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On July 1, nine of the largest U.S. financial companies and foreign financial companies with operations in the U.S. filed living wills required under a joint rule adopted by the Federal Deposit Insurance Corporation and the Federal Reserve. Now that the initial plans have been filed, the real work begins. One of the clear [...]
A State Street Corp. survey finding that more than one-third of buy-side firms don’t have the type of collateral considered ideal for swaps trading under new rules may signal that some plan to avoid swaps trades entirely, a State Street director said. Thirty-seven percent of the survey’s respondents said they don’t have the high-grade [...]
Citigroup Inc. would have faced up to $3 billion in fines to resolve regulators’ claims that the New York-based bank misled investors – rather than the $285 million that the U.S. Securities and Exchange Commission is seeking – under a bill two senators introduced this week. The bill by Sens. Chuck Grassley, an Iowa Republican, [...]
Phil Angelides, president of Riverview Capital Investments and the former chairman of the congressionally appointed Financial Crisis Inquiry Commission, tells Dana Wilkie that regulators are ignoring Dodd-Frank provisions that give them power to break up the nation’s largest banks. Q: Why do you want regulators to break up big banks? A: I have a growing [...]
Six of the largest U.S. banks have already taken steps to shut down their proprietary trading operations in anticipation of a ban known as the Volcker rule, U.S. Comptroller of the Currency Thomas Curry said. In a letter to U.S. Representative Carolyn Maloney, Curry identified the six banks as JPMorgan Chase & Co., Bank of [...]
Two members of a Federal Deposit Insurance Corp. advisory committee are challenging major U.S. banks that recently submitted living wills to publish the part of their plans that describeshow they would handle cross-border liquidation. Simon Johnson and Anat Admati, members of the FDIC’s Systemic Resolution Advisory Committee, challenged the banks after they failed to explain [...]
Commentary by guest columnist Frederick Cannon Federal Reserve Chairman Ben Bernanke’s comments on Tuesday that the Libor scandal “is a major problem for our financial system …we need to address this,” may go down as another understatement by a Fed chairman. Libor underpins the financing of companies throughout the globe, and a loss of confidence [...]
VTB Bank OJSC is implementing the risk rating-based approach outlined under Basel II before regulators require the change, said Herbert Moos, chief financial officer and deputy chairman of the management board, even as the country as a whole lags in adopting the bank capital rules. Russia’s second-largest lender has staffed the risk project and is [...]
Rob Nichols, president and chief executive officer of Washington-based Financial Services Forum, a lobbying organization, called for the policy debate on banking reform to include a discussion of the value that large banks bring to the economy and not just focus on the same questions that arose in the 2008 financial crisis. The United States [...]
How to ensure the accuracy of the 20-character legal entity identifier (LEI) that will be used to track all financial institution trades remains one of the outstanding issues regulators must address in a global LEI system, industry officials said. Ensuring the accuracy of the LEI is especially important when a firm changes names, merges or [...]
