ABA Supports Recent Clarifications to LISCC List

ABA joined three other banking and finance trade groups in a letter to the Federal Reserve in response to recent updates and clarifications to the list of firms supervised by its Large Institution Supervision Coordinating Committee. The LISCC was established in 2010 to supervise the largest and most complex firms.

The trade groups supported the Fed’s decision to clarify that so-called “Category 1” firms will be supervised by the LISCC program, noting that the decision appropriately reflects the reduced size and risk profile of the LISCC international banks. They also outlined additional applicability that the agency should consider should the risk of any international bank’s U.S. operations significantly increase in the future.