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eliminating, reducing, or proposing to eliminate more than 300 regulations, including ineffective, unnecessary, or out-of-date “deadwood” regulations.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

    MAS Amends Notice 610 on Reporting Templates for Banks in Singapore

    MAS published amendments to Notices 610 and 1003 related to submission of statistics and returns, along with the reporting templates and frequently asked questions (FAQs) associated with these Notices.

    January 24, 2020 WebPage Regulatory News
    News

    HKMA Updates Policy Module on Supervisory Review Process

    HKMA is issuing, by notice in the Gazette, revised versions of two Supervisory Policy Manual modules as statutory guidelines under section 7(3) of the Banking Ordinance. The Supervisory Policy Manual modules are CA-G-5 on “Supervisory Review Process” and SB-2 on “Leveraged Foreign Exchange Trading.”

    January 24, 2020 WebPage Regulatory News
    News

    PRA Amends Pillar 2 Capital Framework for Banks

    PRA published the policy statement PS2/20 that contains the final amendments to the Pillar 2 framework and provides feedback to responses to the consultation paper CP5/19 on updates related to Pillar 2 capital framework.

    January 23, 2020 WebPage Regulatory News
    News

    FED Proposes to Revise Information Collection Under Market Risk Rule

    FED proposed to revise and extend, for three years, FR 4201, which is the information collection under the market risk capital rule.

    January 22, 2020 WebPage Regulatory News
    News

    HKMA Consults on Stay Rules on Financial Contracts Under FIRO

    HKMA published proposals for making rules related to contractual stays on termination rights in financial contracts for authorized institutions under FIRO or the Financial Institutions (Resolution) Ordinance (Cap. 628).

    January 22, 2020 WebPage Regulatory News
    News

    MAS Amends Notices on Minimum Liquid Asset Requirements for Banks

    MAS published amendments to Notices 1015, 613, and 649 related to the minimum liquid assets (MLA) requirements.

    January 21, 2020 WebPage Regulatory News
    News

    APRA Publishes Submission on Fintech and Regtech

    APRA published its submission, to the Senate Select Committee, on financial technology and regulatory technology.

    January 21, 2020 WebPage Regulatory News
    News

    OSFI to Implement Operational Risk Capital Rules for Banks in Q1 2022

    OSFI decided to move domestic implementation of the revised Basel III operational risk capital requirements from the first quarter of 2021 to the first quarter of 2022.

    January 20, 2020 WebPage Regulatory News
    News

    ECB Consults on Guideline on Threshold for Credit Obligations Past Due

    ECB published a draft guideline, along with the frequently asked questions (FAQs), on the definition of the materiality threshold for credit obligations past due for less significant institutions.

    January 20, 2020 WebPage Regulatory News
    News

    OSFI Consults on Instruction Guide for Termination of Pension Plan

    OSFI is consulting on draft revisions to the instruction guide for termination of a defined benefit pension plan.

    January 20, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4526