Financial Regulatory Forum

U.S. banks and Brexit: ‘keep calm and carry on’ while planning for contingencies

June 28, 2016

The venerable English phrase, “keep calm and carry on,” might be appropriate for U.S. financial institutions as they grapple with unfolding drama of Britain’s separation from the European Union. With uncertainty clouding the timing, the broad shape and the ultimate fine print of the divorce proceedings, U.S. firms will need to consider a series of contingency options regarding their future operations in Europe. However, the greatest immediate test for compliance and risk management across all firms will be the likelihood of continued market volatility and possibility of improper conduct. (more…)

UK sets sights on insurance-linked securities market rich in U.S. investors

June 22, 2016

By Lawrence Hsieh, Practical Law for Regulatory Intelligence

(NEW YORK) – One of the most intriguing questions for meteorologists — and insurers — at the beginning of this hurricane season is whether the United States is due another big one. It has been about four years since Sandy, and more than 10 years since the Big Four of 2005 (Dennis, Katrina, Rita, and Wilma) made landfall.

Q&A: Occupy the SEC’s top lawyer, on post-Volcker banking and reform agenda

March 8, 2016

By Lawrence Hsieh, Practical Law for Regulatory Intelligence

(Thomson Reuters Regulatory Intelligence) – New Jersey attorney Akshat Tewary, a founder of the financial reform group Occupy the SEC (OSEC), says fighting on the side of the “99 percent” is an uphill battle, but he can cite successes and a continuing effort to influence industry regulation.

COLUMN: Picture set to clarify for captive reinsurance regulatory muddle

November 24, 2015

By Lawrence Hsieh, Practical Law

NEW YORK, (Thomson Reuters) – The regulatory environment for captive reinsurance, the technique used by life insurance companies to leverage statutory reserves seen as redundant and free up capital for other purposes, may soon come to a head after being in flux since 2013 .

U.S. industry group balks at higher capital standards for insurance companies

September 2, 2015

A U.S. financial services trade group has urged industry regulators to reject additional capital requirements for big insurance firms, as proposed by the International Association of Insurance Supervisors.

Shortcomings seen in U.S. nonbank systemic-risk process for insurers

April 21, 2015

Critics of the the Financial Stability Oversight Council’s designation of nonbanks as systemically important got a chance last month to point to what they viewed as shortcomings in its approach, while also offering clues for possible improvements, during a U.S. Senate hearing on the issue. 

Uncertainty over resolution regime may hamper loss-absorbency standard for big banks

March 18, 2015

Even as international standards slowly take shape for total loss absorbency capacity (TLAC) – key element of the regulatory effort to end the perception that major banks are “too-big-to-fail” – pe the end of a consultation period last month left uncertainty lingering over restrictions on many of its provisions, and more importantly, the context in which it would operate.

U.S. leads the pack in monitoring shadow bank sector; IMF report shows how

November 5, 2014

The United States effort to begin reining in the risks from shadow banking was recognized by the International Monetary Fund in a recent report as being ahead of the curve, and parts of it could serve as a model for other countries.

Bank of America’s mortgage-fraud deal yields quick impact; message may not be what enforcers wanted

August 26, 2014

By Stuart Gittleman, Compliance Complete

NEW YORK, Aug. 26, 2014 (Thomson Reuters Accelus) – It took just one day for U.S. Attorney General Eric Holder’s announcement Thursday that Bank of America would pay $16.65 billion over charges of fraudulent mortgage origination, securitization and servicing to have an impact.

U.S. regulation risks a “Balkanization” of cross-border capital

March 12, 2014

By Henry Engler, Compliance Complete

NEW YORK, Mar. 12 (Thomson Reuters Accelus) – The term “unintended consequences” has often been used by critics of U.S. regulatory reform when characterizing its complexities. While well-intentioned individually, when unleashed in unison the multiple requirements banks that face become highly unpredictable, including across national borders. (more…)