The $50 billion asset threshold in the Dodd-Frank Act for designation as a systemically important financial institution was a “mistake,” former Rep. Barney Frank (D-Mass.) said in a radio interview yesterday.
The Basel, Switzerland-based Financial Stability Board today updated its list of global systemically important banks subject to supplemental loss absorbency requirements.
The Federal Reserve, FDIC and OCC today issued an advance notice of proposed rulemaking seeking comments on a set of enforceable cybersecurity standards for banks with more than $50 billion in assets.
The OCC today proposed a rule that would establish restrictions on qualified financial contracts — such as derivative transactions, repurchase agreements, reverse repurchase agreements, and securities lending and borrowing agreements — of national banks and federal thrifts that are subsidiaries of U.S. and foreign-based global systemically important banks.
The full House is expected later this week to vote on the ABA-advocated Systemic Risk Designation Improvement Act (H.R. 1309), which would eliminate the automatic designation of banks as systemically important based solely on asset size.
The Federal Reserve and FDIC today announced that they are delaying the deadline to file resolution plans, or “living wills,” from Dec. 31, 2016, to Dec. 31, 2017, for 36 large banking organizations and two systemically important nonbanks.
House Financial Services Committee Chairman Jeb Hensarling (R-Texas) today announced plans for new legislation that he called a “market-based, equity financed Dodd-Frank off-ramp.”
The Federal Reserve today proposed a rule that would establish restrictions on qualified financial contracts — such as derivative transactions, repurchase agreements, reverse repurchase agreements, and securities lending and borrowing agreements — of U.S. global systemically important banks and the U.S. operations of foreign G-SIBs.
Economic growth requires a robust, competitive banking system, and the Dodd-Frank Act and current regulatory environment inhibit that, Senate Banking Committee Chairman Richard Shelby (R-Ala.) said at ABA’s Government Relations Summit.