FSOC announced that it has rescinded its determination that the material financial distress at American International Group, Inc. (AIG) could pose a threat to the U.S. financial stability and that AIG shall be subject to supervision by the Board of Governors and enhanced prudential standards.
Section 113(d) of the Dodd-Frank Act requires the Council to reevaluate its nonbank financial company determinations at least annually. “The Council has worked diligently to thoroughly reevaluate whether AIG poses a risk to financial stability,” said Treasury Secretary Steven T. Mnuchin. “This action demonstrates our commitment to act decisively to remove any designation if a company does not pose a threat to financial stability.”
Keywords: Americas, US, Banking, Non Bank Financial Company, Financial Stability, AIG, FSOC
Previous ArticleESMA Published Opinions on Position Limits Under MiFID II
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.
BCBS and FSB published a report on supervisory issues associated with benchmark transition.
IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.
ESMA updated the reporting manual on the European Single Electronic Format (ESEF).
EBA published a statement on resolution planning in light of the COVID-19 pandemic.
BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework
ECB published a guideline (2020/97), in the Official Journal of European Union, on the definition of materiality threshold for credit obligations past due for less significant institutions.
FED temporarily revised the capital assessments and stress testing reports (FR Y-14A/Q/M) to implement the changes in response to the COVID-19 pandemic.