Banks agree to record retention rules in use of Symphony. Reuters reported that Goldman Sachs, Deutsche Bank, Credit Suisse, and the Bank of New York Mellon have reached an agreement with New York State’s Department of Financial Services regarding record-keeping requirements for their use of the Symphony messaging system, including requiring Symphony to retain copies of the banks’ chat messages for seven years. (9/14/2015) Symphony agreement.
OFR working paper on repo and securities lending markets. The Treasury Department’s Office of Financial Research (OFR) published a working paper to serve as the first comprehensive reference guide for the US repurchase agreement (repo) and securities lending markets. The working paper provides an overview of the repo and securities lending markets, identifies vulnerabilities and potential risks, and reviews the existing data sources available to regulators and market participants. (9/9/15) OFR press release.
Bank of America approved to use advanced approaches framework. Following the successful completion of a required trial run, Bank of America and its subsidiary national banks have been approved by the Federal Reserve Board (FRB) and the Office of the Comptroller of the Currency (OCC) to use the “advanced approaches” capital framework beginning in the fourth quarter of 2015. (9/3/2015) Joint agency press release.
FDIC Quarterly Banking Profile. The Federal Deposit Insurance Corporation (FDIC) published its Quarterly Banking Profile for the second quarter of 2015, which reported an aggregate net income by FDIC-insured institutions of US$43 billion during the quarter, the highest on record. (9/2/2015) FDIC press release.