TCH Responds to BCBS Step-in Risk Proposal
May 15, 2017
The Clearing House letter is supportive of the Basel Committee’s revisions to the proposed guidelines for the identification and management of step-in risk. However the letter notes numerous aspects of the proposal that need to be updated in order to achieve the Basel Committee’s objectives of sensitivity to residual step-in risk and simplicity of the framework.
TCH Files Amicus Briefs in State of Colorado v. Avant and State of Colorado v. Marlette
May 3, 2017
The Clearing House (TCH), joined by the ABA and the LSTA, filed two amicus briefs in U.S. District Court for the District of Colorado in connection with two cases brought by the State of Colorado against two marketplace lenders, Avant and Marlette, each of which purchases loans from a respective state-chartered bank partner. The amicus briefs argue (similar to our Madden amicus briefs) that: (i) Madden contradicts important, long-settled expectations concerning usury law, and (ii) adopting Madden would have harmful economic consequences.
TCH Responds to the OCC Re: FinTech Charter Applications
Apr 14, 2017
TCH submitted a letter to the OCC responding to their recent release of a draft supplement to its licensing manual entitled Evaluating Charter Applications From Financial Technology Companies.
Public Input and a Transparent Process Produce Better Regulation, TCH Association President Says in Congressional Testimony
Apr 6, 2017
TCH Association President Greg Baer testified before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit. The hearing focused on opportunities to reform the financial regulatory system.
TCH Files Amicus in CalPERS v. ANZ Securities
Apr 5, 2017
The Clearing House (TCH) and SIFMA filed an amicus with the SCOTUS in support of the respondents, ANZ Securities, Inc., et al. in California Public Employees’ Retirement System v. ANZ Securities, Inc. et al.
TCH Files Amicus in Henson v. Santander Consumer USA, Inc.
Mar 27, 2017
TCH, the ABA, and CBA filed an amicus with the SCOTUS in support of the respondent, Santander Consumer USA, in Henson v. Santander Consumer USA, Inc.
TCH Provides Fed with Study on Merchant Banking Activities
Mar 10, 2017
The Clearing House study, submitted to the Fed, examines the merchant banking activities conducted by twelve FHCs most active in this space.
TCH Submits Comment Letter on Capital Treatment for Fronting Commitments
Feb 28, 2017
In the letter to the Fed, OCC and FDIC, The Clearing House proposed that a fronting bank should include only the exposure amount corresponding to its pro rata share of the fronting commitment as an off-balance-sheet exposure for both risk-based capital purposes and for its total leverage exposure in calculating its supplementary leverage ratio.
TCH & SIFMA Respond to the FDIC‘s NPR Re: QFCs Recordkeeping Requirements
Feb 27, 2017
The Clearing House (TCH) letter expresses support for harmonizing Part 371 (which requires troubled IDIs to maintain records related to their QFCs) with a similar QFC recordkeeping rule for large financial groups recently adopted by the Treasury Secretary, but identifies specific areas where the FDIC’s rules would continue to diverge from the Treasury’s Final Rule.
Trades Submit Letter on BCBS Revised Correspondent Banking Guidance
Feb 22, 2017
The Clearing House (TCH) along with the IIB filed a comment letter with the BCBS on its proposed revisions to the annexes on correspondent banking and account opening in its Sound management of risks related to money laundering and financing of terrorism guidelines.
Trades File Merchant Banking Comment Letter
Feb 21, 2017
The Clearing House (TCH) along with the ABA, the Financial Services Forum, FSR and IIB filed a comment letter with the Federal Reserve on its proposed rule that would, among other things, impose increased risk-based capital charges on merchant banking investments in companies engaged in physical commodities activities.
TCH Submits Comments on Enhanced Cyber Risk Management Standards
Feb 17, 2017
In a letter to banking regulators TCH recommends, that before proceeding with new requirements, the agencies should focus on consolidating existing standards and work with industry stakeholders to assess and close gaps in the current regulatory framework.
TCH Publishes New Anti-Money Laundering Report
Feb 16, 2017
The Clearing House (TCH) released a report entitled A New Paradigm: Redesigning the U.S. AML/CFT Framework to Protect National Security and Aid Law Enforcement. The paper analyzes the current effectiveness of the AML/CFT regime, identifies fundamental problems with that regime, and proposes a series of reforms to remedy them.
TCH Releases Guiding Principles for Sanctions Issues Related to Shipping and Financial Products
Feb 10, 2017
Guiding Principles for Sanctions Issues Related to Shipping and Financial Products is the product of the BAFT/TCH Sanctions Working Group, which is comprised of sanctions experts in the world’s leading U.S. and international financial institutions regulated in the United States. The principles seek to assist financial institutions by distinguishing between types of shipment-related transactions that should and should not be considered to be prohibited by OFAC regulations due to their nexus to sanctioned countries or ports. The principles also recommend practical compliance practices for financial institutions that deal with such issues.
TCH Responds to NYDFS’s Revised Cyber Proposal for Financial Institutions
Jan 27, 2017
The Clearing House (TCH) filed a comment letter with the NYDFS responding to its revised proposal which would establish cybersecurity requirements for financial services companies that are authorized to do business in New York under the New York banking, insurance and/or financial services laws.
TCH-IIB File Amicus in Schwab v. Bank of America
Jan 20, 2017
In a joint amicus brief TCH and the IIB argue that: (i) Schwab’s position ignores that specific personal jurisdiction exists only where the defendant personally and purposefully engaged in suit-related conduct in the forum state; and (ii) adopting Schwab’s vicarious-jurisdiction theories would violate due process and could impermissibly subject member banks to jurisdiction everywhere.
TCH Submits Letter to OCC on Proposed FinTech Charter
Jan 17, 2017
The Clearing House (TCH) joined by SIFMA and the ICBA, submitted a letter to the OCC in response to its white paper on Exploring Special Purpose National Bank (SPNB) Charters for Fintech Companies.
TCH Responds to OCC Proposed Revisions to DFAST-14A
Jan 17, 2017
The Clearing House (TCH) submitted a comment letter to the OCC in response to its proposed revisions to the DFAST-14A.
TCH Responds to BCBS ECL Proposal
Jan 13, 2017
TCH submitted a comment letter to the Basel Committee in response to its proposal on the policy considerations related to the regulatory treatment of accounting provisions under the Basel III capital framework.
TCH Files Joint-Trades Supplemental Letter on NSFR
Dec 28, 2016
The Clearing House (TCH) comment letter highlights a number of differences between the EU’s NSFR Proposal and the U.S. NSFR Proposal, highlighting ten “primary differences” between the EU proposal and U.S. proposal.