US Agencies Complete Evaluation of Resolution Plans of Domestic Banks
US Agencies (FED and FDIC) announced that they completed their evaluation of the 2017 resolution plans for 14 domestic banking organizations. The agencies also issued their expectations for the firms' next resolution plan submissions, which are due on or before December 31, 2019. The agencies did not identify any deficiencies or shortcomings in the 2017 resolution plans. Moreover, the agencies concluded that the 2017 resolution plan of Northern Trust was able to satisfactorily address the three shortcomings that had been identified in its 2015 resolution plan.
The 14 firms that were evaluated are Ally Financial Inc., American Express Company, BB&T Corporation, Capital One Financial Corporation, Discover Financial Services, Fifth Third Bancorp, Huntington Bancshares Incorporated, KeyCorp, M&T Bank Corporation, Northern Trust Corporation, Regions Financial Corporation, SunTrust Banks, Inc., The PNC Financial Services Group, Inc., and U.S. Bancorp. The Board also the feedback letter for each firm. The letters note that the agencies intend to issue for notice and comment proposed revisions to the resolution plan rule, including changes to implement the Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act. The letters also outline the expectations under the current rule requirements and explain that, in most cases, the agencies generally expect the 2019 submission of each firm to include only material changes from its previous plan and updated financial statements.
Related Links
Keywords: Americas, US, Banking, Resolution Plans, Feedback Letters, EGRRCP Act, US Agencies, FDIC, FED
Previous Article
SRB Publishes Expectations to Ensure Bank Resolvability Post BrexitRelated Articles
|
News
SEC Proposes to Improve Cross-Border Application of SBS RequirementsSEC proposed a package of rule amendments and interpretive guidance to improve the framework for regulating cross-border security-based swaps (SBS) transactions and market participants.
May 24, 2019
WebPage
Regulatory News
|
|
News
US Agencies Propose to Amend Regulatory Framework for Foreign BanksUS Agencies (OCC, FED, and FDIC) proposed a regulatory framework for foreign banks operating in the U.S. that would more closely match the rules for foreign banks with the risks they pose to the U.S. financial system.
May 24, 2019
WebPage
Regulatory News
|
|
News
FSB to Evaluate Effects of Too-Big-To-Fail Reforms for Systemic BanksFSB is seeking feedback as part of its evaluation of the effects of the too-big-to-fail reforms for banks.
May 23, 2019
WebPage
Regulatory News
|
|
News
OSFI Revises Covered Bond Limit Calculation for Deposit TakersOSFI is updating the covered bond limit calculation, which was last revised in December 2014.
May 23, 2019
WebPage
Regulatory News
|
|
News
APRA Releases Minor Changes to Reporting Standards on SA-CCR for BanksAPRA released minor changes to the three reporting standards for the standardized approach for measuring counterparty credit risk exposures (SA-CCR).
May 22, 2019
WebPage
Regulatory News
|
|
News
APRA on Industry Self-Assessments into Governance and AccountabilityAPRA released an information paper analyzing the self-assessments performed by 36 of the country’s largest banks, insurers, and superannuation licensees in response to the final report on the Prudential Inquiry into the Commonwealth Bank of Australia (CBA).
May 22, 2019
WebPage
Regulatory News
|
|
News
PRA Consults on Maintenance of TMTP Under Solvency IIPRA published a consultation paper (CP11/19) that sets out its approach to update supervisory statement (SS6/16) on maintenance of the transitional measure on technical provisions (TMTP) under Solvency II.
May 22, 2019
WebPage
Regulatory News
|
|
News
EBA Regards Regulatory Framework in Argentina to be Equivalent to EUEBA published its opinion that the supervisory and regulatory framework applicable to credit institutions in Argentina can be regarded as equivalent to that applied in EU.
May 22, 2019
WebPage
Regulatory News
|
|
News
RBNZ Reviews Restrictions on Policy for Loan to Value RatioRBNZ published a report on the review of the loan to ratio (LVR) restrictions as part of a wider review of the macro-prudential policy.
May 22, 2019
WebPage
Regulatory News
|
|
News
APRA Proposes to Amend Guidance on Residential Mortgage LendingAPRA is consulting on revisions to the prudential practice guide APG 223 on residential mortgage lending in Australia.
May 21, 2019
WebPage
Regulatory News
|
