FDIC Publishes Annual Report for 2019
FDIC published the annual report for 2019. The report highlights that FDIC continued to engage in several community banking and community development initiatives, with cybersecurity remaining as a high priority for FDIC in 2019. The agency worked to strengthen infrastructure resiliency, enhance data governance, help financial institutions mitigate risks, and respond to cyber threats. The FDIC Chair mentioned in the report that, in 2020, FDIC will continue to advance the goals of strengthening the banking system, fostering innovation, and ensuring that banks can meet the needs of businesses and consumers across the nation.
The key topics covered in the report are related to fintech, supervision, risk management and internal control, activities related to large and complex financial institutions, resolution, cybersecurity, and management of credit, liquidity, and interest-rate risks. The report also summarizes the key regulations that were issued during 2019. Additionally, the report mentions that a pending notice of proposed rulemaking is planned for early 2020 to address the outstanding issues related to the prohibitions and restrictions on investments in private equity and hedge funds.
The FDIC Chair highlights that regulators must be proactive in engaging with all stakeholders, including banks, consumer groups, trade associations, and technology companies to understand and help foster the safe adoption of technology across the banking system, especially at community banks. The cost of innovation and regulatory uncertainty are the two primary hurdles that are keeping community banks from developing and utilizing new technologies. Partnerships with financial technology companies, or fintechs, can help community banks overcome the first hurdle but, to overcome the second hurdle, FDIC must ensure that its regulatory framework enables those partnerships. In 2019, FDIC established a new office—the FDIC Tech Lab, or FDiTech—to address these issues.
Related Link: Annual Report
Keywords: Americas, US, Banking, Securities, Annual Report, Credit Risk, Liquidity Risk, Risk Management, Resolution, Enterprise Risk Management, Fintech, FDIC
Featured Experts
Karen Moss
Senior practitioner in asset and liability management (ALM) and liquidity risk who assists banking clients in advancing their treasury and balance sheet management objectives
Related Articles
EBA Publishes Final Regulatory Standards on STS Securitizations
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
ECB Further Reviews Costs and Benefits Associated with IReF
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
EBA Publishes Funding Plans Report, Receives EMAS Certification
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures
The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.
BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules
The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.
IOSCO Welcomes Work on Sustainability-Related Corporate Reporting
The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)
BoE Allows One-Day Delay in Statistical Data Submissions by Banks
The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.
ACPR Amends Reporting Module Timelines Under EBA Framework 3.2
The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.
ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies
The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)
APRA to Modernize Prudential Architecture, Reduces Liquidity Facility
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.
