the Comptroller of the Forex (OCC) for near a decade. She was accountable for enforcement actions and making certain banks adjust to federal banking legal guidelines.
Bhavsar turns into the newest former public official to affix the Fb digital foreign money undertaking. Three months in the past, former Homeland Safety common counsel Stevan Bunnell joined the Libra Affiliation because the chief authorized officer.
Regardless of the brand new hires in compliance and authorized divisions, Libra nonetheless faces nice opposition from regulators. Final month, G7 leaders revealed their anti-Libra stance hasn’t modified, stating that it should not launch till it’s correctly regulated.
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