OCC reorganized its operations and realigned nearly 150 staff members to form two new units namely, "Supervision System and Analytical Support" and "Systemic Risk Identification Support and Specialty Supervision." This realignment consolidates bank supervision support, risk analysis, and oversight of national trust banks and significant service providers, though Midsize and Community Bank Supervision and Large Bank Supervision unit will retain the primary responsibility for overseeing the banks, savings associations, and federal branches and agencies of foreign banks that compose the federal banking system. The changes will take effect from October 01, 2019.
The first unit, Supervision System and Analytical Support, will pull together supervisory information system teams, data management, business intelligence, risk analysis, and supervision risk management staff from other OCC supervisory and policy units. Bob Phelps, who serves as the Deputy Comptroller for Supervision Risk Management, will head this new unit. The second unit, Systemic Risk Identification Support and Specialty Supervision, will bring together lead experts from large bank supervision and midsize bank supervision as well as teams responsible for the supervision of trust companies from the Northeastern District National Trust Banks team and significant service providers from Bank Supervision Policy. The agency did not yet identify the person to fill Deputy Comptroller role.
While both units will report to the Chief Operating Officer, the Committee on Bank Supervision will provide strategic direction and oversight to both the units and will review and approve strategic plans and initiatives, annual business plans or operating plans, and major projects and initiatives. This would promote greater coordination and collaboration across the supervision business units. The Committee on Bank Supervision is made up of senior executives who oversee OCC units that supervise the majority of institutions that make up the federal banking system. Strategic direction from the Committee on Bank Supervision ensures the units’ activity supports the supervisory needs of the federal banking system.
Related Link: Press Release
Keywords: Americas, US, Banking, Bank Supervision, Risk Analysis, Systemic Risk, Operation Restructuring, OCC
EU published Directive 2021/338, which amends the Markets in Financial Instruments Directive (MiFID) II and the Capital Requirements Directives (CRD 4 and 5) to facilitate recovery from the COVID-19 crisis.
The Standing Committee of the European Free Trade Association (EFTA) recommended that a systemic risk buffer level of 4.5% for domestic exposures can be considered appropriate for addressing the identified systemic risks to the stability of the financial system in Norway.
In a recent statement, PRA clarified its approach to the application of certain EU regulatory technical standards and EBA guidelines on standardized and internal ratings-based approaches to credit risk, following the end of the Brexit transition.
In a recently published letter addressed to the G20 finance ministers and central bank governors, the FSB Chair Randal K. Quarles has set out the key FSB priorities for 2021.
EU published, in the Official Journal of the European Union, a corrigendum to the revised Capital Requirements Regulation (CRR2 or Regulation 2019/876).
ESAs published a joint supervisory statement on the effective and consistent application and on national supervision of the regulation on sustainability-related disclosures in the financial services sector (SFDR).
EC published a public consultation on the review of crisis management and deposit insurance frameworks in EU.
HKMA announced that enhancements will be made to the Special 100% Loan Guarantee of the SME Financing Guarantee Scheme (SFGS) and the application period will be extended to December 31, 2021.
EBA launched consultations on the regulatory and implementing technical standards on cooperation and information exchange between competent authorities involved in prudential supervision of investment firms.
BoE issued a letter to the CEOs of eight major UK banks that are in scope of the first Resolvability Assessment Framework (RAF) reporting and disclosure cycle.