Prudential Financial becomes last US insurer to shake off the ‘too big to fail’ designation, with critics seeing it as a significant roll back of the Dodd-Frank Act
Resolution and Recovery
FDIC chair says international cooperation essential for resolution planning
In a speech, the FDIC chair said the US regulators are committed to redoubling efforts to foster international regulatory cooperation with regards to resolution planning for G-SIBs
Struggling eurozone states should get debt relief as part of reform package
ESFRC calls for struggling eurozone members states to receive debt relief and a recapitalisation of banks with high levels of non-performing loans in exchange for reforms
Singapore resolution regime maintains narrow scope of bail-in instruments
Following a recent consultation, Singapore’s regulators are in the process of putting in the finishing touches to their bank resolution regime, and while it follows international guidelines closely, it does make one important deviation. By Justin Pugsley.
Russian banking system slowly rehabilitates
The Central Bank of Russia is forging ahead with reforming the country’s banking system, but faces a number of headwinds which could make the task harder. By Justin Pugsley.
Living will deadlines extended for two categories of financial firms
Four foreign banks and one designated non-bank have been given extra time by the Fed and FDIC to file their living will plans
Inadequate risk management leaves banks vulnerable to geopolitical shocks
Though the world is riddled with potential geopolitical hotspots, any one of which could develop into a full blown international crisis, the risk management approach taken by global banks remains worryingly inadequate, according to a risk expert
BoE’s Cunliffe sees scope for deeper intervention for extreme CCP failures
A deputy governor of the Bank of England foresees some extreme circumstances where regulatory discretion could be useful to stem systemic risks in the event of a clearing house running into severe financial difficulties
FSB consults on key aspects of the TLAC standard for global banks
FSB seeks feedback on key areas of TLAC relating to global banks in a bid to refine the standard.
Fourteen firms get deadline extension on resolution plans
Fed and FDIC give 14 firms a one-year extension to file their resolution plans.
