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Source: https://www.iib.org/resource/rss/news.rss

<rss version="2.0" xmlns:atom="http://www.w3.org/2005/Atom">
<channel>
<title>News & Press</title>
<link>https://www.iib.org/news/</link>
<description><![CDATA[ Read about recent events, essential information and the latest community news. ]]></description>
<lastBuildDate>Thu, 2 May 2024 04:55:38 GMT</lastBuildDate>
<pubDate>Mon, 1 Apr 2024 04:00:00 GMT</pubDate>
<copyright>Copyright © 2024 Institute of International Bankers</copyright>
<atom:link href="http://www.iib.org/resource/rss/news.rss" rel="self" type="application/rss+xml"></atom:link>
<item>
<title>Joint Trades Comment Letter to CFTC on Operational Resilience Framework Proposal</title>
<link>https://www.iib.org/news/669626/</link>
<guid>https://www.iib.org/news/669626/</guid>
<description><![CDATA[The IIB and Securities Industry and Financial Markets Association (SIFMA) submitted a <a href="https://www.iib.org/resource/resmgr/2024_comms/SIFMA_IIB_Comment_on_Op_Res_.pdf" target="_blank">joint comment letter</a> to the Commodity Futures Trading Commission (CFTC) on its operational resilience framework proposal. While supportive of the commission’s objective to introduce robust—yet reasonable—principles-based requirements, the associations recommend enhancing the risk-based foundation of the proposal, tightening the proposal’s definitions, and harmonizing the proposal with other existing and effective approaches to operational resilience.]]></description>
<category>Comment Letter</category>
<pubDate>Mon, 1 Apr 2024 05:00:00 GMT</pubDate>
</item>
<item>
<title>IIB Comment Letter to Treasury Department on QDP Reporting Requirements</title>
<link>https://www.iib.org/news/668205/</link>
<guid>https://www.iib.org/news/668205/</guid>
<description><![CDATA[The IIB submitted a <a href="https://www.iib.org/resource/resmgr/2024_comms/IIB_Comment_Letter_on_Notice.pdf" target="_blank">comment letter</a> to the Treasury Department requesting further extension of the transition period for qualified derivative payment (QDP) reporting requirements through January 1, 2027. The extension will allow financial institutions more time to expand their existing systems to correctly capture, comply with and report the data.]]></description>
<category>Comment Letter</category>
<pubDate>Fri, 22 Mar 2024 05:00:00 GMT</pubDate>
</item>
<item>
<title>Joint Trades Letter to CFTC on UK Capital Comparability Determination</title>
<link>https://www.iib.org/news/668206/</link>
<guid>https://www.iib.org/news/668206/</guid>
<description><![CDATA[The IIB, International Swaps and Derivatives Association (ISDA), and Securities Industry and Financial Markets Association (SIFMA) submitted a <a href="https://www.iib.org/resource/resmgr/2024_comms/SIFMA-ISDA-IIB_Comment_on_UK.pdf" target="_blank">comment letter</a> to the Commodity Futures Trading Commission (CFTC) concerning the determination of comparability of the CFTC’s Capital & Reporting Requirements and the UK PRA Capital & Reporting Requirements.]]></description>
<category>Comment Letter</category>
<pubDate>Fri, 22 Mar 2024 05:00:00 GMT</pubDate>
</item>
<item>
<title>Joint Comment Letter on CFTC’s Proposed Capital Requirements Amendments</title>
<link>https://www.iib.org/news/665094/</link>
<guid>https://www.iib.org/news/665094/</guid>
<description><![CDATA[The IIB, International Swaps and Derivatives Association, and Securities Industry and Financial Markets Association submitted a <a href="https://www.iib.org/resource/resmgr/2024_comms/IIB-ISDA-SIFMA_Comment_Lette.pdf" target="_blank">joint comment letter</a> to the Commodity Futures Trading Commission concerning the proposed amendments to capital and financial reporting requirements for swap dealers and major swap participants.]]></description>
<category>Comment Letter</category>
<pubDate>Tue, 13 Feb 2024 05:00:00 GMT</pubDate>
</item>
<item>
<title> ICYMI: IIB Submits Statement for the Record on Basel to House Financial Services Subcommittee</title>
<link>https://www.iib.org/news/664305/</link>
<guid>https://www.iib.org/news/664305/</guid>
<description><![CDATA[<table border="1" cellspacing="0" cellpadding="0" style="font-size: 16px; width: 100%; height: 111.414px; border-style: none;"><tbody><tr style="height: 15pt;"><td style="height: 15pt; width: 233.25pt; padding: 0in; border: medium;">FOR IMMEDIATE RELEASE February 6, 2024  </td><td valign="top" style="height: 15pt; width: 236.25pt; padding: 0in; border: medium; text-align: left;">Media Contact Garrett Hawkins <a href="mailto:ghawkins@iib.org" target="_blank" title="mailto:ghawkins@iib.org" style="font-size: 11pt; color: #0086f0;">ghawkins@iib.org</a> 810-623-2932</td></tr></tbody></table> WASHINGTON, DC – The Institute of International Bankers (IIB) submitted a statement for the record to the House Financial Services Subcommittee on Financial Institutions and Monetary Policy for the hearing titled “Rules Without Analysis: Federal Banking Proposals Under the Biden Administration.” The IIB’s statement expressed concern about the Basel III Endgame proposal’s punitive treatment of the U.S. operations of internationally headquartered banks.The full statement is below.Statement for the Record On Behalf of the Institute of International Bankers Before the Committee on Financial Services Subcommittee on Financial Institutions and Monetary Policy U.S. House of Representatives January 31, 2024 Chairman Barr, Ranking Member Foster and distinguished members of the committee, the Institute of International Bankers (IIB) appreciates the opportunity to submit a statement for the record for the hearing titled “Rules Without Analysis: Federal Banking Proposals Under the Biden Administration.”We appreciate the committee’s attention to and examination of recent proposals by the federal banking agencies that are not supported by adequate data or analysis. Especially concerning to the IIB is the punitive treatment of the U.S. operations of internationally headquartered banks in the capital proposals.In <a href="https://www.iib.org/news/662594/IIB-Urges-Fairness-for-International-Banks-in-Capital-Proposals-.htm" title="https://www.iib.org/news/662594/IIB-Urges-Fairness-for-International-Banks-in-Capital-Proposals-.htm" style="color: #0086f0;">comment letters</a> submitted to the federal banking agencies on January 16, 2024, the IIB urged the agencies to amend the <a href="https://cdn.ymaws.com/www.iib.org/resource/resmgr/2024_comms/FINAL_IIB_Capital_Comment_Le.pdf?bcs-agent-scanner=c417fcb0-a172-a24c-a5e1-1d127a156fbb" title="https://cdn.ymaws.com/www.iib.org/resource/resmgr/2024_comms/FINAL_IIB_Capital_Comment_Le.pdf?bcs-agent-scanner=c417fcb0-a172-a24c-a5e1-1d127a156fbb" style="color: #0086f0;">Basel III Endgame</a> and <a href="https://cdn.ymaws.com/www.iib.org/resource/resmgr/2024_comms/FINAL_GSIB_Surcharge_Proposa.pdf?bcs-agent-scanner=e1a00f39-c300-2245-9ba6-bafda494e537" title="https://cdn.ymaws.com/www.iib.org/resource/resmgr/2024_comms/FINAL_GSIB_Surcharge_Proposa.pdf?bcs-agent-scanner=e1a00f39-c300-2245-9ba6-bafda494e537" style="color: #0086f0;">GSIB Surcharge</a> proposals to maintain a level playing field for the U.S. operations of international banks, consistent with the principle of “national treatment” established in the International Banking Act of 1978.  “Of particular concern to IIB is that the Proposals take little account of the clear Congressional mandates to respect the principles of national treatment and equality of competitive opportunity and to take into account comparable home country regulation,” the IIB explained in its letter on Basel III Endgame. “National treatment and equality of competitive opportunity require treating international banks no less favorably than similarly situated U.S. banking organizations and creating a level playing field between international banks in the United States and domestic firms of a similar size and business model.” The agencies’ own estimated effect of the Basel III Endgame proposal on Category III and IV internationally headquartered banks, however, is closer to its impact on U.S. GSIBs than the effect on Category III and IV domestic firms. The proposal estimates a 19% increase in capital requirements for domestic banking organizations in Categories I and II; a 14% increase for internationally headquartered banks in Categories III and IV; and just a 6% increase for domestic banking organizations in Categories III and IV. This is despite internationally headquartered Category III and IV banks already having higher capital ratios, smaller sizes overall, reduced risk profiles as part of global banking organizations, and smaller, less risky trading activities.   Of particular concern for internationally headquartered banks—and the main driver of the disproportionate increase in capital—is the operational risk component of the Basel III Endgame proposal. The proposed operational risk elements applicable to internationally headquartered banks are not commensurate with their business models or the risks they pose. While ideally the operational risk component would be applied only at the consolidated level, the IIB suggested in its comment letter several modifications to the calculation of operational risk to avoid a disproportionate impact on internationally headquartered banks. These modifications include setting the internal loss multiplier (ILM) at 1—or allow flexibility to use an ILM less than 1 if the parent can under home country rules—and exclusion from the Business Indicator Component of income from inter-affiliate services and other transfer pricing requirements concerning services provided to unconsolidated affiliates. Among the IIB’s other specific recommendations for the Basel III Endgame proposal are the following:    <ul style="font-size: 16px; font-family: Aptos; list-style-type: disc;"><li style="font-size: 11pt; font-family: Aptos, sans-serif; line-height: normal;">The agencies should not make the proposed changes to the numerator calculations for all Category II-IV institutions—except for the AOCI change. Internationally headquartered banks are negatively and disproportionately affected by the proposed changes for Category II, III and IV institutions, which include (a) the removal of the AOCI opt-out, reversing the change made in the 2019 tailoring rule, and (b) a number of deductions from capital that mirror those currently required of Category I and II firms, including for mortgage servicing assets and temporary difference deferred tax assets. The agencies estimate that internationally headquartered banks in Category III will face a 13.2% increase in their CET1 requirements and 9.7% increase in leverage capital requirements as compared to 4.6% and 3.8%, respectively, for domestic firms in Category III.    </li><li style="font-size: 11pt; font-family: Aptos, sans-serif; line-height: normal;">Internationally headquartered banks and their subsidiaries should not be subject to the increased complexity and administrative burden of additional required RWA calculations in the United States for no clear purpose and no commensurate benefit. Under the proposal, internationally headquartered banks would be required to move from one U.S. regulatory capital calculation (the U.S. standardized approach) to three U.S. regulatory capital calculations (the U.S. standardized approach, the ERBA, and a second standardized market risk calculation to establish an “output floor” for market risk).   These U.S. calculations are on top of an international bank’s measuring its U.S. operations’ contribution to a home country version of the standardized approach for home country output floor compliance purposes and home country implementation of modeled approaches.  This would result in IHCs becoming subject to at least five different calculations. The serious burden this would create may lead some to reduce their U.S. operations or exit certain business lines to reduce compliance costs.   </li></ul>In a joint trade association letter, the IIB also urged the banking agencies to correct a serious flaw in the GSIB Surcharge proposal, which purports to move nine internationally headquartered banks up categories without analysis or explanation. While the IIB believes that there-tiering may be the result of a calculation error, the IIB finds it concerning that the agencies found this outcome acceptable, especially given the lack of data supporting this decision. “If this re-tiering of international banks is the Federal Reserve’s intended result, then this outcome signals a severe miscalibration of the GSIB Surcharge Proposal and the CJA [cross-jurisdictional activity] risk-based indicator, and a specific targeting of international banks for more stringent regulation without any policy rationale,” the comment letter reads. “If this result were intended, then the cause of the re-tiering would need to be reproposed, as the Federal Reserve would need to substantiate this result with much more than it has provided in the Proposal. IIB, BPI and our members believe, however, that there is one significant error in the Proposal and in the related Form FR Y-15 revisions that is likely the cause of this projected change in tiering of international banks.” In addition, the associations urged the agencies to eliminate derivatives from the CJA indicator in the final rule. Consistent with the broader lack of analysis, the changes to derivatives—an important risk management tool for international banks—were included without any rationale and only four years after the changes in the 2019 Final Tiering Rule. “Extra care is required when creating standards that may discourage the use of derivatives for risk management purposes,” the comment letter reads. “Derivatives, particularly those used by international banks’ U.S. operations, facilitate enterprise-wide risk management on a cross-border basis, and discouraging derivatives activity would create impediments to efficient risk management. In general, supervision and regulation of enterprise-wide risk management tools should be the primary responsibility of home country regulators.” We hope policymakers will address the IIB’s serious concerns wi<a name="_Hlk157005150">th the recent capital proposals because internationally headquartered banks </a>are an integral part of the competitive landscape of the U.S. financial system. For example, IIB members hold more than $4 trillion in assets across the United States, employ approximately 200,000 people in the United States, represent more than half of U.S. primary dealers (55%), and make more than 40 percent of all commercial and industrial loans in the United States. Further, these institutions are often the primary facilitator of foreign direct investment in the United States.The IIB appreciates the work of the Committee and its commitment to ongoing oversight of the federal banking agencies. We urge the Committee to redouble its focus on ensuring congressional mandates, such as the principle of “national treatment,” are acknowledged and respected in the regulations promulgated by the federal banking agencies. We look forward to working with Congress as these efforts continue.###    The Institute of International Bankers (IIB) represents the U.S. operations of internationally headquartered financial institutions from more than 35 countries around the world. The membership consists principally of international banks that operate branches, agencies, bank subsidiaries, and broker-dealer subsidiaries in the United States. The IIB works to ensure a level playing field for these institutions, which are an important source of credit for U.S. borrowers and comprise the majority of U.S. primary dealers. These institutions enhance the depth and liquidity of U.S. financial markets and contribute significantly to the U.S. economy through direct employment of U.S. citizens, as well as through other operating and capital expenditures.   ]]></description>
<category>Press Release</category>
<pubDate>Tue, 6 Feb 2024 15:19:00 GMT</pubDate>
</item>
<item>
<title>Joint Trade Association Extension Request on CFTC Operational Resilience Framework Proposal</title>
<link>https://www.iib.org/news/663738/</link>
<guid>https://www.iib.org/news/663738/</guid>
<description><![CDATA[The IIB, Futures Industry Association, International Swaps and Derivatives Association, and Securities Industry and Financial Markets Association <a href="https://www.iib.org/resource/resmgr/2024_comms/Request_for_Extension_-_Oper.pdf" target="_blank">submitted a letter</a> to the Commodity Futures Trading Commission requesting an extension of the comment period for the proposed rulemaking concerning operational resilience frameworks for futures commission merchants, swap dealers, and major swap participants for an additional 30 days, from March 2, 2024, to April 1, 2024.]]></description>
<category>Comment Letter</category>
<pubDate>Thu, 25 Jan 2024 05:00:00 GMT</pubDate>
</item>
<item>
<title>IIB Comment Letter on LTD Proposal</title>
<link>https://www.iib.org/news/662603/</link>
<guid>https://www.iib.org/news/662603/</guid>
<description><![CDATA[<a href="https://cdn.ymaws.com/www.iib.org/resource/resmgr/2024_comms/FINAL_IIB_LTD_Comment_Letter.pdf?bcs-agent-scanner=a1b0bf85-1b15-834c-99f5-6d4a95e3acb5" target="_blank">The Institute of International Bankers (IIB) urged the federal banking agencies to amend the long-term debt (LTD) proposal to exclude the U.S. operations of internationally headquartered banks. If the agencies do apply the proposed requirements to internationally headquartered banks, the IIB strongly recommends that the miscalibrated LTD requirements are limited in application and tiered based on risk. </a>]]></description>
<category>Comment Letter</category>
<pubDate>Tue, 16 Jan 2024 23:39:00 GMT</pubDate>
</item>
<item>
<title>IIB Comment Letter on GSIB Surcharge Proposal</title>
<link>https://www.iib.org/news/662602/</link>
<guid>https://www.iib.org/news/662602/</guid>
<description><![CDATA[<a href="https://cdn.ymaws.com/www.iib.org/resource/resmgr/2024_comms/FINAL_GSIB_Surcharge_Proposa.pdf?bcs-agent-scanner=589a19e0-5916-9545-86e5-7a7249904d25" target="_blank">The Institute of International Bankers (IIB) urged the federal banking agencies to amend the GSIB Surcharge proposal to maintain a level playing field for the U.S. operations of international banks, consistent with the principle of “national treatment” established in the International Banking Act of 1978. </a>]]></description>
<category>Comment Letter</category>
<pubDate>Tue, 16 Jan 2024 23:37:00 GMT</pubDate>
</item>
<item>
<title>IIB Comment Letter on Basel III Endgame Proposal</title>
<link>https://www.iib.org/news/662601/</link>
<guid>https://www.iib.org/news/662601/</guid>
<description><![CDATA[<a href="https://cdn.ymaws.com/www.iib.org/resource/resmgr/2024_comms/FINAL_IIB_Capital_Comment_Le.pdf?bcs-agent-scanner=0c0c9b68-1951-9d41-9c98-e0601d446712" target="_blank">The Institute of International Bankers (IIB) urged the federal banking agencies to amend the Basel III Endgame proposal to maintain a level playing field for the U.S. operations of international banks, consistent with the principle of “national treatment” established in the International Banking Act of 1978. </a> ]]></description>
<category>Comment Letter</category>
<pubDate>Tue, 16 Jan 2024 23:35:00 GMT</pubDate>
</item>
<item>
<title>IIB: Any New LTD Requirements Should Not Apply to International Banks </title>
<link>https://www.iib.org/news/662595/</link>
<guid>https://www.iib.org/news/662595/</guid>
<description><![CDATA[ <table border="1" cellspacing="0" cellpadding="0" style="font-size: 16px; width: 625px; border-style: none;"><tbody><tr style="height: 15pt;"><td style="height: 15pt; width: 231.75pt; padding: 0in; border: medium;">FOR IMMEDIATE RELEASE January 16, 2024  </td><td valign="top" style="height: 15pt; width: 235.5pt; padding: 0in; border: medium; text-align: left;">Media Contact Garrett Hawkins <a href="mailto:ghawkins@iib.org" target="_blank" title="mailto:ghawkins@iib.org" style="font-size: 12pt; color: #0086f0;">ghawkins@iib.org</a> 810-623-2932</td></tr></tbody></table> IIB: Any New LTD Requirements Should Not Apply  to International Banks   NEW YORK, NY – The Institute of International Bankers (IIB) urged the federal banking agencies in acomment letter submitted today to amend the long-term debt (LTD) proposal to exclude the U.S. operations of internationally headquartered banks. If the agencies do apply the proposed requirements to internationally headquartered banks, the IIB strongly recommends that the miscalibrated LTD requirements are limited in application and tiered based on risk.   “Given the unique characteristics of IHCs [intermediate holding companies] and international banks in the United States, we repeat the position that we articulated in our comments on the October 2022 Advance Notice of Proposed Rulemaking:  Any newly proposed LTD or clean holding company requirement should not apply to the IHCs of international banks,” the letter reads.  “If, however, the Agencies were to include IHCs in the scope of the LTD Proposal, the Agencies should at a minimum limit the application of the LTD Proposal to only Category II bank holding companies and Category II IHCs that are not subsidiaries of non-U.S. GSIBs. Any final rule that expands the LTD requirement across Category III and IV merely continues the erosion, throughout the Capital and Resolution Related Proposals, of the differentiation among tiers and therefore is insufficiently compliant with statutory requirements.” Among the IIB’s specific recommendations for the long-term debt proposal are the following:  <ul style="font-size: 16px; font-family: Aptos; list-style-type: disc;"><li style="font-size: 11pt; font-family: Aptos, sans-serif;">The agencies should exclude IHCs from the proposed long-term debt and clean holding company requirements, or at a minimum, limit the scope of the proposal to Category II IHCs that are not subsidiaries of non-U.S. GSIBs.IHCs and the U.S. operations of large international banks are part of larger global institutions that can provide ready assistance and are already subject to robust, home country resolution-related requirements and enhanced prudential standards.   </li><li style="font-size: 11pt; font-family: Aptos, sans-serif;">For international banks that have Insured Depository Institutions (IDI) in scope for the long-term debt proposal, as well as IHCs subject to long-term requirements under this proposal or the Total Loss-Absorbing Capacity (TLAC) rule, these institutions should not be subject to prescriptive requirements to issue long-term debt both from the IHC and a covered IDI. It’s important to permit the U.S. operations of international banks to position capital in a manner that allows for maximum flexibility and efficiency in a stress scenario, given that both the IHC and IDI subsidiaries are part of a broader organization subject to loss-absorbing and resolution-related requirements and enterprise-wide capital planning. Moreover, IDI subsidiaries of non-U.S. GSIBs should be excluded from the IDI-level requirements, similar to the approach taken for the IDI subsidiaries of U.S. GSIBs.  </li><li style="font-size: 11pt; font-family: Aptos, sans-serif;">The proposed long-term debt requirements, and the existing internal TLAC requirements, should be recalibrated to better reflect the unique situations of international banks. Further, for the IHCs of non-U.S. GSIBs, the requirement that a fixed portion of internal TLAC be in the form of long-term debt is unnecessary and should be eliminated or at least significantly reduced. An approach that facilitates home-host cooperation, achieves a balanced global result, and ensures resilience at the international level will ultimately better protect the U.S. financial system.  </li></ul>Click<a href="https://cdn.ymaws.com/www.iib.org/resource/resmgr/2024_comms/FINAL_IIB_LTD_Comment_Letter.pdf?bcs-agent-scanner=dd633a33-fca6-0c47-96cd-a39dff0abd89" title="https://cdn.ymaws.com/www.iib.org/resource/resmgr/2024_comms/FINAL_IIB_LTD_Comment_Letter.pdf?bcs-agent-scanner=dd633a33-fca6-0c47-96cd-a39dff0abd89" style="color: #0086f0;">HERE</a> to view the comment letter on the long-term debt proposal.  BACKGROUNDIIB members are critical to the competitive landscape of the U.S. financial system, as they: ·      Hold more than $4 trillion in assets across the United States; ·      Employ approximately 200,000 people in the United States;  ·      Represent more than half of U.S. primary dealers (55%);  ·      And make more than 40 percent of all commercial and industrial loans in the United States.   ###    The Institute of International Bankers (IIB) represents the U.S. operations of internationally headquartered financial institutions from more than 35 countries around the world. The membership consists principally of international banks that operate branches, agencies, bank subsidiaries, and broker-dealer subsidiaries in the United States. The IIB works to ensure a level playing field for these institutions, which are an important source of credit for U.S. borrowers and comprise the majority of U.S. primary dealers. These institutions enhance the depth and liquidity of U.S. financial markets and contribute significantly to the U.S. economy through direct employment of U.S. citizens, as well as through other operating and capital expenditures. ]]></description>
<category>Press Release</category>
<pubDate>Tue, 16 Jan 2024 22:37:00 GMT</pubDate>
</item>
<item>
<title>IIB Urges Fairness for International Banks in Capital Proposals </title>
<link>https://www.iib.org/news/662594/</link>
<guid>https://www.iib.org/news/662594/</guid>
<description><![CDATA[ <table border="1" cellspacing="0" cellpadding="0" style="font-size: 16px; width: 625px; border-style: none;"><tbody><tr style="height: 15pt;"><td valign="top" style="height: 15pt; width: 231.75pt; padding: 0in; border: medium; text-align: left;">FOR IMMEDIATE RELEASE January 16, 2024  </td><td valign="top" style="height: 15pt; width: 235.5pt; padding: 0in; border: medium; text-align: left;">Media Contact Garrett Hawkins <a href="mailto:ghawkins@iib.org" target="_blank" title="mailto:ghawkins@iib.org" style="font-size: 12pt; color: #0086f0;">ghawkins@iib.org</a> 810-623-2932</td></tr></tbody></table> IIB Urges Fairness for International Banks in Capital Proposals  Operational risk is main driver of disproportionate impact of Basel on international banks; Likely mistake in GSIB Surcharge proposal results in up-tiering for nine IIB members  NEW YORK, NY – The Institute of International Bankers (IIB) urged the federal banking agencies incomment letters submitted today to amend the Basel III Endgame and GSIB Surcharge proposals to maintain a level playing field for the U.S. operations of international banks, consistent with the principle of “national treatment” established in the International Banking Act of 1978.  “Of particular concern to IIB is that the Proposals take little account of the clear Congressional mandates to respect the principles of national treatment and equality of competitive opportunity and to take into account comparable home country regulation,” the IIB explains in its letter on Basel III Endgame. “National treatment and equality of competitive opportunity require treating international banks no less favorably than similarly situated U.S. banking organizations and creating a level playing field between international banks in the United States and domestic firms of a similar size and business model.” The agencies’ own estimated effect of the Basel III Endgame proposal on Category III and IV internationally headquartered banks, however, is closer to its impact on U.S. GSIBs than the effect on Category III and IV domestic firms. The proposal estimates a 19% increase in capital requirements for domestic banking organizations in Categories I and II; a 14% increase for internationally headquartered banks in Categories III and IV; and just a 6% increase for domestic banking organizations in Categories III and IV. This is despite internationally headquartered Category III and IV banks already having higher capital ratios, smaller sizes overall, reduced risk profiles as part of global banking organizations, and smaller, less risky trading activities.   Of particular concern for internationally headquartered banks—and the main driver of the disproportionate increase in capital—is the operational risk component of the Basel III Endgame proposal. The proposed operational risk elements applicable to internationally headquartered banks are not commensurate with their business models or the risks they pose. While ideally the operational risk component would be applied only at the consolidated level, the IIB suggests several modifications to the calculation of operational risk to avoid a disproportionate impact on internationally headquartered banks. These modifications include setting the internal loss multiplier (ILM) at 1—or allow flexibility to use an ILM less than 1 if the parent can under home country rules—and exclusion from the Business Indicator Component of income from inter-affiliate services and other transfer pricing requirements concerning services provided to unconsolidated affiliates. Among the IIB’s other specific recommendations for the Basel III Endgame proposal are the following:   <ul style="font-size: 16px; font-family: Aptos; list-style-type: disc;"><li style="font-size: 11pt; font-family: Aptos, sans-serif;">The agencies should not make the proposed changes to the numerator calculations for all Category II-IV institutions—except for the AOCI change. Internationally headquartered banks are negatively and disproportionately affected by the proposed changes for Category II, III and IV institutions, which include (a) the removal of the AOCI opt-out, reversing the change made in the 2019 tailoring rule, and (b) a number of deductions from capital that mirror those currently required of Category I and II firms, including for mortgage servicing assets and temporary difference deferred tax assets. The agencies estimate that internationally headquartered banks in Category III will face a 13.2% increase in their CET1 requirements and 9.7% increase in leverage capital requirements as compared to 4.6% and 3.8%, respectively, for domestic firms in Category III.  </li><li style="font-size: 11pt; font-family: Aptos, sans-serif;">Internationally headquartered banks and their subsidiaries should not be subject to the increased complexity and administrative burden of additional required RWA calculations in the United States for no clear purpose and no commensurate benefit. Under the proposal, internationally headquartered banks would be required to move from one U.S. regulatory capital calculation (the U.S. standardized approach) to three U.S. regulatory capital calculations (the U.S. standardized approach, the ERBA, and a second standardized market risk calculation to establish an “output floor” for market risk).   These U.S. calculations are on top of an international bank’s measuring its U.S. operations’ contribution to a home country version of the standardized approach for home country output floor compliance purposes and home country implementation of modeled approaches.  This would result in IHCs becoming subject to at least five different calculations. The serious burden this would create may lead some to reduce their U.S. operations or exit certain business lines to reduce compliance costs. </li></ul>Click<a href="https://cdn.ymaws.com/www.iib.org/resource/resmgr/2024_comms/FINAL_IIB_Capital_Comment_Le.pdf?bcs-agent-scanner=84ae6b77-18db-274f-8c2e-c7498cd0252a" target="_blank" title="https://cdn.ymaws.com/www.iib.org/resource/resmgr/2024_comms/FINAL_IIB_Capital_Comment_Le.pdf?bcs-agent-scanner=84ae6b77-18db-274f-8c2e-c7498cd0252a" style="color: #0086f0;">HERE</a> to view the Basel III Endgame comment letter.  In a jointtrade associationletter, the IIB also urged the banking agencies to correct a serious flaw in the GSIB Surcharge proposal, which purports to move nine internationally headquartered banks up categories without analysis or explanation. While the IIB believes that there-tiering may be the result of a calculation error, the IIB finds it concerning that the agencies found this outcome acceptable, especially given the lack of data supporting this decision. “If this re-tiering of international banks is the Federal Reserve’s intended result, then this outcome signals a severe miscalibration of the GSIB Surcharge Proposal and the CJA [cross-jurisdictional activity] risk-based indicator, and a specific targeting of international banks for more stringent regulation without any policy rationale,” the letter reads. “If this result were intended, then the cause of the re-tiering would need to be reproposed, as the Federal Reserve would need to substantiate this result with much more than it has provided in the Proposal. IIB, BPI and our members believe, however, that there is one significant error in the Proposal and in the related Form FR Y-15 revisions that is likely the cause of this projected change in tiering of international banks.” In addition, the associations urge the agencies to eliminate derivatives from the CJA indicator in the final rule. Consistent with the broader lack of analysis, the changes to derivatives—an important risk management tool for international banks—were included without any rationale and only four years after the changes in the 2019 Final Tiering Rule. “Extra care is required when creating standards that may discourage the use of derivatives for risk management purposes,” the letter reads. “Derivatives, particularly those used by international banks’ U.S. operations, facilitate enterprise-wide risk management on a cross-border basis, and discouraging derivatives activity would create impediments to efficient risk management. In general, supervision and regulation of enterprise-wide risk management tools should be the primary responsibility of home country regulators.” Click<a href="https://cdn.ymaws.com/www.iib.org/resource/resmgr/2024_comms/FINAL_GSIB_Surcharge_Proposa.pdf?bcs-agent-scanner=cfd010dc-2c76-c243-b115-1fe4cc3f3a8c" target="_blank" title="https://cdn.ymaws.com/www.iib.org/resource/resmgr/2024_comms/FINAL_GSIB_Surcharge_Proposa.pdf?bcs-agent-scanner=cfd010dc-2c76-c243-b115-1fe4cc3f3a8c" style="color: #0086f0;">HERE</a> to view the GSIB Surcharge comment letter.  BACKGROUNDIIB members are critical to the competitive landscape of the U.S. financial system, as they: ·      Hold more than $4 trillion in assets across the United States; ·      Employ approximately 200,000 people in the United States;  ·      Represent more than half of U.S. primary dealers (55%);  ·      And make more than 40 percent of all commercial and industrial loans in the United States.   ###    The Institute of International Bankers (IIB) represents the U.S. operations of internationally headquartered financial institutions from more than 35 countries around the world. The membership consists principally of international banks that operate branches, agencies, bank subsidiaries, and broker-dealer subsidiaries in the United States. The IIB works to ensure a level playing field for these institutions, which are an important source of credit for U.S. borrowers and comprise the majority of U.S. primary dealers. These institutions enhance the depth and liquidity of U.S. financial markets and contribute significantly to the U.S. economy through direct employment of U.S. citizens, as well as through other operating and capital expenditures.  <div> </div> ]]></description>
<category>Press Release</category>
<pubDate>Tue, 16 Jan 2024 22:26:00 GMT</pubDate>
</item>
<item>
<title>IIB Comment Letter on Revisions to Resolution Proposal</title>
<link>https://www.iib.org/news/659197/</link>
<guid>https://www.iib.org/news/659197/</guid>
<description><![CDATA[The Institute of International Bankers (IIB) urged the federal banking agencies in a <a class="Hyperlink SCXW143351774 BCX4" href="https://www.iib.org/resource/resmgr/2023comms/FINAL_IIB_Resolution_Plannin.pdf" target="_blank" rel="noreferrer noopener" style="color: inherit; font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif; font-size: 12px; padding: 0px;"><span data-contrast="none" class="TextRun Underlined SCXW143351774 BCX4" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif; color: #0563c1;">comment letter</a> submitted today to amend the resolution proposal to account for the unique characteristics of and ensure fair treatment for internationally headquartered banks operating in the United States. The IIB recommended a more flexible approach and fewer mandatory requirements to achieve the shared goal of resiliency of the U.S. portion of international banks’ global operations.]]></description>
<category>Comment Letter</category>
<pubDate>Thu, 30 Nov 2023 21:19:00 GMT</pubDate>
</item>
<item>
<title>Joint Trade Association Comment Letter on Resolution Plan Submission Deadline</title>
<link>https://www.iib.org/news/663025/</link>
<guid>https://www.iib.org/news/663025/</guid>
<description><![CDATA[The IIB, ABA, BPI and SIFMA submitted a <a href="https://www.iib.org/resource/resmgr/2024_comms/Joint_trades_-_Request_for_i.pdf" target="_blank">comment lette</a>r requesting an extension of the stated resolution plan submission deadline.]]></description>
<category>Comment Letter</category>
<pubDate>Thu, 30 Nov 2023 05:00:00 GMT</pubDate>
</item>
<item>
<title>IIB Urges Revisions to Resolution Proposal</title>
<link>https://www.iib.org/news/659115/</link>
<guid>https://www.iib.org/news/659115/</guid>
<description><![CDATA[<div class="OutlineElement Ltr SCXW143351774 BCX4" style="color: rgba(0, 0, 0, 0.847); padding: 0px; font-size: 12px; font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;"><div class="TableContainer Ltr SCXW143351774 BCX4" style="padding: 0px;"> </div> <table style="width: 100%;"><tbody><tr><td><div class="OutlineElement Ltr SCXW172226710 BCX4" style="margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; overflow: visible; cursor: text; clear: both; position: relative; direction: ltr; caret-color: rgba(0, 0, 0, 0.847); color: rgba(0, 0, 0, 0.847); font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif; font-size: 12px;"><p class="Paragraph SCXW172226710 BCX4" paraid="926204179" paraeid="{ee930e88-d7a2-4e37-ab69-9c3e658cc743}{243}" style="margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; overflow-wrap: break-word; white-space-collapse: preserve; vertical-align: baseline; color: windowtext;"><span data-contrast="auto" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW172226710 BCX4" style="margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; font-size: 12pt; line-height: 18px; font-variant-ligatures: none !important; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;">FOR IMMEDIATE RELEASE  <span class="EOP SCXW172226710 BCX4" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"></div><div class="OutlineElement Ltr SCXW172226710 BCX4" style="margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; overflow: visible; cursor: text; clear: both; position: relative; direction: ltr; caret-color: rgba(0, 0, 0, 0.847); color: rgba(0, 0, 0, 0.847); font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif; font-size: 12px;"><p class="Paragraph SCXW172226710 BCX4" paraid="2111814511" paraeid="{ee930e88-d7a2-4e37-ab69-9c3e658cc743}{249}" style="margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; overflow-wrap: break-word; white-space-collapse: preserve; vertical-align: baseline; color: windowtext;"><span data-contrast="auto" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW172226710 BCX4" style="margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; font-size: 12pt; line-height: 18px; font-variant-ligatures: none !important; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;">November 30, 2023  <span class="EOP SCXW172226710 BCX4" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"></div> </td><td> <div class="OutlineElement Ltr SCXW148884612 BCX4" style="margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; overflow: visible; cursor: text; clear: both; position: relative; direction: ltr; caret-color: rgba(0, 0, 0, 0.847); color: rgba(0, 0, 0, 0.847); font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif; font-size: 12px;"><p class="Paragraph SCXW148884612 BCX4" paraid="1236054843" paraeid="{42c0973f-57c4-442d-a314-9f539fdc7158}{19}" style="margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; overflow-wrap: break-word; white-space-collapse: preserve; vertical-align: baseline; color: windowtext; text-align: right;"><span data-contrast="auto" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW148884612 BCX4" style="margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; font-size: 12pt; line-height: 18px; font-variant-ligatures: none !important; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;">Media Contact  <span class="EOP SCXW148884612 BCX4" data-ccp-props="{'201341983':0,'335551550':3,'335551620':3,'335559739':0,'335559740':240}" style="margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"></div><div class="OutlineElement Ltr SCXW148884612 BCX4" style="margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; overflow: visible; cursor: text; clear: both; position: relative; direction: ltr; caret-color: rgba(0, 0, 0, 0.847); color: rgba(0, 0, 0, 0.847); font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif; font-size: 12px;"><p class="Paragraph SCXW148884612 BCX4" paraid="23381942" paraeid="{42c0973f-57c4-442d-a314-9f539fdc7158}{25}" style="margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; overflow-wrap: break-word; white-space-collapse: preserve; vertical-align: baseline; color: windowtext; text-align: right;"><span data-contrast="auto" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW148884612 BCX4" style="margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; font-size: 12pt; line-height: 18px; font-variant-ligatures: none !important; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;">Garrett Hawkins  <span class="EOP SCXW148884612 BCX4" data-ccp-props="{'201341983':0,'335551550':3,'335551620':3,'335559739':0,'335559740':240}" style="margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"></div><div class="OutlineElement Ltr SCXW148884612 BCX4" style="margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; overflow: visible; cursor: text; clear: both; position: relative; direction: ltr; caret-color: rgba(0, 0, 0, 0.847); color: rgba(0, 0, 0, 0.847); font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif; font-size: 12px;"><p class="Paragraph SCXW148884612 BCX4" paraid="307121271" paraeid="{42c0973f-57c4-442d-a314-9f539fdc7158}{31}" style="margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; overflow-wrap: break-word; white-space-collapse: preserve; vertical-align: baseline; color: windowtext; text-align: right;"><span data-contrast="auto" xml:lang="EN-US" lang="EN-US" class="TextRun EmptyTextRun SCXW148884612 BCX4" style="margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; font-size: 12pt; line-height: 18px; font-variant-ligatures: none !important; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"><a class="Hyperlink SCXW148884612 BCX4" href="mailto:ghawkins@iib.org" target="_blank" rel="noreferrer noopener" style="margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; color: inherit;"><span data-contrast="none" xml:lang="EN-US" lang="EN-US" class="TextRun Underlined SCXW148884612 BCX4" style="margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; font-size: 12pt; text-decoration-line: underline; line-height: 18px; font-variant-ligatures: none !important; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif; color: #0563c1;">ghawkins@iib.org</a><span data-contrast="auto" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW148884612 BCX4" style="margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; font-size: 12pt; line-height: 18px; font-variant-ligatures: none !important; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;">  <span class="EOP SCXW148884612 BCX4" data-ccp-props="{'201341983':0,'335551550':3,'335551620':3,'335559739':0,'335559740':240}" style="margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"></div><div class="OutlineElement Ltr SCXW148884612 BCX4" style="margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; overflow: visible; cursor: text; clear: both; position: relative; direction: ltr; caret-color: rgba(0, 0, 0, 0.847); color: rgba(0, 0, 0, 0.847); font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif; font-size: 12px;"><p class="Paragraph SCXW148884612 BCX4" paraid="1624776528" paraeid="{42c0973f-57c4-442d-a314-9f539fdc7158}{40}" style="margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; overflow-wrap: break-word; white-space-collapse: preserve; vertical-align: baseline; color: windowtext; text-align: right;"><span data-contrast="auto" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW148884612 BCX4" style="margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; font-size: 12pt; line-height: 18px; font-variant-ligatures: none !important; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;">810-623-2932</div></td></tr></tbody></table></div><div class="SCXW143351774 BCX4" style="color: rgba(0, 0, 0, 0.847); padding: 0px; font-size: 12px; font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;"><div class="OutlineElement Ltr SCXW143351774 BCX4" style="padding: 0px;"><span data-contrast="none" class="TextRun SCXW143351774 BCX4" style="padding: 0px; font-size: 16pt; font-weight: bold; line-height: 24px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"> <span data-contrast="none" class="TextRun SCXW143351774 BCX4" style="padding: 0px; font-size: 16pt; font-weight: bold; line-height: 24px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;">IIB Urges Revisions to Resolution Proposal<span class="LineBreakBlob BlobObject DragDrop SCXW143351774 BCX4" style="padding: 0px; font-size: 16pt; line-height: 24px; font-family: WordVisiCarriageReturn_MSFontService, Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"> <span data-contrast="none" class="TextRun SCXW143351774 BCX4" style="padding: 0px; font-size: 14pt; font-style: italic; line-height: 22px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;">IIB comment letter also calls for “holistic” review to understand and explain the ultimate goals and combined effects of all recent proposals<span class="EOP SCXW143351774 BCX4" data-ccp-props="{'201341983':0,'335551550':2,'335551620':2,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 14pt; line-height: 22px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"></div><div class="OutlineElement Ltr SCXW143351774 BCX4" style="padding: 0px;"> <span class="EOP SCXW143351774 BCX4" data-ccp-props="{'201341983':0,'335551550':2,'335551620':2,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 16pt; line-height: 24px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"> </div><div class="OutlineElement Ltr SCXW143351774 BCX4" style="padding: 0px;"><span data-contrast="none" class="TextRun SCXW143351774 BCX4" style="padding: 0px; font-size: 12pt; font-weight: bold; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;">NEW YORK, NY – The Institute of International Bankers (IIB) urged the federal banking agencies in a <a class="Hyperlink SCXW143351774 BCX4" href="https://www.iib.org/resource/resmgr/2023comms/FINAL_IIB_Resolution_Plannin.pdf" target="_blank" rel="noreferrer noopener" style="color: inherit; padding: 0px;"><span data-contrast="none" class="TextRun Underlined SCXW143351774 BCX4" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif; color: #0563c1;">comment letter</a> submitted today to amend the resolution proposal to account for the unique characteristics of and ensure fair treatment for internationally headquartered banks operating in the United States. The IIB recommended a more flexible approach and fewer mandatory requirements to achieve the shared goal of resiliency of the U.S. portion of international banks’ global operations.<span class="EOP SCXW143351774 BCX4" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"></div><div class="OutlineElement Ltr SCXW143351774 BCX4" style="padding: 0px;">The proposal should account for the fact that the U.S. operations of international banks function as part of larger global institutions. These global operations are already subject to robust home-country resolution-related requirements and mandatory requirements on a consolidated basis by their home country that are consistent with international standards.<span class="EOP SCXW143351774 BCX4" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"></div><div class="OutlineElement Ltr SCXW143351774 BCX4" style="padding: 0px;">The IIB also called for the agencies to conduct a robust cost-benefit analysis, which would consider the size and risk characteristics of the banking organization as well as the full picture of all the recent interrelated proposals, including resolution, long-term debt, Basel III Endgame and GSIB Surcharge. To that end, the letter notes that the recent capital and resolution proposals “when considered together holistically, stand to disproportionately affect international banks and discourage international bank participation in U.S. banking and financial service markets to the detriment of U.S. financial stability.”<span class="EOP SCXW143351774 BCX4" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"></div><div class="OutlineElement Ltr SCXW143351774 BCX4" style="padding: 0px;">Among the IIB’s specific recommendations for the resolution proposal are the following: <span class="EOP SCXW143351774 BCX4" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"></div><div class="ListContainerWrapper SCXW143351774 BCX4" style="padding: 0px;"><ul class="BulletListStyle1 SCXW143351774 BCX4" role="list" style="padding: 0px; font-family: verdana;"><li data-leveltext="" data-font="Symbol" data-list-defn-props="{'335552541':1,'335559684':-2,'335559685':720,'335559991':360,'469769226':'Symbol','469769242':[8226],'469777803':'left','469777804':'','469777815':'hybridMultilevel'}" aria-setsize="-1" data-aria-posinset="1" data-aria-level="1" role="listitem" class="OutlineElement Ltr SCXW143351774 BCX4" style="padding: 0px; font-size: 12pt; font-family: Calibri, Calibri_MSFontService, sans-serif;">The agencies should consider that the U.S. operations of international banks are a fraction of the size of U.S. GSIBs. For example, at the end of the second quarter of 2023, IHCs of Triennial Full Filers held an average of $196 billion in total consolidated assets and the combined U.S. operations of Triennial Full Filer international banks had an average $323 billion in total assets, while a U.S. GSIB had an average of $1.8 trillion in total consolidated assets. <span class="LineBreakBlob BlobObject DragDrop SCXW143351774 BCX4" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: WordVisiCarriageReturn_MSFontService, Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"> </li><li data-leveltext="" data-font="Symbol" data-list-defn-props="{'335552541':1,'335559684':-2,'335559685':720,'335559991':360,'469769226':'Symbol','469769242':[8226],'469777803':'left','469777804':'','469777815':'hybridMultilevel'}" aria-setsize="-1" data-aria-posinset="2" data-aria-level="1" role="listitem" class="OutlineElement Ltr SCXW143351774 BCX4" style="padding: 0px; font-size: 12pt; font-family: Calibri, Calibri_MSFontService, sans-serif;">The proposal’s inclusion of expectations around resolution capital adequacy and positioning, resolution liquidity adequacy and positioning, and separability and certain governance mechanisms—which were recently considered and eliminated in the tailoring rules required by S.2155—is inappropriate and not supported by the data and analysis in the proposal. In the tailoring rules, the agencies appropriately recognized the lower risk profile and unique structure of the U.S. operations of international banks when calibrating the application to international banks of resolution planning expectations applicable to the U.S. GSIBs. <span class="LineBreakBlob BlobObject DragDrop SCXW143351774 BCX4" style="padding: 0px; font-size: 12pt; line-height: 19.425px; font-family: WordVisiCarriageReturn_MSFontService, Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"> </li><li data-leveltext="" data-font="Symbol" data-list-defn-props="{'335552541':1,'335559684':-2,'335559685':720,'335559991':360,'469769226':'Symbol','469769242':[8226],'469777803':'left','469777804':'','469777815':'hybridMultilevel'}" aria-setsize="-1" data-aria-posinset="3" data-aria-level="1" role="listitem" class="OutlineElement Ltr SCXW143351774 BCX4" style="padding: 0px; font-size: 12pt; font-family: Calibri, Calibri_MSFontService, sans-serif;">The agencies should remove expectations around derivatives and trading activities for the U.S. operations of international banks because their limited derivatives and trading activities, as compared to the U.S. GSIBs, does not warrant specific derivatives and trading expectations.  <span class="LineBreakBlob BlobObject DragDrop SCXW143351774 BCX4" style="padding: 0px; font-size: 12pt; line-height: 19.425px; font-family: WordVisiCarriageReturn_MSFontService, Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"> </li><li data-leveltext="" data-font="Symbol" data-list-defn-props="{'335552541':1,'335559684':-2,'335559685':720,'335559991':360,'469769226':'Symbol','469769242':[8226],'469777803':'left','469777804':'','469777815':'hybridMultilevel'}" aria-setsize="-1" data-aria-posinset="4" data-aria-level="1" role="listitem" class="OutlineElement Ltr SCXW143351774 BCX4" style="padding: 0px; font-size: 12pt; font-family: Calibri, Calibri_MSFontService, sans-serif;">The agencies should give institutions one year to comply with any new guidance. The proposed changes mark material new expectations that will require significant internal resources to implement.  <span class="EOP SCXW143351774 BCX4" data-ccp-props="{'201341983':0,'335559739':160,'335559740':259}" style="padding: 0px; font-size: 12pt; line-height: 19.425px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"></li></ul></div><div class="OutlineElement Ltr SCXW143351774 BCX4" style="padding: 0px;">Click <a class="Hyperlink SCXW143351774 BCX4" href="https://www.iib.org/resource/resmgr/2023comms/FINAL_IIB_Resolution_Plannin.pdf" target="_blank" rel="noreferrer noopener" style="color: inherit; padding: 0px;"><span data-contrast="none" class="TextRun Underlined SCXW143351774 BCX4" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif; color: #0563c1;">HERE</a> to view the comment letter. <span class="EOP SCXW143351774 BCX4" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"></div><div class="OutlineElement Ltr SCXW143351774 BCX4" style="padding: 0px;"><span data-contrast="none" class="TextRun SCXW143351774 BCX4" style="padding: 0px; font-size: 12pt; font-weight: bold; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;">BACKGROUND<span class="EOP SCXW143351774 BCX4" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"></div></div><div class="SCXW143351774 BCX4" style="color: rgba(0, 0, 0, 0.847); padding: 0px; font-size: 12px; font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;"><div class="OutlineElement Ltr SCXW143351774 BCX4" style="padding: 0px;">IIB members are critical to the competitive landscape of the U.S. financial system, as they:<span class="EOP SCXW143351774 BCX4" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"></div><div class="ListContainerWrapper SCXW143351774 BCX4" style="padding: 0px;"><ul class="BulletListStyle1 SCXW143351774 BCX4" role="list" style="padding: 0px; font-family: verdana;"><li data-leveltext="" data-font="Symbol" data-list-defn-props="{'335552541':1,'335559684':-2,'335559685':720,'335559991':360,'469769226':'Symbol','469769242':[8226],'469777803':'left','469777804':'','469777815':'hybridMultilevel'}" aria-setsize="-1" data-aria-posinset="1" data-aria-level="1" role="listitem" class="OutlineElement Ltr SCXW143351774 BCX4" style="padding: 0px; font-size: 9pt; font-family: 'Segoe UI', 'Segoe UI_MSFontService', sans-serif;">Hold more than $4 trillion in assets across the United States;<span class="EOP SCXW143351774 BCX4" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"></li><li data-leveltext="" data-font="Symbol" data-list-defn-props="{'335552541':1,'335559684':-2,'335559685':720,'335559991':360,'469769226':'Symbol','469769242':[8226],'469777803':'left','469777804':'','469777815':'hybridMultilevel'}" aria-setsize="-1" data-aria-posinset="2" data-aria-level="1" role="listitem" class="OutlineElement Ltr SCXW143351774 BCX4" style="padding: 0px; font-size: 9pt; font-family: 'Segoe UI', 'Segoe UI_MSFontService', sans-serif;">Employ approximately 200,000 people in the United States;<span class="EOP SCXW143351774 BCX4" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"></li><li data-leveltext="" data-font="Symbol" data-list-defn-props="{'335552541':1,'335559684':-2,'335559685':720,'335559991':360,'469769226':'Symbol','469769242':[8226],'469777803':'left','469777804':'','469777815':'hybridMultilevel'}" aria-setsize="-1" data-aria-posinset="3" data-aria-level="1" role="listitem" class="OutlineElement Ltr SCXW143351774 BCX4" style="padding: 0px; font-size: 9pt; font-family: 'Segoe UI', 'Segoe UI_MSFontService', sans-serif;">Represent more than half of U.S. primary dealers (55%);<span class="EOP SCXW143351774 BCX4" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"></li><li data-leveltext="" data-font="Symbol" data-list-defn-props="{'335552541':1,'335559684':-2,'335559685':720,'335559991':360,'469769226':'Symbol','469769242':[8226],'469777803':'left','469777804':'','469777815':'hybridMultilevel'}" aria-setsize="-1" data-aria-posinset="4" data-aria-level="1" role="listitem" class="OutlineElement Ltr SCXW143351774 BCX4" style="padding: 0px; font-size: 9pt; font-family: 'Segoe UI', 'Segoe UI_MSFontService', sans-serif;">And make more than 40 percent of all commercial and industrial loans in the United States. <span class="LineBreakBlob BlobObject DragDrop SCXW143351774 BCX4" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: WordVisiCarriageReturn_MSFontService, Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"> <span class="EOP SCXW143351774 BCX4" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"></li></ul></div><div class="OutlineElement Ltr SCXW143351774 BCX4" style="padding: 0px;">### <span class="LineBreakBlob BlobObject DragDrop SCXW143351774 BCX4" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: WordVisiCarriageReturn_MSFontService, Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"> <span class="EOP SCXW143351774 BCX4" data-ccp-props="{'201341983':0,'335551550':2,'335551620':2,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"></div><div class="OutlineElement Ltr SCXW143351774 BCX4" style="padding: 0px;"><span data-contrast="none" class="TextRun SCXW143351774 BCX4" style="padding: 0px; font-size: 11pt; font-style: italic; line-height: 17px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;">The Institute of International Bankers (IIB) represents the U.S. operations of internationally headquartered financial institutions from more than 35 countries around the world. The membership consists principally of international banks that operate branches, agencies, bank subsidiaries, and broker-dealer subsidiaries in the United States. The IIB works to ensure a level playing field for these institutions, which are an important source of credit for U.S. borrowers and comprise the majority of U.S. primary dealers. These institutions enhance the depth and liquidity of U.S. financial markets and contribute significantly to the U.S. economy through direct employment of U.S. citizens, as well as through other operating and capital expenditures. <span class="EOP SCXW143351774 BCX4" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 11pt; line-height: 17px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"></div><div class="OutlineElement Ltr SCXW143351774 BCX4" style="padding: 0px;"><span class="EOP SCXW143351774 BCX4" data-ccp-props="{'201341983':0,'335559739':160,'335559740':259}" style="padding: 0px; font-size: 11pt; line-height: 18.3458px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"> </div></div>]]></description>
<category>Press Release</category>
<pubDate>Thu, 30 Nov 2023 05:00:00 GMT</pubDate>
</item>
<item>
<title>IIB Urges Treasury Department to Clarify Permissibility of “bottom up” Approach for CAMT</title>
<link>https://www.iib.org/news/655582/</link>
<guid>https://www.iib.org/news/655582/</guid>
<description><![CDATA[<a href="https://cdn.ymaws.com/www.iib.org/resource/resmgr/anti_trust_policy/IIB_-_Notice_2023-64_Comment.pdf?bcs-agent-scanner=2cb6bea2-434a-1040-9453-b29aaac61862" target="_blank">The IIB urges the Treasury Department </a>to provide additional clarity regarding the determination of AFSI for U.S. branches and subsidiaries of foreign banks to resolve ambiguity and provide a more administrable, reliable method for internationally headquartered financial institutions to comply with their obligations under CAMT. The IIB recommends that the Treasury Department include in proposed regulations a clear rule permitting foreign-parented groups with U.S. subsidiaries and branches to determine their AFSI based on a “bottom-up” approach that starts with the financial statements and supporting records used for purposes of Schedule M-3, typically U.S. GAAP financial statements (for a U.S. consolidated group) or the applicable income statement of a U.S. branch.]]></description>
<category>Comment Letter</category>
<pubDate>Mon, 16 Oct 2023 05:00:00 GMT</pubDate>
</item>
<item>
<title>IIB, Banking Trades Call on Agencies to Provide Public with a Thorough Analysis on Basel</title>
<link>https://www.iib.org/news/655279/</link>
<guid>https://www.iib.org/news/655279/</guid>
<description><![CDATA[The IIB, Bank Policy Institute, American Bankers Association, Financial Services Forum, Securities Industry and Financial Markets Association, and U.S. Chamber of Commerce <a href="https://www.iib.org/resource/resmgr/2023comms/Letter_to_Agencies_re_QIS_-_.pdf" target="_blank">submitted a letter</a> to the Fed, FDIC and OOC today calling on the agencies to conduct and release a full study into the costs of the Basel III Endgame proposal, then provide sufficient time for the public to respond to that study and re-propose the rule.]]></description>
<category>Comment Letter</category>
<pubDate>Fri, 13 Oct 2023 05:00:00 GMT</pubDate>
</item>
<item>
<title>Joint Trades Request Extension of Comment Period for Resolution-Related Notices of Prop Rulemaking</title>
<link>https://www.iib.org/news/654590/</link>
<guid>https://www.iib.org/news/654590/</guid>
<description><![CDATA[<a href="https://www.iib.org/resource/resmgr/2023comms/20231006Resolution-Related_P.pdf" target="_blank">The IIB, Bank Policy Institute, American Bankers Association, Financial Services Forum, and Securities Industry and Financial Markets Association submitted a letter to the Federal Reserve Board, FDIC and OOC this morning requesting a 60-day extension of the comment period for the long-term debt and other resolution-related proposals.  </a>]]></description>
<category>Comment Letter</category>
<pubDate>Fri, 6 Oct 2023 05:00:00 GMT</pubDate>
</item>
<item>
<title> IIB, Banking Associations Call on Agencies to Re-Propose Basel Rule</title>
<link>https://www.iib.org/news/651627/</link>
<guid>https://www.iib.org/news/651627/</guid>
<description><![CDATA[ <a href="https://www.iib.org/resource/resmgr/2023comms/20230913Letter_to_Agencies_R.pdf" target="_blank">On September 12,</a> the IIB, Bank Policy Institute, American Bankers Association, Financial Services Forum, Securities Industry and Financial Markets Association, and U.S. Chamber of Commerce called on U.S. banking agencies to re-propose the Basel III Endgame rule because it violates the Administrative Procedure Act by relying on data and analyses that the agencies have not made available to the public.]]></description>
<category>Comment Letter</category>
<pubDate>Tue, 12 Sep 2023 05:00:00 GMT</pubDate>
</item>
<item>
<title>IIB Joint Trade Associations Comment on CFTC EU Swap Dealer Capital Comparability Determination</title>
<link>https://www.iib.org/news/650268/</link>
<guid>https://www.iib.org/news/650268/</guid>
<description><![CDATA[<h2><a href="https://www.iib.org/resource/resmgr/2023comms/20230824IIB-ISDA-SIFMA_Comme.pdf" target="_blank">IIB Joint Trade Associations Comment on CFTC EU Swap Dealer Capital Comparability Determination</a></h2> <div> </div>]]></description>
<category>Comment Letter</category>
<pubDate>Thu, 24 Aug 2023 05:00:00 GMT</pubDate>
</item>
<item>
<title>IIB Joint Trades Comment on Reopening of 10B-1 Proposal</title>
<link>https://www.iib.org/news/649731/</link>
<guid>https://www.iib.org/news/649731/</guid>
<description><![CDATA[<h2><a href="https://www.iib.org/resource/resmgr/2023comms/20230822SIFMA_ISDA_IIB_10B-1.pdf" target="_blank">IIB Joint Trades Comment Letter on Reopening of Comment Period for Position Reporting of Large Security-Based Swap Positions</a></h2>]]></description>
<category>Comment Letter</category>
<pubDate>Mon, 21 Aug 2023 05:00:00 GMT</pubDate>
</item>
<item>
<title>IIB Comment Letter: Revised Proposed Second Amendment - 23 NYCRR Part 500 Cybersecurity Requirements</title>
<link>https://www.iib.org/news/649164/</link>
<guid>https://www.iib.org/news/649164/</guid>
<description><![CDATA[<h3><a href="https://www.iib.org/resource/resmgr/2023comms/20230817IIB.NYDFS.Rev.PropRu.pdf" target="_blank">IIB Comment Letter: Revised Proposed Second Amendment to 23 NYCRR Part 500 Cybersecurity Requirements for Financial Services Companies</a></h3>]]></description>
<category>Comment Letter</category>
<pubDate>Wed, 16 Aug 2023 05:00:00 GMT</pubDate>
</item>
<item>
<title>IIB Comment Letter on Regulatory Notice 23-11: Liquidity Risk Management Program</title>
<link>https://www.iib.org/news/648667/</link>
<guid>https://www.iib.org/news/648667/</guid>
<description><![CDATA[<div class="OutlineElement Ltr SCXW122993164 BCX4" style="color: rgba(0, 0, 0, 0.847); padding: 0px; font-size: 12px; font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;"><div class="TableContainer Ltr SCXW122993164 BCX4" style="padding: 0px;"><table class="Table Ltr TableWordWrap SCXW122993164 BCX4" border="1" data-tablestyle="MsoNormalTable" data-tablelook="1184" aria-rowcount="1" style="width: 100%; padding: 0px; border-spacing: 0px;"><tbody class="SCXW122993164 BCX4" style="padding: 0px;"></tbody></table></div></div><div class="OutlineElement Ltr SCXW122993164 BCX4" style="color: rgba(0, 0, 0, 0.847); padding: 0px; font-size: 12px; font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;"><table style="width: 100%;"><tbody><tr><td><div class="OutlineElement Ltr SCXW122993164 BCX4" style="color: rgba(0, 0, 0, 0.847); font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif; font-size: 12px; padding: 0px;">FOR IMMEDIATE RELEASE</div><div class="OutlineElement Ltr SCXW122993164 BCX4" style="color: rgba(0, 0, 0, 0.847); font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif; font-size: 12px; padding: 0px;">August11, 2023 </div> </td><td> <div class="OutlineElement Ltr SCXW122993164 BCX4" style="color: rgba(0, 0, 0, 0.847); font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif; font-size: 12px; padding: 0px;">Media Contact</div><div class="OutlineElement Ltr SCXW122993164 BCX4" style="color: rgba(0, 0, 0, 0.847); font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif; font-size: 12px; padding: 0px;">Garrett Hawkins</div><div class="OutlineElement Ltr SCXW122993164 BCX4" style="color: rgba(0, 0, 0, 0.847); font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif; font-size: 12px; padding: 0px;"><a class="Hyperlink SCXW122993164 BCX4" href="mailto:ghawkins@iib.org" target="_blank" rel="noreferrer noopener" style="color: inherit; padding: 0px;"><span data-contrast="none" class="TextRun Underlined SCXW122993164 BCX4" style="padding: 0px; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif; color: #0563c1;">ghawkins@iib.org</a></div><div class="OutlineElement Ltr SCXW122993164 BCX4" style="color: rgba(0, 0, 0, 0.847); font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif; font-size: 12px; padding: 0px;">810-623-2932</div></td></tr></tbody></table> </div><div class="OutlineElement Ltr SCXW122993164 BCX4" style="color: rgba(0, 0, 0, 0.847); padding: 0px; font-size: 12px; font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;"><span data-contrast="none" class="TextRun SCXW122993164 BCX4" style="padding: 0px; font-size: 16pt; font-weight: bold; line-height: 24px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"> <span data-contrast="none" class="TextRun SCXW122993164 BCX4" style="padding: 0px; font-size: 16pt; font-weight: bold; line-height: 24px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;">IIB Calls for Changes to FINRA’s Liquidity Risk Management Proposal<span class="EOP SCXW122993164 BCX4" data-ccp-props="{'134233117':false,'134233118':false,'201341983':0,'335551550':2,'335551620':2,'335559685':0,'335559737':0,'335559738':0,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 16pt; line-height: 24px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"></div><div class="OutlineElement Ltr SCXW122993164 BCX4" style="color: rgba(0, 0, 0, 0.847); padding: 0px; font-size: 12px; font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;"> <span class="EOP SCXW122993164 BCX4" data-ccp-props="{'201341983':0,'335551550':2,'335551620':2,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 16pt; line-height: 24px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"> </div><div class="OutlineElement Ltr SCXW122993164 BCX4" style="color: rgba(0, 0, 0, 0.847); padding: 0px; font-size: 12px; font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;"><span data-contrast="none" class="TextRun SCXW122993164 BCX4" style="padding: 0px; font-size: 12pt; font-weight: bold; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;">NEW YORK, NY – The Institute of International Bankers (IIB) today submitted a comment letter to the Financial Industry Regulatory Authority (FINRA) calling for changes to its Liquidity Risk Management Program concept proposal. <span class="EOP SCXW122993164 BCX4" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"><span class="EOP SCXW122993164 BCX4" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"><span data-contrast="none" class="TextRun SCXW122993164 BCX4" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif; color: windowtext;">While the IIB supports FINRA’s goal of promoting prudent liquidity risk management practices, the current proposal does not account for existing liquidity rules applicable to internationally headquartered financial institutions operating in the United States. The concept proposal also does not consider the consolidated liquidity requirements imposed by home-country regulators on the parent company of U.S. broker dealers. In the letter, the IIB calls for FINRA to clarify and expand exceptions for firms subject to consolidated liquidity requirements.<span data-contrast="none" class="TextRun SCXW122993164 BCX4" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif; color: windowtext;"><span data-contrast="none" class="TextRun SCXW122993164 BCX4" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif; color: windowtext;">“Treating a U.S. broker-dealer subsidiary of a U.S. IHC, foreign banking organization, or other foreign bank or financial holding company subject to Basel-compliant liquidity regulation more stringently than a broker-dealer subsidiary of a U.S. bank holding company would create an un-level playing field, imposing greater burdens on foreign-owned U.S. broker-dealers than their U.S.-owned competitors even though both are subject to comparable prudential regulation of their combined U.S. operations and parent holding companies,” the letter reads.<span data-contrast="none" class="TextRun SCXW122993164 BCX4" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif; color: windowtext;"><span data-contrast="none" class="TextRun SCXW122993164 BCX4" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif; color: windowtext;">“To avoid this unfair treatment, FINRA should expand the EPR firm exception to cover any subject firm that is a subsidiary of a holding company subject to group-wide liquidity regulation by a prudential regulator, whether under the Federal Reserve Board requirements summarized above or Basel-compliant home-country regulations.”<span class="EOP SCXW122993164 BCX4" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif; color: windowtext;"></div><div class="OutlineElement Ltr SCXW122993164 BCX4" style="color: rgba(0, 0, 0, 0.847); padding: 0px; font-size: 12px; font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;">Click <a class="Hyperlink SCXW122993164 BCX4" href="https://cdn.ymaws.com/www.iib.org/resource/resmgr/2023comms/20230811IIB_FINRA_Notice_23-.pdf?bcs-agent-scanner=25455969-fdb3-2e48-93e4-01f4826bc459" target="_blank" rel="noreferrer noopener" style="color: inherit; padding: 0px;"><span data-contrast="none" class="TextRun Underlined SCXW122993164 BCX4" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif; color: #0563c1;">HERE</a> to view the comment letter. <span class="LineBreakBlob BlobObject DragDrop SCXW122993164 BCX4" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: WordVisiCarriageReturn_MSFontService, Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"> <span class="EOP SCXW122993164 BCX4" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"></div><div class="OutlineElement Ltr SCXW122993164 BCX4" style="color: rgba(0, 0, 0, 0.847); padding: 0px; font-size: 12px; font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;">### <span class="LineBreakBlob BlobObject DragDrop SCXW122993164 BCX4" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: WordVisiCarriageReturn_MSFontService, Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"> <span class="EOP SCXW122993164 BCX4" data-ccp-props="{'201341983':0,'335551550':2,'335551620':2,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"></div><div class="OutlineElement Ltr SCXW122993164 BCX4" style="color: rgba(0, 0, 0, 0.847); padding: 0px; font-size: 12px; font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;"><span data-contrast="none" class="TextRun SCXW122993164 BCX4" style="padding: 0px; font-size: 11pt; font-style: italic; line-height: 17px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;">The Institute of International Bankers (IIB) represents internationally headquartered financial institutions from more than 35 countries around the world doing business in the United States. The membership consists principally of international banks that operate branches, agencies, bank subsidiaries, and broker-dealer subsidiaries in the United States. The IIB works to ensure a level playing field for these institutions, which are an important source of credit for U.S. borrowers and comprise the majority of U.S. primary dealers. These institutions enhance the depth and liquidity of U.S. financial markets and contribute significantly to the U.S. economy through direct employment of U.S. citizens, as well as through other operating and capital expenditures. <span class="EOP SCXW122993164 BCX4" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 11pt; line-height: 17px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"></div>]]></description>
<category>Press Release</category>
<pubDate>Fri, 11 Aug 2023 05:00:00 GMT</pubDate>
</item>
<item>
<title>Joint Trades Submit Letter to Fed Chair Powell on Basel Proposal</title>
<link>https://www.iib.org/news/645860/</link>
<guid>https://www.iib.org/news/645860/</guid>
<description><![CDATA[<h2><a href="https://www.iib.org/resource/resmgr/2023comms/20230713JntTrdLtrChairPowell.pdf" target="_blank">Joint Trades Submit Letter to Fed Chair Powell on Basel Proposal</a></h2>]]></description>
<category>Comment Letter</category>
<pubDate>Wed, 12 Jul 2023 05:00:00 GMT</pubDate>
</item>
<item>
<title>IIB Comment Letter to New York DFS on Proposed Guidance on Character and Fitness</title>
<link>https://www.iib.org/news/644957/</link>
<guid>https://www.iib.org/news/644957/</guid>
<description><![CDATA[<h3><a href="https://www.iib.org/resource/resmgr/2023comms/20230630IIB_Comments_-_Propo.pdf" target="_blank">IIB Comment Letter to New York DFS on Proposed Guidance on Character and Fitness</a></h3>]]></description>
<category>Comment Letter</category>
<pubDate>Fri, 30 Jun 2023 05:00:00 GMT</pubDate>
</item>
<item>
<title>IIB Recommends NY DFS Resolve Ambiguities in ‘Character and Fitness’ Proposal</title>
<link>https://www.iib.org/news/644960/</link>
<guid>https://www.iib.org/news/644960/</guid>
<description><![CDATA[<div class="OutlineElement Ltr SCXW156784218 BCX4" style="color: rgba(0, 0, 0, 0.847); padding: 0px; font-size: 12px; font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;"><div class="TableContainer Ltr SCXW156784218 BCX4" style="padding: 0px;"> </div><table style="width: 681px; height: 95.4492px;"><tbody><tr><td>FOR IMMEDIATE RELEASE June 30, 2023   </td><td>Media Contact Garrett Hawkins ghawkins@iib.org 810-623-2932  </td></tr></tbody></table></div><div class="OutlineElement Ltr SCXW156784218 BCX4" style="color: rgba(0, 0, 0, 0.847); padding: 0px; font-size: 12px; font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;"><span data-contrast="auto" class="TextRun SCXW156784218 BCX4" style="padding: 0px; font-size: 16pt; font-weight: bold; line-height: 25px; font-family: 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif;"> IIB Recommends NY DFS Resolve Ambiguities in ‘Character and Fitness’ Proposal <span class="EOP SCXW156784218 BCX4" data-ccp-props="{'201341983':0,'335551550':2,'335551620':2,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 16pt; line-height: 25px; font-family: 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif;"></div><div class="OutlineElement Ltr SCXW156784218 BCX4" style="color: rgba(0, 0, 0, 0.847); padding: 0px; font-size: 12px; font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;"><span data-contrast="auto" class="TextRun SCXW156784218 BCX4" style="padding: 0px; font-size: 16pt; line-height: 25px; font-family: 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif;"> <span class="EOP SCXW156784218 BCX4" data-ccp-props="{'201341983':0,'335551550':2,'335551620':2,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 16pt; line-height: 25px; font-family: 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif;"> </div><div class="OutlineElement Ltr SCXW156784218 BCX4" style="color: rgba(0, 0, 0, 0.847); padding: 0px; font-size: 12px; font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;"><span data-contrast="auto" class="TextRun SCXW156784218 BCX4" style="padding: 0px; font-size: 12pt; font-weight: bold; line-height: 18px; font-family: 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif;">NEW YORK, NY<span data-contrast="auto" class="TextRun SCXW156784218 BCX4" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif;"> – The Institute of International Bankers (IIB) today submitted a comment letter to the New York State Department of Financial Services (DFS) urging the department to amend its “Proposed Guidance on Assessment of the Character and Fitness of Directors, Senior Officers, and Managers.” While the IIB supports the goals of the DFS in ensuring that individuals in leadership positions at New York State-licensed financial institutions demonstrate the appropriate character and fitness to execute their responsibilities, the IIB recommends clarifying application of certain provisions to internationally headquartered financial institutions operating in the United States.<span class="EOP SCXW156784218 BCX4" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif;"></div><div class="OutlineElement Ltr SCXW156784218 BCX4" style="color: rgba(0, 0, 0, 0.847); padding: 0px; font-size: 12px; font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;"><span data-contrast="auto" class="TextRun SCXW156784218 BCX4" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif;"> <span class="EOP SCXW156784218 BCX4" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif;"> </div><div class="SCXW156784218 BCX4" style="color: rgba(0, 0, 0, 0.847); padding: 0px; font-size: 12px; font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;"><div class="OutlineElement Ltr SCXW156784218 BCX4" style="padding: 0px;"><span data-contrast="auto" class="TextRun SCXW156784218 BCX4" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif;">“Unlike domestic institutions, FBOs [Foreign Banking Organizations] face certain challenges in implementing U.S. regulatory requirements because of their unique structure,” the IIB letter explains. “We believe that the Proposed Guidance could disproportionately impact FBOs to their detriment if the DFS does not resolve the ambiguities identified.”<span class="EOP SCXW156784218 BCX4" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif;"></div><div class="OutlineElement Ltr SCXW156784218 BCX4" style="padding: 0px;"><span class="EOP SCXW156784218 BCX4" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif;"> </div><div class="OutlineElement Ltr SCXW156784218 BCX4" style="padding: 0px;"><span data-contrast="auto" class="TextRun SCXW156784218 BCX4" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif;">Several of the IIB’s recommendations are highlighted below:<span class="EOP SCXW156784218 BCX4" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif;"></div><div class="OutlineElement Ltr SCXW156784218 BCX4" style="padding: 0px;"><span class="EOP SCXW156784218 BCX4" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif;"> </div><div class="ListContainerWrapper SCXW156784218 BCX4" style="padding: 0px;"><ul class="BulletListStyle1 SCXW156784218 BCX4" role="list" style="padding: 0px; font-family: verdana;"><li data-leveltext="" data-font="Symbol" data-list-defn-props="{'335552541':1,'335559684':-2,'335559685':720,'335559991':360,'469769226':'Symbol','469769242':[8226],'469777803':'left','469777804':'','469777815':'hybridMultilevel'}" aria-setsize="-1" data-aria-posinset="1" data-aria-level="1" role="listitem" class="OutlineElement Ltr SCXW156784218 BCX4" style="padding: 0px; font-size: 12pt; font-family: 'Times New Roman', 'Times New Roman_MSFontService', serif;"><span data-contrast="auto" class="TextRun SCXW156784218 BCX4" style="padding: 0px; font-size: 12pt; line-height: 19.425px; font-family: 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif;">The DFS should amend the Proposed Guidance to clarify that the requirement to assess boards of directors, trustees, or managers do not apply to New York State-licensed branches, agencies, and representative offices of FBOs because they do not have these bodies locally.<span class="LineBreakBlob BlobObject DragDrop SCXW156784218 BCX4" style="padding: 0px; font-size: 12pt; line-height: 19.425px; font-family: WordVisiCarriageReturn_MSFontService, 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif;"> <span class="EOP SCXW156784218 BCX4" data-ccp-props="{'201341983':0,'335559739':160,'335559740':259}" style="padding: 0px; font-size: 12pt; line-height: 19.425px; font-family: 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif;"></li></ul></div></div><div class="SCXW156784218 BCX4" style="color: rgba(0, 0, 0, 0.847); padding: 0px; font-size: 12px; font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;"><div class="ListContainerWrapper SCXW156784218 BCX4" style="padding: 0px;"><ul class="BulletListStyle1 SCXW156784218 BCX4" role="list" style="padding: 0px; font-family: verdana;"><li data-leveltext="" data-font="Symbol" data-list-defn-props="{'335552541':1,'335559684':-2,'335559685':720,'335559991':360,'469769226':'Symbol','469769242':[8226],'469777803':'left','469777804':'','469777815':'hybridMultilevel'}" aria-setsize="-1" data-aria-posinset="1" data-aria-level="1" role="listitem" class="OutlineElement Ltr SCXW156784218 BCX4" style="padding: 0px; font-size: 12pt; font-family: 'Times New Roman', 'Times New Roman_MSFontService', serif;"><span data-contrast="auto" class="TextRun SCXW156784218 BCX4" style="padding: 0px; font-size: 12pt; line-height: 19.425px; font-family: 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif;">FBOs should be allowed under the Proposed Guidance to rely on vetting done at the home office and deference should be given to any applicable information security, privacy restrictions, and any regulations around the disclosure of confidential supervisory information that exist under the laws of the home country.<span class="LineBreakBlob BlobObject DragDrop SCXW156784218 BCX4" style="padding: 0px; font-size: 12pt; line-height: 19.425px; font-family: WordVisiCarriageReturn_MSFontService, 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif;"> <span class="EOP SCXW156784218 BCX4" data-ccp-props="{'201341983':0,'335559739':160,'335559740':259}" style="padding: 0px; font-size: 12pt; line-height: 19.425px; font-family: 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif;"></li></ul></div></div><div class="SCXW156784218 BCX4" style="color: rgba(0, 0, 0, 0.847); padding: 0px; font-size: 12px; font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;"><div class="ListContainerWrapper SCXW156784218 BCX4" style="padding: 0px;"><ul class="BulletListStyle1 SCXW156784218 BCX4" role="list" style="padding: 0px; font-family: verdana;"><li data-leveltext="" data-font="Symbol" data-list-defn-props="{'335552541':1,'335559684':-2,'335559685':720,'335559991':360,'469769226':'Symbol','469769242':[8226],'469777803':'left','469777804':'','469777815':'hybridMultilevel'}" aria-setsize="-1" data-aria-posinset="1" data-aria-level="1" role="listitem" class="OutlineElement Ltr SCXW156784218 BCX4" style="padding: 0px; font-size: 12pt; font-family: 'Times New Roman', 'Times New Roman_MSFontService', serif;"><span data-contrast="auto" class="TextRun SCXW156784218 BCX4" style="padding: 0px; font-size: 12pt; line-height: 19.425px; font-family: 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif;">The frequency and extent of ongoing assessments should be determined by senior leadership of the branch, agency, or representative office, as they deem appropriate, based on the size, complexity, and risk profile of the business.<span class="EOP SCXW156784218 BCX4" data-ccp-props="{'201341983':0,'335559739':160,'335559740':259}" style="padding: 0px; font-size: 12pt; line-height: 19.425px; font-family: 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif;"></li></ul></div><div class="OutlineElement Ltr SCXW156784218 BCX4" style="padding: 0px;"><span data-contrast="auto" class="TextRun SCXW156784218 BCX4" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif;">Click <a class="Hyperlink SCXW156784218 BCX4" href="https://cdn.ymaws.com/www.iib.org/resource/resmgr/2023comms/20230630IIB_Comments_-_Propo.pdf?bcs-agent-scanner=a2c6e0fe-be20-ef4a-af77-8f2f6e6461cf" target="_blank" rel="noreferrer noopener" style="color: inherit; padding: 0px;"><span data-contrast="none" class="TextRun Underlined SCXW156784218 BCX4" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif; color: #0563c1;">HERE</a><span data-contrast="auto" class="TextRun SCXW156784218 BCX4" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif;"> to view the comment letter.</div><div class="OutlineElement Ltr SCXW156784218 BCX4" style="padding: 0px;"><span data-contrast="auto" class="TextRun SCXW156784218 BCX4" style="padding: 0px; font-size: 12pt; font-style: italic; line-height: 18px; font-family: 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif;">The Institute of International Bankers (IIB) represents internationally headquartered financial institutions from over 35 countries around the world doing business in the United States. The IIB’s members consist principally of international banks that operate branches, agencies, bank subsidiaries, and broker-dealer subsidiaries in the United States. The U.S. operations of foreign banking organizations are an important source of credit for U.S. borrowers. These institutions comprising the majority of U.S. primary dealers, enhance the depth and liquidity of U.S. financial markets, and contribute greatly to the U.S. economy through the direct employment of U.S. citizens, as well as through other operating and capital expenditures.<span data-contrast="auto" class="TextRun SCXW156784218 BCX4" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif;"> <span class="EOP SCXW156784218 BCX4" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="padding: 0px; font-size: 12pt; line-height: 18px; font-family: 'Times New Roman', 'Times New Roman_EmbeddedFont', 'Times New Roman_MSFontService', serif;"></div></div>]]></description>
<category>Press Release</category>
<pubDate>Fri, 30 Jun 2023 05:00:00 GMT</pubDate>
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