It's never too hard to tell when a big holiday is upon us. 

The traffic heading into Washington, DC today was moving at a steady pace − a stark difference from the normal rush-hour gridlock of cars heading to the capital from Maryland and Northern Virginia. 

But while thoughts of barbecues, beaches and fireworks may be on a lot of minds, there is no holiday at the U.S. regulatory agencies, where some serious work is being done. With so much in the news in Washington over the past couple of weeks, the OCC's Semiannual Risk Perspective may have flown under the radar a bit. But there was some important news in that area, as well as some announcements this week following the Fed's stress test, and we take a closer look. 

Over in the UK, no one is taking a holiday from ESG, and we examine important news from the European Union's European Securities and Market Authority and the UK's Financial Conduct Authority. We also explain a just-announced FCA consultation on the winding down of synthetic sterling LIBOR and the future of US Dollar LIBOR.

For our readers in the U.S., we wish you an enjoyable and meaningful Fourth of July weekend.    

Daniel Meade and Michael Sholem
Co-Editors, Cabinet News and Views