Featured Product

    US Treasury Released Report Examining Financial Regulatory System

    June 12, 2017

    The U.S. Department of the Treasury issued its first in a series of reports to President Donald J. Trump examining the financial regulatory system in the United States. The report details executive actions and regulatory changes that can be immediately undertaken and focuses on solutions the Executive Branch can execute through regulatory changes and executive actions.

    This report, and the subsequent reports, will identify any laws, treaties, regulations, guidance, reporting, record keeping requirements, and other government policies that inhibit Federal regulation of the U.S. financial system in a manner consistent with the Core Principles, which were set forth in the Executive Order 13772 on February 03, 2017. The principles promote American competitiveness, both at home and abroad, while making regulation efficient, effective, and appropriately tailored. The U.S. Treasury Secretary Steven T. Mnuchin said, “Properly structuring regulation of the U.S. financial system is critical to achieve the administration’s goal of sustained economic growth and to create opportunities for all Americans to benefit from a stronger economy.” The report detailed the following findings:

    Community financial institutions—banks and credit unions—are critically important to serve many Americans

    Capital, liquidity, and leverage rules can be simplified to increase the flow of credit

    Global competitiveness of banks in the United States must be ensured

    Improving market liquidity is critical for the U.S. economy

    The CFPB must be reformed

    Regulations need to be better tailored, more efficient, and effective

    Congress should review the organization and mandates of the independent banking regulators to improve accountability

     

    As a next step, the Treasury and the Administration will begin working with Congress, independent regulators, the financial industry, and trade groups to implement the recommendations advocated in the report through changes to statutes, regulations, and supervisory guidance. Subsequent reports will be issued over the coming months and will focus on markets, liquidity, central clearing, financial products, asset management, insurance, and innovation, among other key areas.

     

    Related Links

    Press Release

    Report (PDF)

    Keywords: America, USA, Banking, Securities, US Treasury, US Regulatory System, Core Principles, Insurance

    Featured Experts
    Related Articles
    News

    BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework

    BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework

    July 08, 2020 WebPage Regulatory News
    News

    PRA Statement on Application of Matching Adjustment Amid Crisis

    PRA published a statement to insurers that clarifies the approach to application of the matching adjustment during COVID-19 crisis.

    July 07, 2020 WebPage Regulatory News
    News

    EBA Provides Clarity on Implementation of Certain COVID-19 Policies

    EBA published a report on the implementation of selected COVID-19 policies within the prudential framework for banking sector.

    July 07, 2020 WebPage Regulatory News
    News

    EC Consults on Revision of Network and Information Systems Directive

    EC launched a consultation to revise the network and information systems (NIS) Directive (2016/1148), which was adopted in July 2016 and is the first horizontal internal market instrument aimed at improving the resilience of the EU against cybersecurity risks.

    July 07, 2020 WebPage Regulatory News
    News

    PRA Statement on LIBOR Transition and PRA Resolution-Related Rules

    PRA published a statement that outlines its view on the implications of LIBOR transition for contracts in scope of the “Contractual Recognition of Bail-In” and “Stay in Resolution” parts of the PRA Rulebook.

    July 07, 2020 WebPage Regulatory News
    News

    PRA Issues Updates to Pillar 2A Capital Framework in UK

    PRA published the policy statement PS15/20 to reflect additional resilience associated with higher macro-prudential buffers in a standard risk environment with a reduction in Pillar 2A capital requirements.

    July 06, 2020 WebPage Regulatory News
    News

    BCBS Report Examines Progress on Adoption of Basel III Framework

    BCBS published the eighteenth progress report on implementation of the Basel III regulatory framework in member jurisdictions.

    July 06, 2020 WebPage Regulatory News
    News

    FCA Proposes Guidance to Further Support Consumer Credit Customers

    FCA announced proposals that would provide continued support for certain consumer credit products to users, who are facing a financial impact because of the exceptional circumstances arising from the COVID-19 pandemic.

    July 03, 2020 WebPage Regulatory News
    News

    ACPR Publishes Draft of Taxonomy RAN 1.4.0 for Solvency II Reporting

    ACPR published a draft version of taxonomy RAN 1.4.0_PWD1, along with the related documentation, for Solvency II reporting.

    July 03, 2020 WebPage Regulatory News
    News

    BCBS Amends Guidelines on Sound Management of AML/CFT Risks

    BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).

    July 02, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5445