Regulators address continuing uncertainty and lessons learned from the crisis

Regulatory uncertainty continues to plague the financial services industry as firms wait for Dodd-Frank Act rules to be written. At a New York Chapter meeting in February, a panel of regulators and a bank regulatory consultant addressed possible impacts, expectations for boards and management, inter...

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Bibliographic Details
Published in:The RMA Journal 2012-05, Vol.94 (8), p.42
Main Author: Beans, Kathleen M
Format: Article
Language:English
Subjects:
Banks
Business models
Compliance
Credit ratings
Economic crisis
Enterprise risk management
Executives
Financial services
Financial services industry
Forecasts and trends
Futures trading
Government regulation of business
Influence
Laws, regulations and rules
Profits
Rating services
Regulation of financial institutions
Regulatory reform
Uncertainty
Wall Street Reform & Consumer Protection Act 2010-US
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Summary:Regulatory uncertainty continues to plague the financial services industry as firms wait for Dodd-Frank Act rules to be written. At a New York Chapter meeting in February, a panel of regulators and a bank regulatory consultant addressed possible impacts, expectations for boards and management, international coordination, and lessons learned from the recent crisis. The discussion was moderated by Susan D'Andrea Lee, a New York Chapter governor and senior principal of Promontory Financial Group. Grace Vogel, EVP, member regulation, Financial Industry Regulatory Authority, said most of the regulations resulting from Dodd-Frank are revolutionary rather than evolutionary. Among the challenges Vogel cited are the execution of derivatives on swap execution facilities, clearance through derivatives-clearing organizations, trade reporting, and sales practice rules around derivatives. Many lessons were learned in the recent crisis, not all of them new. He has been in the business long enough to know these lessons repeat themselves, said Vogel. The industry has a short-term memory.
ISSN:1531-0558