Developments in the Financial Services Industry
On September 30, 2020, the Federal Reserve released a proposal to update its capital planning requirements in a number of respects, including to integrate the capital plan rule with the Federal Reserve’s October 2019 final rules tailoring its enhanced prudential standards. The proposal would make the following notable changes:
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On April 4, 2017, Federal Reserve Board Governor Daniel K. Tarullo gave his final speech as a governor before his departure from the Board the next day. Governor Tarullo, widely considered the “most influential Wall Street regulator” during his term as governor, took the lead for the Federal Reserve in developing the agency’s most significant post-crisis regulations.
In his speech, Governor Tarullo defended the capital and stress testing requirements that the federal banking agencies have imposed on the largest banking organizations since the financial crisis. Notably, he also identified certain areas where he believed Congress and/or the banking agencies could provide relief to banking organizations without jeopardizing financial stability. Coming from one of the chief architects of the post-crisis regulatory regime, these remarks are noteworthy because they indicate areas for potential bipartisan consensus as Congress and President Trump’s appointees consider the path forward for regulatory reform.…
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