Example: stock market

A Financial System That Creates Economic Opportunities ...

A Financial System That Creates Economic OpportunitiesBanks and Credit UnionsA Financial System That Creates Economic Opportunities Banks and Credit DEPARTMENT OF THE TREASURY JUNE 2017 TREASURYTHEDEPARTMENTOFTHETREASURY178920 17-04151 (Rev. 1) Department of the Treasury Departmental Offices Financial System That Creates Economic OpportunitiesBanks and Credit DEPARTMENT OF THE TREASURY report to President Donald J. TrumpExecutive Order 13772 on Core Principles for Regulating the United States Financial SystemSteven T. MnuchinSecretaryCraig S. PhillipsCounselor to the SecretaryA Financial System That Creates Economic Opportunities Banks and Credit UnionsiiiTable of ContentsExecutive Summary 1 Introduction 3 Review of the Process for This report 3 Scope of This report and Subsequent Reports 4 The Depository Sector 5 Why Alignment of Regulation with the Core Principles is of Critical Importance 6 Summary of Recommendations for Regulatory Ref

A Financial System That Creates Economic Opportunities • Banks and Credit Unions iii Table of Contents Executive Summary 1 Introduction 3 Review of the Process for This Report 3 Scope of This Report and Subsequent Reports 4 The U.S. Depository Sector 5 …

Tags:

  Report

Information

Domain:

Source:

Link to this page:

Please notify us if you found a problem with this document:

Other abuse

Transcription of A Financial System That Creates Economic Opportunities ...

1 A Financial System That Creates Economic OpportunitiesBanks and Credit UnionsA Financial System That Creates Economic Opportunities Banks and Credit DEPARTMENT OF THE TREASURY JUNE 2017 TREASURYTHEDEPARTMENTOFTHETREASURY178920 17-04151 (Rev. 1) Department of the Treasury Departmental Offices Financial System That Creates Economic OpportunitiesBanks and Credit DEPARTMENT OF THE TREASURY report to President Donald J. TrumpExecutive Order 13772 on Core Principles for Regulating the United States Financial SystemSteven T. MnuchinSecretaryCraig S. PhillipsCounselor to the SecretaryA Financial System That Creates Economic Opportunities Banks and Credit UnionsiiiTable of ContentsExecutive Summary 1 Introduction 3 Review of the Process for This report 3 Scope of This report and Subsequent Reports 4 The Depository Sector 5 Why Alignment of Regulation with the Core Principles is of Critical Importance 6 Summary of Recommendations for Regulatory Reform 10 Background 19 The Depository System 21 The Financial Regulatory Structure 24 Overview of Federal and State Regulators 24 Regulatory Structure and Issues of Regulatory Duplication, Overlap.

2 And Fragmentation 28 The Dodd-Frank Act 32 The Financial Crisis 32 Overview of Key Objectives of Dodd-Frank 32 Findings and Recommendations 35 Improving the Efficiency of Bank Regulation 37 Capital and Liquidity 37 Community Financial Institutions 56 Improving the Regulatory Engagement Model 61 Living Wills 66 Foreign Banking Organizations 68 Improving the Volcker Rule 71 Providing Credit to Fund Consumer and Commercial Needs to Drive Economic Growth 79 Consumer Financial Protection Bureau 79 Residential Mortgage Lending 92 Leveraged Lending 102 Small Business Lending 105 Appendices 109 Appendix A: Participants in the Executive Order Engagement Process 109 Appendix B: Table of Recommendations 121 Appendix C.

3 Capital and Liquidity 139A Financial System That Creates Economic Opportunities Banks and Credit UnionsivAcronyms and AbbreviationsAcronym/Abbreviation TermACICS Accrediting Council for Independent Colleges and SchoolsALJ Administrative Law JudgeAOCI Accumulated Other Comprehensive IncomeATR Ability-to-RepayBasel Basel Committee on Banking SupervisionBasel Committee Basel Committee on Banking SupervisionBEA Bureau of Economic AnalysisBHC Bank Holding CompanyBoard Board of DirectorsC&I Commercial & Industrial CCAR Comprehensive Capital Analysis and ReviewCCyB Countercyclical Capital BufferCDFI Community Development Financial InstitutionCECL Current Expected Credit LossesCET1 Common Equity Tier 1 Capital CFPB Consumer Financial Protection BureauCFTC Commodity Futures Trading Commission CLAR Comprehensive Liquidity Assessment and ReviewCID Civil Investigative DemandCO Consent OrderCRA Community Reinvestment ActCRE Commercial Real EstateCRT Credit Risk TransferCSBS Conference State Bank SupervisorsDodd-Frank Dodd-Frank Wall Street Reform and Consumer Protection Act DFAST Dodd-Frank Act Stress TestDTI Debt-to-IncomeEBITDA Earnings Before Interest, Tax.

4 Depreciation and AmortizationeSLR Enhanced Supplementary Leverage RatioA Financial System That Creates Economic Opportunities Banks and Credit UnionsvExecutive Order Executive Order 13772 on Core Principles for Regulating the United States Financial SystemFannie Mae Federal National Mortgage AssociationFASB Financial Accounting Standards BoardFBIIC Financial and Banking Information Infrastructure CommitteeFBO Foreign Banking OrganizationFDIC Federal Deposit Insurance CorporationFederal Reserve Board of Governors of the Federal Reserve SystemFFIEC Federal Financial Institutions Examination CouncilFHA Federal Housing AdministrationFHFA Federal Housing Finance AgencyFINRA Financial Industry Regulatory Authority FRB Board of Governors of the Federal Reserve SystemFreddie Mac Federal Home Loan Mortgage CorporationFRTB Fundamental Review of the Trading BookFSB Financial Stability BoardFSOC Financial Stability Oversight CouncilFTC Federal Trade CommissionG-20 Group of 20 GAAP Generally Accepted Accounting PrinciplesGAO Government Accountability OfficeGinnie Mae Government National Mortgage AssociationGSE Government-Sponsored Enterprise.

5 Here refers to Fannie Mae and Freddie MacG-SIB Global Systemically Important BankHAMP Home Affordable Modification ProgramHCAI Housing Credit Availability IndexHCR Horizontal Capital ReviewHMDA Home Mortgage Disclosure ActHQLA High-Quality Liquid AssetsHUD Department of Housing and Urban DevelopmentHVCRE High Volatility Commercial Real EstateA Financial System That Creates Economic Opportunities Banks and Credit UnionsviIAIS International Association of Insurance SupervisorsIHC Intermediate Holding CompanyIOSCO International Organization of Securities CommissionsLCR Liquidity Coverage RatioLISCC Large Institution Supervision Coordinating CommitteeMBA Mortgage Bankers AssociationMBS Mortgage-Backed SecurityMDI Minority Depository InstitutionMOU Memorandum of UnderstandingMRA Matters Requiring AttentionMRIA Matters Requiring Immediate AttentionMSA Mortgage Servicing AssetsMSRB Municipal Securities Rulemaking Board NCUA National Credit Union AdministrationNFA National Futures AssociationNSFR Net Stable Funding RatioOCC Office of the Comptroller of the CurrencyOLA Orderly Liquidation Authority OMB Office of Management and BudgetPolicy Statement Federal Reserve Small Bank Holding Company and Savings and Loan Holding Company Policy StatementPLS Private Label Mortgage-Backed SecuritiesPRI Program-Related

6 InvestmentQM Qualified MortgageQRM Qualified Residential MortgageReg AB II Asset-Backed Securities Disclosure and Registration Final RuleREIT Real Estate Investment TrustRENTD Reasonably Expected Near Term DemandRepo Repurchase AgreementRESPA Real Estate Settlement Procedures ActRLAP Resolution Liquidity Adequacy and PositioningA Financial System That Creates Economic Opportunities Banks and Credit UnionsviiRLEN Resolution Liquidity Execution NeedRMBS Residential Mortgage-Backed SecuritiesRWA Risk-Weighted AssetsSBA Small Business AdministrationSCAP Supervisory Capital Assessment ProgramSCCL Single-Counterparty Credit LimitSEC Securities and Exchange CommissionSecretary Steven T.

7 Mnuchin, Secretary of the TreasurySLR Supplementary Leverage RatioSSB Standard-Setting BodiesTARP Troubled Asset Relief ProgramTILA Truth in Lending ActTLAC Total Loss-Absorbing CapacityTreasury Department of the TreasuryTRID TILA-RESPA Integrated Disclosure UDAAP Unfair, Deceptive, or Abusive Acts and PracticesVA Department of Veterans AffairsA Financial System That Creates Economic Opportunities Banks and Credit UnionsviiiExecutive SummaryA Financial System That Creates Economic Opportunities Banks and Credit UnionsExecutive Summary Introduction3 IntroductionPresident Donald J. Trump established the policy of his Administration to regulate the United States Financial System in a manner consistent with a set of Core Principles.

8 These principles were set forth in Executive Order 13772 on February 3, 2017. This report is prepared by the Department of the Treasury, under the direction of Secretary Steven T. Mnuchin, in response to the Executive Order. This report , and subsequent Reports, will identify any laws, treaties, regulations, guidance, reporting and record keeping requirements, and other Government policies that inhibit Federal regulation of the Financial System in a manner consistent with the Core Principles. The Core Principles are:A. Empower Americans to make independent Financial decisions and informed choices in the marketplace, save for retirement, and build individual wealth;B.

9 Prevent taxpayer-funded bailouts;C. Foster Economic growth and vibrant Financial markets through more rigorous regulatory impact analysis that addresses systemic risk and market failures, such as moral hazard and information asymmetry;D. Enable American companies to be competitive with foreign firms in domestic and foreign markets;E. Advance American interests in international Financial regulatory negotiations and meetings;F. Make regulation efficient, effective, and appropriately tailored; andG. Restore public accountability within Federal Financial regulatory agencies and rationalize the Federal Financial regulatory of the Process for This ReportAs directed by the Executive Order, Treasury consulted with the member agencies of the Financial Stability Oversight Council (FSOC), including the Board of Governors of the Federal Reserve System (Federal Reserve or FRB), the Office of the Comptroller of the Currency (OCC), the Consumer Financial Protection Bureau (CFPB), the Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation (FDIC)

10 , the Commodity Futures Trading Commission (CFTC), the Federal Housing Finance Agency (FHFA), and the National Credit Union Administration (NCUA). These consultations with FSOC members included holding a series of bilateral meetings and evaluation of written submissions. Treasury also consulted with FSOC s independent member with insurance expertise and nonvoting members of FSOC. Treasury consulted extensively with a wide range of stakeholders, including trade groups, Financial services firms, consumer and other advocacy groups, academics, experts, Financial markets utilities, rating agencies, investors and investment strategists, and others with relevant knowledge.


Related search queries