TCH Files Comment Letter on the Federal Reserve’s Proposed Guidance on Supervisory Expectations for Boards of Directors
The Clearing House comment letter endorses the goals of the proposal to maintain the crucial distinction between the board’s duty of oversight and management’s responsibility for the operations of the banking organization and to attempt to eliminate the unnecessary regulatory requirements for board approval, action or review so that the board can focus on oversight of the execution of the company’s strategy and its other principal responsibilities. Additionally, the letter offers recommendations designed to strengthen and clarify how these goals are reflected in the specific details of the proposal.
The Clearing House filed a comment letter with the Federal Reserve commending the agency for taking an important step to improve the ratings framework for large bank holding companies by proposing new standards that are clearly articulated and appropriately focused on safety and soundness. Our letter also offers a few recommendations for further refinements that would help achieve the rating system’s safety and soundness objective.
The Clearing House (TCH) launched RTP®, its real-time payments system, the first new core payments infrastructure in the U.S. in more than 40 years. The new RTP system was designed and built through the collaborative effort of TCH’s 25 owner banks and meets the objectives of the Federal Reserve Faster Payments Task Force. RTP is open to all U.S depository institutions with a goal of reaching ubiquity by 2020.
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Posted 02/09/2018 by Greg Baer, Jeremy Newell