Tabs

Bank/Thrift Supervision   |    Capital    |    CFPB    |    Deposit Insurance    |    Interchange    |    Mortgage Finance
Municipal Advisors   |    OCC-OTS Merger   |    Preemption    |    QM - QRM    |    Swaps   |    Volcker Rule    |    Full Topics List
 
Qualified Mortgage - Qualified Residential Mortgage
Swaps
Consumer Financial Protection Bureau - CFPB
Bank/Thrift Holding Company Supervision
Capital
Deposit Insurance
Interchange
Mortgage Finance
Municipal Advisors
OCC-OTS Merger
Preemption
Volcker Rule
Corporate Governance
Financial Stability Oversight Council (FSOC)
Appraisals
Office of Financial Research (OFR)
Systemic Risk
Supervision and Oversight
Payment, Clearing and Settlement
Prudential Supervision
Trust & Securities
Asset-Backed Securities
Resolution Authority

Friday, July 14, 2017

Bipartisan Group of Lawmakers Calls for Better Exam Coordination

In a letter to Treasury Secretary Steven Mnuchin, a group of bipartisan lawmakers led by Reps. Scott Tipton (R-Colo.) and Kyrsten Sinema (D-Ariz.) urged Treasury to prioritize policy changes that would increase coordination between regulatory agencies conducting bank examinations to help reduce the compliance burden on financial institutions.

“Financial holding companies and their affiliates are annually subject to a number of different examinations, including capital adequacy, liquidity, cybersecurity, vendor management, the Volcker Rule, Bank Secrecy Act/anti-money laundering requirements, and business continuity planning,” the lawmakers wrote. “Institutions subject to multiple exams on the same issue results in a never-ending cycle of examinations, which diverts critical resources and detracts from the real work of the institution to serve its customers, develop innovative ideas and defend against cyberattacks.”

In its recent report on financial regulation, Treasury raised similar concerns about the examination process and made recommendations on how it could be better streamlined. The lawmakers said that they intend to evaluate the department’s recommendation for assigning a lead regulator on issues where agencies have conflicting or overlapping jurisdiction, adding that the agencies themselves should also take action to address the issue. They also welcomed Treasury’s recommendation calling for increased coordination, transparency and accountability between the regulatory agencies. 


Read the letter

No comments:

Post a Comment

Please read our comment policy before making a comment.