-
The FDIC has been in talks with the Bank of England since before Dodd-Frank about coordinating resolution regimes. But the 'London Whale' episode further highlights just how much risk is shared by the two transatlantic partners.
May 21
WASHINGTON - The Federal Deposit Insurance Corp. plans to discuss cross-border regulatory cooperation and the agency's 2013 budget at two separate meetings next week.
Agency officials will convene a meeting Monday of the Systemic Resolution Advisory Committee, a panel including industry representatives, scholars and other experts that assists the FDIC in developing its resolution facility for systemically important nonbanks. The meeting will be open to the public but it can also be viewed via live webcast.
The advisory committee will hear from Paul Tucker, deputy governor of the Bank of England, on efforts to coordinate U.S. and United Kingdom resolution regimes. The largest firms subject to the FDIC's new facility - created under the Dodd-Frank Act - have operations in both countries. The panel is also expected to discuss issues generally related to the FDIC's coordination with other foreign regulators.
On Tuesday, the FDIC's board of directors will hold a meeting where it will hear from agency staff on next year's corporate operating budget, and then vote on the spending proposal.
