John Heltman has covered the Federal Reserve and Treasury Department for American Banker since 2014. Prior to joining American Banker, he covered derivatives markets and the Commodity Futures Trading Commission for Argus Media, and prior to that covered the Environmental Protection Agency for Inside Washington Publishers. He is a 2005 graduate of St. Mary's College of Maryland.
While regulatory relief legislation would raise the asset threshold for “systemically important” banks, Federal Reserve Chairman Jerome Powell said the central bank could still apply prudential scrutiny to banks below that new cutoff.
The interagency will establish a venue for bank holding companies that restructure to argue in favor of their being dedesignated as "systemically important," similar to the process afforded other firms.
The Federal Reserve Board's vice chairman for supervision said certain definitions should be more consistent and clearer in order to give regulated entities a better understanding of what to expect when complying with the trading ban.
A top Treasury Department official on Monday said the administration's forthcoming report on regulating nonbanks will tackle questions around financial technology companies and whether they need to be regulated more like banks.