FDIC Centralizes Supervision and Resolution Activities of Large Banks
FDIC announced its intentions to centralize the supervision and resolution activities for the largest banks and complex financial institutions in a new division. The new division will be named the Division of Complex Institution Supervision and Resolution (CISR) and it will become operational on July 21, 2019. The FDIC Chair Jelena McWilliams said that centralizing the FDIC expertise of large, complex financial institutions into a single division will enable FDIC to take "a more holistic approach to the supervision and resolution of these institutions and the unique challenges they present."
The new division will be responsible for FDIC's supervision and monitoring of banks with assets greater than USD 100 billion, for which FDIC is not the primary federal regulator. On the resolution side, the new division will be responsible for planning and executing FDIC's resolution mandates for these institutions as well as for other financial companies, if called upon to protect the U.S. financial stability. At present, these activities are divided into three separate areas of FDIC. Rick Delfin, who is the director of the FDIC's Office of Complex Financial Institutions, will head CISR. John Conneely, the FDIC's Regional Director for Chicago, will serve as the division's Acting Senior Deputy Director to assist with the transition.
Related Link: Press Release
Keywords: Americas, US, Banking, Supervisory Activities, Resolution, CISR, Large Banks, FDIC
Previous Article
FASB Proposes Improvements to Credit Losses Standard in USRelated Articles
|
News
APRA Announces Deferral of Capital Reform ImplementationAPRA announced that it is deferring the scheduled implementation of Basel III reforms in Australia by one year.
March 30, 2020
WebPage
Regulatory News
|
|
News
IFRS Publishes Statement on Its Work During the COVID-19 CrisisIFRS, in its statement, emphasized that it shares global concerns about the impact of COVID–19 and is supporting its stakeholders by reconsidering timelines of its meetings and publications, providing information on the application of IFRS 9 on financial instruments, and offering calendar updates on ongoing activities.
March 27, 2020
WebPage
Regulatory News
|
|
News
US Agencies Announce Changes to SA-CCR and CECL Rules Due to COVID-19In light of the recent disruptions in economic conditions due to the COVID-19 outbreak, US Agencies (FDIC, FED, and OCC) announced two actions to allow banking organizations to continue lending to households and businesses.
March 27, 2020
WebPage
Regulatory News
|
|
News
IAIS Adjusts Work Program to Address Impact of COVID-19 on InsurersConsidering the impact of COVID-19 outbreak, IAIS announced initial adjustments to its work program to provide operational relief to its member supervisors, insurers, and other stakeholders.
March 27, 2020
WebPage
Regulatory News
|
|
News
OSFI Announces Regulatory Adjustments to Support COVID-19 EffortsOSFI published three targeted industry letters that announce a series of regulatory adjustments to support the financial and operational resilience of federally regulated banks, insurers, and private pension plans in the light of COVID-19.
March 27, 2020
WebPage
Regulatory News
|
|
News
UK Regulators Announce Measures to Address Impact of COVID-19UK Regulatory Authorities published statements and guidance addressed to financial entities on dealing with the impact of the coronavirus (COVID-19) outbreak.
March 26, 2020
WebPage
Regulatory News
|
|
News
ISDA and Industry Request Delay in Timeline for Initial Margin RulesConsidering the challenges posed by the COVID-19 pandemic, ISDA submitted a letter on behalf of 21 industry associations and their members requesting BCBS, IOSCO, and global regulators to suspend the current timeline for the initial margin phase-in.
March 26, 2020
WebPage
Regulatory News
|
|
News
FCA, FRC, and PRA Issue Joint Statement to Address Impact of COVID-19In response to the COVID-19 outbreak, FCA, the Financial Reporting Council (FRC), and PRA have announced a series of actions and made statements to support the continued functioning of capital markets in the UK.
March 26, 2020
WebPage
Regulatory News
|
|
News
EC Rule Corrects Regulation Supplementing Solvency II DirectiveEC published the EU Delegated Regulation 2020/442, which corrects the EU Delegated Regulation 2015/35 that supplements Solvency II Directive (2009/138/EC).
March 26, 2020
WebPage
Regulatory News
|
|
News
FED and FFIEC Offer Reporting Relief to Institutions Due to COVID-19FED and FFIEC announced regulatory reporting relief to financial institutions due to disruptions caused by the COVID-19.
March 26, 2020
WebPage
Regulatory News
|
