Featured Product

    US Agencies Set Out Planned Regulatory Actions, Issue Rules for Banks

    February 04, 2022

    US Agencies released their respective semi-annual regulatory flexibility agenda under the Fall 2021 Unified Agenda of the planned Regulatory and Deregulatory Actions. The Unified Agenda lists planned short- and long-term regulatory actions of administrative agencies, including the Board of Governors of the Federal Reserve System (FED), the Bureau of Consumer Financial Protection (CFPB), and the Securities and Exchange Commission (SEC). In this iteration, the key planned regulatory actions are focused on climate risk disclosures, regulatory capital rule, real estate lending standards, operational resilience standards, and enhanced cyber risk management standards. FED also announced its approval of the application of the Old National Bancorp in Evansville, Indiana, to acquire First Midwest Bancorp, Inc and indirectly acquire its subsidiary bank First Midwest Bank, both located in Chicago, Illinois. The Federal Deposit Insurance Corporation (FDIC) and FED also published Federal Register notices on simplification of deposit insurance rules and the proposed framework for the supervision of insurance organizations, respectively.

    The FDIC amendments on simplification of deposit insurance rules establish a “trust accounts” category that governs coverage of deposits of both revocable trusts and irrevocable trusts using a common calculation. The amendments also provide consistent deposit insurance treatment for all mortgage-servicing account balances held to satisfy principal and interest obligations to a lender. The amendments provide depositors and bankers with a rule for trust account coverage that is easy to understand and facilitate the prompt payment of deposit insurance, in accordance with the Federal Deposit Insurance Act. The rule goes into effect on April 01, 2024.

    The FED proposal on supervision of insurance organizations sets out the new supervisory framework for depository institution holding companies significantly engaged in insurance activities (or supervised insurance organizations). The proposed framework would provide a supervisory approach that is designed specifically to reflect the differences between banking and insurance. Within the framework, the application of supervisory guidance and the assignment of supervisory resources would be based explicitly on a supervised insurance organization’s complexity and individual risk profile. The proposed framework would formalize the ratings applicable to these firms with rating definitions that reflect specific supervisory requirements and expectations. It would also emphasize the FED policy to rely to the fullest extent possible on work done by other relevant supervisors, describing, in particular, the way it will rely more fully on reports and other supervisory information provided by state insurance regulators to minimize the burden associated with supervisory duplication. Comments will be accepted until April 05, 2022.


    Related Links


    Keywords: Americas, US, Banking, Insurance, Climate Change Risk, ESG, Unified Agenda, Deposit Insurance, Cyber Risk, US Agencies, Old National Bancorp, First Midwest Bank, Lending, Basel, Operational Resilience, FED, FDIC

    Featured Experts
    Related Articles

    ESAs Issue Multiple Regulatory Updates for Financial Sector Entities

    The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.

    November 15, 2022 WebPage Regulatory News

    ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments

    The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.

    November 10, 2022 WebPage Regulatory News

    IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets

    The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.

    November 09, 2022 WebPage Regulatory News

    EBA Finalizes Methodology for Stress Tests, Issues Other Updates

    The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups

    November 09, 2022 WebPage Regulatory News

    OSFI Sets Out Work Priorities and Reporting Updates for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.

    November 07, 2022 WebPage Regulatory News

    APRA Finalizes Changes to Capital Framework, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.

    November 03, 2022 WebPage Regulatory News

    BIS Hub and Central Banks Conduct CBDC and DeFI Pilots

    The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.

    November 03, 2022 WebPage Regulatory News

    FASB Proposes Improvements to 2023 GAAP Reporting Taxonomy

    The Financial Accounting Standards Board (FASB) is seeking comments, until November 03, 2022, on the proposed technical and other conforming improvements for the 2023 GAAP Financial Reporting Taxonomy.

    November 03, 2022 WebPage Regulatory News

    ECB Sets Deadline for Banks to Meet Its Climate Risk Expectations

    The European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far from adequately managing climate and environmental risks.

    November 02, 2022 WebPage Regulatory News

    ESAs, ECB, & EC Issue Multiple Regulatory Updates for Financial Sector

    Among its recent publications, the European Banking Authority (EBA) published the final standards and guidelines on interest rate risk arising from non-trading book activities (IRRBB)

    October 31, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8588