House Financial Services Committee Chairman Jeb Hensarling (R-Texas) will unveil major financial reform legislation in early 2016, according to news reports today.
By a bipartisan vote of 39 to 16, the House Financial Services Committee today approved H.R. 1309, a bill strongly advocated by ABA that would eliminate the automatic designation of banks as systemically important based solely on asset size.
In her testimony before the House Financial Services Committee today, Federal Reserve Chairman Janet Yellen pointed to evidence that the U.S. financial system has “strengthened considerably.”
The Basel, Switzerland-based Financial Stability Board today updated its list of global systemically important banks subject to supplemental loss absorbency requirements.
The House Financial Services Committee is expected to vote this week on several bipartisan bills that are part of ABA’s Agenda for America’s Hometown Banks. H.R. 1309, introduced by Rep. Blaine Luetkemeyer (R-Mo.) with 112 bipartisan co-sponsors, would eliminate the automatic designation of banks as systemically important based solely on asset size, recognizing that regulators should consider many different components of risk.
The Federal Reserve on Friday proposed a new set of requirements for the eight U.S. global systemically important banks to increase their total loss absorbing capacity, or TLAC, by at least 60 percent.
Following their review of resolution plans submitted last year, the Federal Reserve and FDIC yesterday said they are providing additional guidance — including areas for improvement in some cases — to 119 financial firms that will be expected to file updated resolution plans in December.
The Federal Reserve today voted to finalize a rule imposing capital surcharges on the largest U.S.-based global systemically important banks.
Under the Dodd-Frank Act’s systemic risk regulatory regime, some of the largest institutions may decide it is in their best interests to shrink, Federal Reserve Governor Lael Brainard said at an industry event today.
The chairman and CEO of the smallest bank holding company to be designated as a systemically important financial institution yesterday outlined to the House Financial Services Committee the burdens this level of regulation has imposed — burdens he finds out of proportion to the benefits they provide.