TCH Responds to SEC Proposal on Guide 3
Jun 29, 2017
TCH urges the SEC to significantly streamline Guide 3 so that it acts as a “gap filler” for U.S. BHCs, whereby items that provide meaningful information and are not otherwise required in SEC filings be retained and items that duplicate or overlap with U.S. GAAP, Regulation S-K or Regulation S-X disclosures, or do not provide meaningful information, be eliminated.
TCH Responds to BCBS G-SIB Surcharge Assessment Methodology Proposal
Jun 27, 2017
The Clearing House (TCH) filed a comment letter with the BCBS in response to its Consultative Document on proposed changes to the G-SIB surcharge assessment framework. In the letter, TCH expresses serious concerns about the proposed change to the substitutability category, which would disproportionately and adversely affect four U.S. banks. TCH also details the broader framework’s conceptual and methodological flaws and calls for the BCBS to comprehensively revise the framework to reflect the actual systemic risks posed by G-SIBs, and thereby align it with its stated objectives.
TCH Files Comment Letter on LCR Disclosure Requirement
Jun 2, 2017
In the letter to the Federal Reserve, The Clearing House (TCH) requested that the Federal Reserve postpone the applicability of the disclosure requirements to any company for one-year to April 1, 2018 in order to avoid the potential negative effects of the requirements and to allow stakeholders additional time to further review and consider whether any such public disclosure requirements are necessary.
Trades File Amici Re: ‘Valid-When-Made’ Principle
May 23, 2017
The Clearing House (TCH), the ABA, and the LSTA filed amicus briefs in the U.S. District Court for the District of Colorado in each of Cross River Bank’s and Web Bank’s declaratory judgment actions against the state of Colorado.
Associations Comment on CFPB Assessment of Remittance Transfer Rule
May 23, 2017
The Clearing House (TCH), BAFT, the CBA, and the ABA, submitted a letter to the CFPB in response to the Bureau’s notice and request for information (“RFI”) regarding its planned assessment of regulations pertaining to consumer remittance transfers under the Electronic Fund Transfer Act.
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.