Tuesday, May 16, 2017

Fed General Counsel Addresses the New Compliance Landscape

Compliance is More Important than Ever, but Approach May Be Too “Rules Based”

Author: David Schwartz

In a May 9th Address, Michael Held, Executive Vice President and General Counsel of the Federal Reserve Bank of New York, gave his thoughts on the new compliance landscape. Held told his audience at SIFMA’s Compliance and Legal Society Monthly Luncheon that in recent years the role of compliance within supervised financial institutions has grown dramatically in size, scope, and relevance. He also said that since the financial crisis, risk and compliance functions have grown in respect and stature across the financial services industry. Despite this new stature, however, those charged with monitoring compliance at financial institutions face an environment that has become perhaps “too rules-based.” Held offered his thoughts on firms and compliance personnel can meet these new challenges.

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Sunday, May 15, 2016

Fordham Students Submit Comment Letters to Basel Committee

Author: David Schwartz

On May 16, 2016, Fordham students participating in the Center's Regulatory Outreach for Student Education (ROSE) Program submitted their comment letters on the Basel Committee's December 17, 2015 consultation, "Identification and Measurement of Step-in Risk."  

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Friday, April 15, 2016

SEC Chair White and the Evolving Role of Fund Directors

Author: David Schwartz

In her March 29, 2016 keynote address before the Mutual Fund Directors Forum’s annual policy conference, SEC Chair Mary Jo White laid out some of her thoughts on the role of mutual fund directors in assessing risks and exercising their oversight responsibilities.  In addition, she highlighted recent changes in markets and regulation affecting the role of fund directors, as well as some of the potential challenges ahead. 

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Monday, March 7, 2016

Basel Consults on Overhaul of Operational Risk Management

New Framework May Raise Overall Capital Requirements for Some Banks

Author: David Schwartz

On March 4, 2016, the Basel Committee issued a consultation paper on the standardised measurement approach for operational risk. The newly proposed framework, dubbed the “single measurement approach” (SMA) for risk assessment, addresses weaknesses BIS has identified in the existing framework, which the consultation document describes as “unduly complex.” 

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Wednesday, December 30, 2015

OCC Report Highlights Lingering Risks and Supervisory Priorities

Author: David Schwartz

Strategic, underwriting, cybersecurity, compliance, and interest rate risks lead the Office of the Comptroller of the Currency’s (OCC) supervisory concerns in its Semiannual Risk Perspective for Fall 2015.  Released December 17, 2015, the report “addresses key issues facing banks, focusing on those that pose threats to the safety and soundness of banks and their compliance with applicable laws and regulations.”  The report notes among its conclusions that the risks associated with underwriting and cybersecurity are increasing, and while strategic, compliance, and interest rate risks remain stable, they too remain supervisory priorities for 2016.

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