Featured Product

    FED Adjusts Supervisory Approach to Alleviate the Impact of COVID-19

    March 24, 2020

    FED issued a statement to provide additional information to financial institutions regarding adjustments to its supervisory approach in light of the COVID-19. The key topics on which additional information has been provided include increased focus on monitoring, changed focus on examinations, extended time periods for remediation of supervisory findings, and continuous communication with institutions. Additionally, FED announced that it will establish a Primary Dealer Credit Facility (PDCF) and Commercial Paper Funding Facility (CPFF) to support credit needs of households and businesses.

    In its statement on adjustments to its supervisory approach, FED provides the following key information:

    • FED will focus on monitoring and outreach to help financial institutions of all sizes understand the challenges and risks of the current environment
    • To minimize disruption and to focus on outreach and monitoring, FED will temporarily reduce its examination activities, with the greatest reduction in activities occurring at the smallest banks. FED intends to reassess its approach to examinations in the last week of April to determine whether conditions have changed.
    • Large banks should still submit their capital plans that they have developed as part of the Comprehensive Capital Analysis and Review (CCAR) by April 06, 2020. The plans will be used to monitor how firms are managing their capital in the current environment
    • To allow firms to focus on heightened risks in this current environment and assist consumers, additional time will be granted for resolving non-critical existing supervisory findings. FED is extending the time periods for remediating existing supervisory findings by 90 days, unless FED notifies the firm that a more timely remediation would aid the firm in addressing a heightened risk or help consumers.

    Additionally, CFTC announced that in response to the COVID-19 pandemic, the Division of Swap Dealer and Intermediary Oversight (DSIO) issued two additional no-action letters providing temporary, targeted relief to a large U.S. bank that helps finance America’s oil and gas sector and to those who operate commodity-focused investment funds the CFTC regulates. DSIO has granted temporary, targeted no-action relief to Commodity Pool Operators from certain reporting requirements. 

     

    Related Links

    Keywords: Americas, US, Banking, Securities, COVID-19, Supervisory Approach, CCAR, PDCF, CPFF, Deadline Extension, Swaps, Swap Dealer, Investment Funds, Reporting, CFTC, FED

    Featured Experts
    Related Articles
    News

    HKMA Urges Early Action for Adherence to IBOR Fallbacks Protocol

    HKMA urged authorized institutions to take early action to adhere to the IBOR Fallbacks Protocol, which ISDA is expected to publish soon.

    October 16, 2020 WebPage Regulatory News
    News

    FSB Sets Out Roadmap for Transition to Alternative Reference Rates

    FSB published a global transition roadmap for London Inter-bank Offered Rate (LIBOR).

    October 16, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Response to Proposal on BRRD2 Transposition

    HM Treasury published a document that summarizes the responses received from a consultation on the approach of UK to transposition of the revised Bank Resolution and Recovery Directive (BRRD2).

    October 15, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Response to Proposal on CRD5 Transposition

    HM Treasury published the government response to the feedback received on the consultation for updating the prudential regime of UK before the end of the Brexit transition period.

    October 15, 2020 WebPage Regulatory News
    News

    PRA Updates Supervisory Statement on Counterparty Credit Risk

    PRA published the final policy statement PS22/20, which contains the updated supervisory statement SS12/13 on counterparty credit risk.

    October 14, 2020 WebPage Regulatory News
    News

    FSB Publishes Update on Work to Address Market Fragmentation

    FSB published an update on its work to address market fragmentation. FSB is working in this area in collaboration with the other standard-setting bodies.

    October 14, 2020 WebPage Regulatory News
    News

    EBA Proposes to Revise Guidelines on Incident Reporting Under PSD2

    EBA proposed revisions to the guidelines on major incident reporting under the second Payment Service Directive (PSD2).

    October 14, 2020 WebPage Regulatory News
    News

    EBA Finalizes Standards for Prudential Treatment of Software Assets

    EBA published the final draft regulatory technical standards specifying the methodology for prudential treatment of software assets by banks.

    October 14, 2020 WebPage Regulatory News
    News

    FSB Publishes Roadmap on Cross-Border Payments, Report on Stablecoins

    FSB published a report presenting the roadmap to enhance cross-border payments by providing a high-level plan that sets ambitious but achievable goals and milestones in the five focus areas.

    October 13, 2020 WebPage Regulatory News
    News

    EIOPA Urges Insurers to Prepare for End of Brexit Transition

    In a recent communication, EIOPA urged the insurance sector to complete its preparations for the end of the Brexit transition period on December 31, 2020.

    October 13, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5959