A Financial System That Creates Economic Opportunities ...
U.S. D E PARTM E NT O F TH E TR EAS U RY
A Financial System That Creates Economic Opportunities Banks and Credit Unions
JUNE 2017
U.S. D E PARTM E NT O F TH E TR EAS U RY
A Financial System That Creates Economic Opportunities
Banks and Credit Unions
Report to President Donald J. Trump Executive Order 13772 on Core Principles for Regulating the United States Financial System
Steven T. Mnuchin Secretary
Craig S. Phillips Counselor to the Secretary
Table of Contents
Executive Summary
1
Introduction3
Review of the Process for This Report3
Scope of This Report and Subsequent Reports4 The U.S. Depository Sector5
Why Alignment of Regulation with the Core Principles is of Critical Importance6
Summary of Recommendations for Regulatory Reform10
Background
19
The U.S. Depository System21
The U.S. Financial Regulatory Structure24 Overview of Federal and State Regulators24 Regulatory Structure and Issues of Regulatory Duplication, Overlap, and Fragmentation28
The Dodd-Frank Act32 The U.S. Financial Crisis32 Overview of Key Objectives of Dodd-Frank32
Findings and Recommendations
35
Improving the Efficiency of Bank Regulation37 Capital and Liquidity37 Community Financial Institutions56 Improving the Regulatory Engagement Model61 Living Wills66 Foreign Banking Organizations68 Improving the Volcker Rule71
Providing Credit to Fund Consumer and Commercial Needs to Drive Economic Growth79
Consumer Financial Protection Bureau79 Residential Mortgage Lending92 Leveraged Lending102 Small Business Lending105
Appendices
109
Appendix A: Participants in the Executive Order Engagement Process109
Appendix B: Table of Recommendations121
Appendix C: Capital and Liquidity139
A Financial System That Creates Economic Opportunities ? Banks and Credit Unions iii
Acronyms and Abbreviations
Acronym/Abbreviation Term
ACICS
Accrediting Council for Independent Colleges and Schools
ALJ
Administrative Law Judge
AOCI
Accumulated Other Comprehensive Income
ATR
Ability-to-Repay
Basel
Basel Committee on Banking Supervision
Basel Committee
Basel Committee on Banking Supervision
BEA
Bureau of Economic Analysis
BHC
Bank Holding Company
Board
Board of Directors
C&I
Commercial & Industrial
CCAR
Comprehensive Capital Analysis and Review
CCyB
Countercyclical Capital Buffer
CDFI
Community Development Financial Institution
CECL
Current Expected Credit Losses
CET1
Common Equity Tier 1 Capital
CFPB
Consumer Financial Protection Bureau
CFTC
Commodity Futures Trading Commission
CLAR
Comprehensive Liquidity Assessment and Review
CID
Civil Investigative Demand
CO
Consent Order
CRA
Community Reinvestment Act
CRE
Commercial Real Estate
CRT
Credit Risk Transfer
CSBS
Conference State Bank Supervisors
Dodd-Frank
Dodd-Frank Wall Street Reform and Consumer Protection Act
DFAST
Dodd-Frank Act Stress Test
DTI
Debt-to-Income
EBITDA
Earnings Before Interest, Tax, Depreciation and Amortization
eSLR
Enhanced Supplementary Leverage Ratio
iv A Financial System That Creates Economic Opportunities ? Banks and Credit Unions
Executive Order
Fannie Mae FASB FBIIC FBO FDIC Federal Reserve FFIEC FHA FHFA FINRA FRB Freddie Mac FRTB FSB FSOC FTC G-20 GAAP GAO Ginnie Mae GSE
G-SIB HAMP HCAI HCR HMDA HQLA HUD HVCRE
Executive Order 13772 on Core Principles for Regulating the United States Financial System Federal National Mortgage Association Financial Accounting Standards Board Financial and Banking Information Infrastructure Committee Foreign Banking Organization Federal Deposit Insurance Corporation Board of Governors of the Federal Reserve System Federal Financial Institutions Examination Council Federal Housing Administration Federal Housing Finance Agency Financial Industry Regulatory Authority Board of Governors of the Federal Reserve System Federal Home Loan Mortgage Corporation Fundamental Review of the Trading Book Financial Stability Board Financial Stability Oversight Council Federal Trade Commission Group of 20 Generally Accepted Accounting Principles Government Accountability Office Government National Mortgage Association Government-Sponsored Enterprise, here refers to Fannie Mae and Freddie Mac Global Systemically Important Bank Home Affordable Modification Program Housing Credit Availability Index Horizontal Capital Review Home Mortgage Disclosure Act High-Quality Liquid Assets U.S. Department of Housing and Urban Development High Volatility Commercial Real Estate
A Financial System That Creates Economic Opportunities ? Banks and Credit Unions
v
IAIS IHC IOSCO LCR LISCC MBA MBS MDI MOU MRA MRIA MSA MSRB NCUA NFA NSFR OCC OLA OMB Policy Statement
PLS PRI QM QRM Reg AB II REIT RENTD Repo RESPA RLAP
International Association of Insurance Supervisors Intermediate Holding Company International Organization of Securities Commissions Liquidity Coverage Ratio Large Institution Supervision Coordinating Committee Mortgage Bankers Association Mortgage-Backed Security Minority Depository Institution Memorandum of Understanding Matters Requiring Attention Matters Requiring Immediate Attention Mortgage Servicing Assets Municipal Securities Rulemaking Board National Credit Union Administration National Futures Association Net Stable Funding Ratio Office of the Comptroller of the Currency Orderly Liquidation Authority Office of Management and Budget Federal Reserve Small Bank Holding Company and Savings and Loan Holding Company Policy Statement Private Label Mortgage-Backed Securities Program-Related Investment Qualified Mortgage Qualified Residential Mortgage Asset-Backed Securities Disclosure and Registration Final Rule Real Estate Investment Trust Reasonably Expected Near Term Demand Repurchase Agreement Real Estate Settlement Procedures Act Resolution Liquidity Adequacy and Positioning
vi A Financial System That Creates Economic Opportunities ? Banks and Credit Unions
RLEN RMBS RWA SBA SCAP SCCL SEC Secretary SLR SSB TARP TILA TLAC Treasury TRID UDAAP VA
Resolution Liquidity Execution Need Residential Mortgage-Backed Securities Risk-Weighted Assets Small Business Administration Supervisory Capital Assessment Program Single-Counterparty Credit Limit U.S. Securities and Exchange Commission Steven T. Mnuchin, Secretary of the Treasury Supplementary Leverage Ratio Standard-Setting Bodies Troubled Asset Relief Program Truth in Lending Act Total Loss-Absorbing Capacity U.S. Department of the Treasury TILA-RESPA Integrated Disclosure Unfair, Deceptive, or Abusive Acts and Practices U.S. Department of Veterans Affairs
A Financial System That Creates Economic Opportunities ? Banks and Credit Unions vii
viii A Financial System That Creates Economic Opportunities ? Banks and Credit Unions
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