JPMorgan Chase dropped one rung on the Financial Stability Board’s annual rankings of systemically important banks to sit alongside Citigroup and HSBC Holdings as one of the world’s three most important banks.
The Financial Stability Board said it stood ready to coordinate additional help on capital requirements, upcoming regulatory deadlines and other standards.
The international regulatory group said that despite some benefits from tech firms' incursion, the companies' efforts may present operational and disruption risks.
Randal Quarles, a senior Fed official and chair of the Financial Stability Board, sparked debate with a speech about the risks and rewards of companies like Amazon, Facebook and Apple entering the financial system.
The Federal Reserve’s top regulator, who assumed the chairmanship of the international board in November, said the FSB should explain the rationale behind its financial benchmarks while establishing new ones to combat emerging threats.
It’s possible the G-SIB surcharge, an additional capital charge on large banks, contributed to market volatility at the end of last year, argues Sen. Thom Tillis.
Having the Federal Reserve Board’s bank supervision chief at the helm the Financial Stability Board cements U.S. leadership on cross-border regulation.
Miners of the digital currency are losing interest, which could lead to more price declines; scandal-scarred banks among those that endorse Principles for Responsible Banking.
