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 Finalizes Capital and Margin Requirements for Security-Based SwapsSEC adopted a package of rules and rule amendments to establish capital, margin, and segregation requirements for security-based swaps, under Title VII of the Dodd-Frank Act.
August 22, 2019
WebPage
Regulatory News
|
|
News
ECB Revises Prudential Provisioning Expectations for New NPEsECB is revising its supervisory expectations for prudential provisioning of new non-performing exposures (NPEs) specified in the “Addendum to the ECB Guidance to banks on non-performing loans” (Addendum)
August 22, 2019
WebPage
Regulatory News
|
|
News
CFTC Proposes to Revise Information Collection on Margin RequirementsCFTC is requesting comments on the burdens associated with certain aspects of the Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants (final rule).
August 21, 2019
WebPage
Regulatory News
|
|
News
FASB to Delay Effective Date for Insurance Contracts StandardFASB issued a proposed Accounting Standards Update that would grant all insurance companies that issue long-duration contracts, such as life insurance and annuities, additional time to apply the standard that addresses this area of financial reporting.
August 21, 2019
WebPage
Regulatory News
|
|
News
EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.9EBA published phase 2 of its technical package on the reporting framework 2.9, which includes validation rules, Data Point Model (DPM) data dictionary, and XBRL taxonomies.
August 21, 2019
WebPage
Regulatory News
|
|
News
FSB Publishes Responses to Its Consultation Related to SME FinancingFSB published responses received to the consultation on a report on the evaluation of the effects of financial regulatory reforms on small and medium-sized enterprise (SME) financing.
August 21, 2019
WebPage
Regulatory News
|
|
News
APRA Revises Related Entities Standard for BanksAPRA published a strengthened prudential standard APS 222 on associations with related entities, with the aim to mitigate contagion risk within banking groups.
August 20, 2019
WebPage
Regulatory News
|
|
News
EBA and ESMA Issue Joint Response to EC Letter on Crypto-AssetsEBA and ESMA issued a joint response to the EC letter, from July 19, 2019, on crypto-assets.
August 20, 2019
WebPage
Regulatory News
|
|
News
FSB on Responses to Consultation on Wind-Down of Trading PortfoliosFSB published responses received to the consultation on the solvent wind-down of the derivatives and trading book portfolio of a global systemically important bank (G-SIB).
August 19, 2019
WebPage
Regulatory News
|
|
News
FSB Publishes Responses to Consultation on Resolvability DisclosuresFSB published responses received to the consultation on disclosures for resolution planning and resolvability of banks.
August 19, 2019
WebPage
Regulatory News
|
