Featured Product

    US Treasury Report Highlights Regulatory Reform Accomplishments

    April 24, 2018

    The U.S. Treasury Department released a report detailing its accomplishments in support of the President’s regulatory reform agenda. The Department of the Treasury has undertaken extensive efforts to implement the President’s regulatory reform agenda. This report details the steps that Treasury has taken since President Trump issued Executive Order 13777, “Enforcing the Regulatory Reform Agenda,” on February 24, 2017.

    The regulatory reform accomplishments include eliminating, reducing, or proposing to eliminate more than 300 regulations, including ineffective, unnecessary, or out-of-date “deadwood” regulations. The reform also led to a reduction in the Treasury’s regulatory agenda by approximately 100 items, year-over-year, from Fall 2016 to Fall 2017 and over 250 Treasury recommendations to reform and reduce the burdens of regulation in the U.S. domestic financial system. The report highlights that the Treasury and the financial regulatory agencies have made significant progress in pursuing a number of the recommendations detailed in the Core Principles report.

    In August 2017, OCC published a notice soliciting public input on how the regulations implementing the Volcker Rule could be revised. The notice followed Treasury’s June 2017 report to the President, which had recommended that Congress exempt smaller institutions from the Volcker Rule altogether and exempt larger banks with little trading from the proprietary trading requirements of the rule. Additionally, after Treasury issued several of its reports concerning domestic financial regulation, Senator Crapo introduced the Economic Growth, Regulatory Relief, and Consumer Protection Act, which has passed in the Senate. The bill reflects several of Treasury’s recommendations. For example, the bill includes a small-bank exemption from the Volcker Rule, a simpler regulatory regime for highly capitalized community banks, and a higher threshold for subjecting bank holding companies to enhanced prudential standards.

    In 2013, FED, FDIC, and OCC issued guidance on leveraged lending by large financial institutions. The guidance addressed issues such as underwriting, risk management, and valuation standards. Many stakeholders criticized the guidance for making policy shifts outside a notice and comment environment and for being unnecessarily restrictive on this type of activity. Treasury recommended that the three agencies re-issue the guidance for public comment. In November and December 2017, heads of these agencies announced, in separate letters to Capitol Hill, that they intended to seek public comment on the guidance and make related changes.

     

    Related Links

    Keywords: Americas, US, Banking, Regulatory Reform, Proportionality, Volcker Rule, US Treasury

    Related Articles
    News

    BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework

    BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework

    July 08, 2020 WebPage Regulatory News
    News

    PRA Statement on Application of Matching Adjustment Amid Crisis

    PRA published a statement to insurers that clarifies the approach to application of the matching adjustment during COVID-19 crisis.

    July 07, 2020 WebPage Regulatory News
    News

    EBA Provides Clarity on Implementation of Certain COVID-19 Policies

    EBA published a report on the implementation of selected COVID-19 policies within the prudential framework for banking sector.

    July 07, 2020 WebPage Regulatory News
    News

    EC Consults on Revision of Network and Information Systems Directive

    EC launched a consultation to revise the network and information systems (NIS) Directive (2016/1148), which was adopted in July 2016 and is the first horizontal internal market instrument aimed at improving the resilience of the EU against cybersecurity risks.

    July 07, 2020 WebPage Regulatory News
    News

    PRA Statement on LIBOR Transition and PRA Resolution-Related Rules

    PRA published a statement that outlines its view on the implications of LIBOR transition for contracts in scope of the “Contractual Recognition of Bail-In” and “Stay in Resolution” parts of the PRA Rulebook.

    July 07, 2020 WebPage Regulatory News
    News

    PRA Issues Updates to Pillar 2A Capital Framework in UK

    PRA published the policy statement PS15/20 to reflect additional resilience associated with higher macro-prudential buffers in a standard risk environment with a reduction in Pillar 2A capital requirements.

    July 06, 2020 WebPage Regulatory News
    News

    BCBS Report Examines Progress on Adoption of Basel III Framework

    BCBS published the eighteenth progress report on implementation of the Basel III regulatory framework in member jurisdictions.

    July 06, 2020 WebPage Regulatory News
    News

    FCA Proposes Guidance to Further Support Consumer Credit Customers

    FCA announced proposals that would provide continued support for certain consumer credit products to users, who are facing a financial impact because of the exceptional circumstances arising from the COVID-19 pandemic.

    July 03, 2020 WebPage Regulatory News
    News

    ACPR Publishes Draft of Taxonomy RAN 1.4.0 for Solvency II Reporting

    ACPR published a draft version of taxonomy RAN 1.4.0_PWD1, along with the related documentation, for Solvency II reporting.

    July 03, 2020 WebPage Regulatory News
    News

    BCBS Amends Guidelines on Sound Management of AML/CFT Risks

    BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).

    July 02, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5445