FDIC Chair Martin J. Gruenberg observed that the financial industry has rebounded from the 2008 crisis and is better prepared to react to economic challenges.
The Board of Governors of the Federal Reserve System proposed a rule that would subject global systemically important bank holding organizations and their subsidiaries to restrictions concerning the terms of their non-cleared qualified financial contracts.
The Board of Governors of the Federal Reserve System proposal that certain systemically important bank entities be subject to restrictions regarding the terms of their non-cleared qualified financial contracts was published in the Federal Register.
The MFA warned that a Federal Reserve Board proposal to restrict the qualified financial contracts of systemically important U.S. banking organizations could "harm the stability of the financial markets while also eroding long-standing and deeply rooted rights of investors, end users and other market participants."
The Office of the Comptroller of the Currency requested comment on a proposal concerning the exercise of default rights of certain financial contracts that could interfere with the orderly resolution of certain systemically important financial firms.