Federal Deposit Insurance Corporation (FDIC)
US Treasury hands CCP resolution powers to FDIC
Mnuchin regulatory review explicitly refers to FDIC as receiver under a Title II resolution
EBA and US agencies agree framework for cross-border resolution
Document lays out principles for information sharing and future crisis management agreements
Fed and FDIC extend resolution plan-filing deadline for banks
Nineteen foreign banks granted more time were already given one-year extensions in 2016
FDIC’s Hoenig warns on relaxing bank capital requirements
The Trump administration claims regulations hamper lending and economic growth, but Thomas Hoenig argues capital is an essential source of funding for banks
US regulators hand Volcker rule exemption to foreign firms
Agencies are conducting a review of how the Volcker rule is applied to foreign investment funds, as some appear to be captured unintentionally
FDIC’s Hoenig on restoring the structural integrity of banks
Commercial banks and payment operations should be ring-fenced within bank holding companies as insured entities with 10% equity. Then, market forces – rather than burdensome regulation – could determine capital for other activities
New Glass-Steagall would not separate banks if implemented, says Mnuchin
US treasury secretary’s stance on banking reform appears to contrast with that of president Donald Trump, who has offered seemingly contradictory statements on regulation
Let the market regulate banks – FDIC’s Hoenig
Vice-chairman offers proposal that would take an axe to risk-based capital, stress testing and parts of the Volcker rule
Fed greenlights Wells Fargo revamp, lifts growth limits
Bank’s 2015 plan contained “deficiencies” that have now been corrected, US agencies say, although a further hurdle is coming this year
US agencies reject Wells Fargo resolution plan
Bank faces further curbs on its activities if it cannot present the Fed and FDIC with a sufficiently improved plan by early 2017
Fed finalises rules for countercyclical capital buffer
US central bank promises it will only adjust the buffer gradually and will seek comment before doing so, after consultation flagged concerns
Hoenig warns reliance on long-term debt could represent systemic vulnerability
FDIC vice-chairman warns of danger of substituting long-term debt for equity and comments on disagreement with Fed over ‘living wills’
Tucker to succeed Bair as Systemic Risk Council chair
Ex-Bank of England deputy governor Paul Tucker to chair private sector group pushing for ‘strong and simple reforms’ to financial system; succeeds former FDIC chair Sheila Bair
Banks are de-risking due to lack of regulatory direction
Banks are struggling to balance growing compliance costs with the need for a risk-based approach to individual client accounts. Regulatory guidance isn’t helping, a London conference hears
Final liquidity rules issued for biggest US banks
‘More stringent' liquidity coverage ratio will come into effect in January 2017; Fed adopts final rule on supplementary leverage ratio, asks for input on swap margin rules
Fed blasts big banks over ‘unrealistic' living wills
Eleven firms, including Goldman Sachs and JP Morgan, must take ‘immediate action to improve their resolvability', US central bank says
FDIC's Hoenig says government backstops remain 'generous subsidy' for big banks
The competitive inequities that result from too big to fail remain mostly unaddressed, Hoenig says; calls for separation between commercial banks and broker-dealers
Federal agencies finalise Volcker rule exceptions
The Federal Reserve, FDIC and other agencies agree on a final version of the Volcker rule to ban proprietary trading and investment fund activities, but with a series of exemptions
BoE and FDIC campaign for end to ‘early termination’ of derivatives contracts
International authorities want a ‘short-term suspension’ of the rights that allow derivatives contracts to be terminated ahead of schedule when a major financial institution is being resolved
FDIC inks MoU with China on bank resolution
The document, signed in Beijing yesterday, seeks to improve collaboration on resolution planning through the exchange of information and co-operation on risk monitoring
FDIC chair says Dodd-Frank means US regulators can manage failing Sifis
Martin Gruenberg argues Dodd-Frank Act's Title I and II provisions give ‘significant new authorities' to the FDIC to ‘plan for and manage the orderly failure of a Sifi'
FDIC chair discusses US effort to balance capital and leverage requirements
Martin Gruenberg says Basel III relies too heavily on capital ratios, potentially incentivising big banks to employ ‘imprudent' leverage strategies; discusses regulatory remedies
Bank portfolios flush with long-term assets exposed to interest rate risk as rates rise
FDIC's Gruenberg says banks' asset quality and loan balances have improved and fewer lenders are failing, but reach for yield may pose problems as interest rates return to more normal levels
Fed and FDIC agree 6% leverage ratio for US Sifis
Banking agencies announce rules to increase organisations' leverage ratios; measures remain controversial with the banking lobby and regulators, notably FDIC's Hoenig