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Systemic Risk Council Letter to Financial Stability Board About Systemically Important Banks in Resolution

On Monday, February 2, the Systemic Risk Council wrote a letter to the Financial Stability Board (FSB) about the consultative document recently issued by the FSB on the adequacy of the total loss-absorbing capacity (TLAC) of global systemically important banks (G-SIBs) in resolution. The letter states: “The Council has consistently supported requirements for G-SIBs to maintain robust levels […]

Systemic Risk Council Letter to Financial Stability Board About Cross-Border Recognition of Resolution Action

On Monday, December 1, the Systemic Risk Council wrote a letter to the Financial Stability Board about cross-border recognition of resolution action. The letter states: “We commend the Financial Stability Board for its progress in addressing too big to fail, and in particular, addressing the important cross-border issues that can contribute to systemic instability and impede […]

Systemic Risk Council Letter Commends U.S. Treasury For Protecting Financial Reforms

On July 7, the Systemic Risk Council sent a letter to U.S. Treasury Secretary Lew commending him and the department for taking a firm stance against including financial services regulation in the ongoing Transatlantic Trade and Investment Partnership (TTIP) negotiations. The letter states: “The United States and its banking, securities and futures regulators have made significant […]

Systemic Risk Council Letter to House Financial Services Committee about FSOC

On June 9, the Systemic Risk Council (SRC) sent a letter to the House Financial Services Committee about its concerns with H.R. 4387, the FSOC Transparency and Accountability Act, and the proposed moratorium on Financial Stability Oversight Council (FSOC) determinations. The letter notes that the proposed legislation would undermine FSOC’s ability to identify emerging risks in the […]

Systemic Risk Council Letter to SEC About Clearinghouses

On May 28, the Systemic Risk Council (SRC) filed a comment letter to the Securities and Exchange Commission (SEC) about the essential role that Central Clearing Counterparties (Clearinghouses or CCPs) play in our financial markets. The letter notes that it is critical that CCPs have robust capital/loss absorbency and margin protections, as well as effective regulatory […]

Systemic Risk Council Letter Calls On Banking Regulators To Simplify Too Big To Fail Institutions/Disclose Credibility of Living Wills

On February 18, the Systemic Risk Council (SRC) called on federal regulators to simplify complex financial institutions and mandate greater public disclosure of progress in reducing their systemic imprint. The SRC specifically called on the Federal Reserve and FDIC to annually disclose their joint determination, required by Dodd-Frank, as to whether these firms have submitted […]

Systemic Risk Council Letter to GHOS Regarding International Leverage

On January 9, the Systemic Risk Council sent a letter to the Group of Governors and Heads of Supervision (GHOS) Chairman Mario Draghi encouraging global financial regulators to strengthen and implement international leverage standards. GHOS is the oversight body of the Basel Committee on Banking Supervision. Read the full letter below: SRC Letter to GHOS re […]

Systemic Risk Council Letter to Fed, FDIC About Living Wills

On December 2, the Systemic Risk Council sent a letter to the Federal Reserve Board and the FDIC requesting that they take steps to substantially improve the amount and quality of information published in the public sections of “living wills” required by Section 165 of the Dodd-Frank Act. Read the full letter below: SRC letter to […]

Systemic Risk Council Letter to the SEC About Improving the Public Disclosure for Large Complex Financial Institutions

On December 2, the Systemic Risk Council sent a letter to the Securities and Exchange Commission to request that the SEC examine the level and quality of disclosures being provided by large complex financial institutions (“LCFIs”) and take steps to strengthen that disclosure. Read the full letter below: SRC letter to SEC re LCFI Public Disclosure 12-02-13