Speaking at a legal event in Washington, D.C., today, Federal Reserve General Counsel Scott Alvarez outlined several issues the agency will focus on in 2017, including certain regulatory relief measures and the entrance of nonbank fintech companies into the Federal Reserve System.
The Fed is currently exploring whether to change its annual filing requirement for banks submitting “living wills” detailing how they would be resolved in the event of bankruptcy, Alvarez said. He noted that the agency is also considering creating different asset-based schedules for banks required to file. Additionally, the Fed will continue streamlining reporting and capital requirements for community banks this year, and plans to move forward with rulemakings related to derivatives contracts for global systemically important banks, physical commodities activities and metrics reporting for the Volcker rule, he said.
Another important focus will be the treatment of fintech firms entering the Fed system under the OCC’s proposed limited-purpose national bank charter, which was announced by Comptroller of the Currency Thomas Curry last month. The OCC and the Fed are currently working closely to determine how fintech companies under a limited-purpose charter will access the benefits of the Federal Reserve System, such as the payments network, Alvarez said.
