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The OCC, the Federal Reserve Board and the FDIC proposed long-term debt requirements for large banking entities, holding companies, foreign banking organizations and large insured depository institutions to facilitate resolvability in the event of failure and to reduce the risk of contagion within the financial system.

Commentary by Steven Lofchie

FDIC Vice Chair Thomas M. Hoenig asserted that "while there has been progress in improving capital regulation, much remains undone." In remarks made before the 18th Annual International Banking Conference at the Federal Reserve Bank of Chicago, he argued: "there is no place for complacency regarding the stability of our financial system." Vice Chair Hoenig emphasized that global banks "are not as well capitalized as some within the industry would have you believe." As to: Risk Prediction : Vice Chair Hoenig questioned "whether the effect of such a requirement that is designed to make a firm