On Monday, March 2, the Systemic Risk Council submitted a letter to the Board of Governors of the Federal Reserve System, supporting the Board’s recent proposal of a risk-based capital surcharge for U.S. bank holding companies identified as global systemically important banking organizations (G-SIBs) and calling for the proposal to be strengthened in several key […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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