{"id":12262,"date":"2023-05-22T17:35:35","date_gmt":"2023-05-22T21:35:35","guid":{"rendered":"https:\/\/ifintechworld.com\/banking\/accountability-at-the-federal-reserve-and-banks-should-be-strengthened\/"},"modified":"2023-05-22T17:35:36","modified_gmt":"2023-05-22T21:35:36","slug":"accountability-at-the-federal-reserve-and-banks-should-be-strengthened","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=12262","title":{"rendered":"Accountability At The Federal Reserve And Banks Should Be Strengthened"},"content":{"rendered":"
\n

Last week, I had the honor of appearing before Chair Elizabeth Warren, Ranking Member John Kennedy, and distinguished members of the Subcommittee on Economic Policy of the Senate Banking, Housing, and Urban Affairs Committee. My testimony at the hearing in a hearing \u201dStrengthening Accountability at the Federal Reserve: Lessons and Opportunities for Reform.\u201d was based on my professional experience of three decades, consulting and training professionals at banks and financial regulatory agencies in over thirty countries on a wide range of risks that can threaten financial institutions\u2019 safety and soundness. My fellow panelists were Dr. Peter Conti-Brown and Dr. Paul Kupiec; their written testimonies are here.<\/p>\n

Lessons and Recommendations<\/h2>\n

Laws about banks are incredibly important. They lead bank regulators to define the type of rules they write, promote supervisory culture at the top, and design examination processes. The Economic Growth, Regulatory Relief and Consumer Protection Act of2018 greatly influenced Former Vice Chair of the Federal Reserve Randal Quarles to propose the Tailoring Rules. Speaking before the American Bankers Association, he said, \u201cthe Congress wants to see action and has, to a certain degree, specified some of the steps we need to take.\u201d He also stated that \u201cin conjunction with changing regulations, we also need to consider how such changes would be reflected in supervisory programs, guidance, and regulatory reporting.\u201d<\/p>\n

Throughout 2017 -2018, almost 400 financial institutions lobbied heavily in favor of EGRRCPA. Former Silicon Valley Bank CEO Greg Becker and many bank lobbyists and politicians were also in favor of EGRRCPA and argued that regional banks did not pose risks to the financial system. Barely five years later, those words did not age well.<\/p>\n

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I do not have schadenfreude<\/em> when I remember that in August 2018, I wrote \u201cTaxpayers should not be fooled into thinking that banks that are in the asset range of $100-250 billion are not systemically important, because regional and foreign bank organizations of that size range are incredibly interconnected to other financial institutions and to thousands of companies in the US due to the loans that they extend and the financial derivatives that they arrange for companies of every size. If any of those banks were to run into problems for being insufficiently capitalized or if they were to become illiquid, taxpayers would suffer the consequences.\u201d<\/p>\n

After conducting the Financial Sector Assessment Process (FSAP) of the United States in 2020, independent analysts and consultants hired by the International Monetary Fund were critical about the shortcomings of S.2155 as well as of the Federal Reserve\u2019s tailoring approach. The IMF recommended that U.S. regulators introduce rules on concentration risk management and include more quantitative standards on interest rate risk in the banking book as well as recommending specific capital and liquidity recommendations for large banks that were not internationally active.<\/p>\n

After analyzing all the CAMELS examination reports and supervisory letters released by the Federal Reserve, I know that Silicon Valley Bank\u2019s CEO Greg Becker, his colleagues, and Board willingly ignored the numerous interest rate, liquidity, BSA-anti-money laundering compliance failures, data problems, IT weaknesses, and incredibly ineffective internal audit and credit risk management processes. These serious problems were identified by California and Federal Reserve Bank of San Francisco examiners.<\/p>\n

Additionally, SVB
\n VB
\n <\/fbs-ticker> did not disclose important interest rate risk measurements such as economic value of equity in its annual report or Basel III Pillar III risk disclosures leaving the market in the dark. The problem, however, is that there is so much we still do not know about SVB\u2019s failure, because an independent postmortem<\/em> has not been completed. Who at regulatory agencies ignored examiners\u2019 findings, year after year, and why?<\/p>\n

Recommendations<\/strong><\/h2>\n

I recommended the following legislative and supervisory process changes; more details are in my written testimony.<\/p>\n

\u00b7 Order An Independent Investigation of the Silicon Valley Bank Failure. <\/strong><\/p>\n

The CAMELS and Supervisory Letters released by the Board of Governors and the Barr report helped give insight into SVB\u2019s problems. The Government Accountability Report was also a good start, but as per the hearing on May 11, 2023, the GAO needs more time to conduct an in-depth postmortem<\/em> and to address questions posed by Senate Banking Committee members.<\/p>\n

\u00b7 Appoint an Independent Inspector General for the Federal Reserve System. <\/strong><\/p>\n

An Inspector General should be appointed by the President of the United States and confirmed by the Senate. This individual should be allocated the necessary human and technological resources to be able to successfully fulfill all responsibilities. The Inspector General should testify before the House and Senate at least semi-annually.<\/p>\n

\u00b7 Revise Title IV of S2155 to Reinstate Dodd-Frank\u2019s designation of Systemically Important Banks<\/strong>.<\/p>\n

S2155 gutted essential parts of Dodd-Frank\u2019s Title I, such those that designated banks over $50 billion as domestically systemically important. S2155 also influenced the supervisory culture and tone at regulatory entities. By designating banks above $50 billion as domestically systemically important, much more of the banking sector would be better regulated and supervised. This would send a strong signal to regulators to impose enhanced prudential standards on these types of banks to strengthen these banks and minimize systemic risk if they were to fail.<\/p>\n

\u00b7 Remove Heads of Banks From Federal Reserve District Boards<\/strong>.<\/p>\n

While there is debate as to the extent of power of district boards over off-site supervision or on-site bank examinations, it cannot be denied that board members meet repeatedly with presidents and other key members of the Federal Reserve district banks. According to Becker\u2019s response to Senator Hagerty during the \u2018Examining the Failures of Silicon Valley Bank and Signature Bank,\u2019 Becker met with the Federal Reserve Bank of San Francisco monthly and sometimes more frequently.<\/p>\n

\u00b7 Reform Remuneration for CEOs and Key Bank Professionals<\/strong>.<\/p>\n

Legislators and not-for-profit organizations are proposing different ways in which remuneration should be reformed. Clawing bank executives\u2019 bonuses when their banks fail should be explored. The bi-partisan bill Failed Bank Executives Clawback Act<\/em> correctly points out that \u201ccurrently, the Federal Deposit Insurance Corporation\u2019s (FDIC) ability to claw back executive compensation in the event of a bank failure is limited. The Failed Bank Executives Clawback Act<\/em> would give federal bank regulators the tools they need to hold executives of failed banks responsible for the costs those failures exact on the rest of the banking system and the economy and require the FDIC to act to prevent the unjust enrichment of bank executives.\u201d<\/p>\n

Additionally, it is important to remember that Section 956 was not finalized. As explained by Public Citizen \u201cthe regulators wisely proposed that a significant portion of senior executive bonus pay be deferred into a fund. In the case of misconduct or failure, this fund would be forfeited, either to help pay for the resolution of the bank, or to pay fines associated with the misconduct (instead of having shareholders effectively pay the fines). This dynamic would essentially deputize and incentivize all bankers to police one another.\u201d<\/p>\n

\u00b7 Require Transparency from Banks about their Assets and Liabilities and Interest Rate and Liquidity Risk Measurements<\/strong>.<\/p>\n

Large banks should disclose the amount and concentrations of assets as well as liabilities at least once a month to the public, if not more frequently. We know they can do this, because there is a Federal Reserve weekly report \u2018H8\u2019 that shows assets and liabilities at a high, anonymized level. Banks of the size of Silicon Valley Bank should have the technological and professional capacity to report asset and deposit levels on a weekly basis to the public.<\/p>\n

\u00b7 Utilize All of the Federal Reserve\u2019s Existing Powers to Escalate Identified Risks at Banks and Impose Enforcement Actions on Non-Compliant Banks<\/strong>. According to Barr\u2019s report \u201cthe Federal Reserve generally does not require additional capital or liquidity beyond regulatory requirements for a firm with inadequate capital planning, liquidity risk management, or governance and controls.\u201d[1] Since its inception, national discretion is built into The Basel Accord framework, so that adopting countries have some flexibility in implementing rules that are most appropriate to their own circumstances.[2] As a member of the Basel Committee on Banking Supervision, the Federal Reserve can recommend stricter rules for our banks if it is appropriate for our circumstances.<\/p>\n

In 2011, the Government Accountability Office recommended that the Federal Reserve and other bank regulators modify the existing Prompt Corrective Action Framework. The GAO recommended that. \u201cto improve the effectiveness of the PCA framework, the heads of the Federal Reserve, FDIC, and OCC should consider additional triggers that would require early and forceful regulatory actions tied to specific unsafe banking practices and also consider the other two options\u2014adding a measure of risk to the capital category thresholds and increasing the capital ratios that place banks into PCA capital categories\u2014identified in this report to improve PCA. In considering such improvements, the regulators should work through the Financial Stability Oversight Council to make recommendations to Congress on how PCA should be modified.\u201d<\/p>\n

\u00b7 Require Improvements In the Monitoring of Banks\u2019 Interest Rate Risk Models<\/strong>.<\/p>\n

Regulators need to take a closer look at models, especially those for interest rate and liquidity risk measurements. According to the last SVB annual report, the bank was measuring interest rate risk by using Economic Value Equity, which uses market values of assets and liabilities. It did not disclose what assumptions for discount rate it was using. If this information were disclosed, we could determine what SVB\u2019s net economic value of equity was. In its Net Interest Income simulation, SVB disclosed that applied interest rate shocks of 100 and 200 basis points hikes and decreases. Given federal funds rate hikes by that time in 2022, SVB should have been applying larger shocks, more like 300 or even 400 basis points. Regulators need to require that relevant discount rates and interest rate shocks are applied to these interest rate risk measurements. Banks should be transparent about interest rate risk. I have worked with community banks that conduct gap analysis to test when they may have more liabilities than assets. There is no reason bigger banks cannot calculate this.<\/p>\n

\u00b7 Reinstate The Liquidity Standard for All Large Bank Organizations<\/strong>.<\/p>\n

Bank regulators should require that banks that are $50 bn calculate and report the Liquidity Recovery Ratio. Had SVB been required to calculate and report on this measure, regulators and market participants would have seen that hiqh-quality liquid assets, declining in market value, would not cover net stressed cash outflows. Under the LCR, banks must test the effect of deposit decreases on their liquidity. Banks that are $100 billion in asset size should disclose their Liquidity Cover Ratio (LCR) at least once a month if not more often. Presently, our Globally Systemically Important Banks (G-SIBs) report LCR to their district Fed daily. This information is incredibly useful to bank regulators. And making it public through Basel III Pillar III\u2019s risk disclosures would help the market discipline banks.<\/p>\n

The Fed should also require these banks to calculate and report on the Net Stable Funding Ratio. This liquidity measure gives insight into whether a bank has the necessary stable funding for a twelve-month period.<\/p>\n

\u00b7 Provide Strong Protections for On-site Examiners and Off-Site Supervisors<\/strong>.<\/p>\n

If off-site supervisors or on-site examiners discover that their findings about risks at banks are not being escalated, they need to be able to report this to the head of bank supervision without fear of reprisal.<\/p>\n

Other Recent Articles By <\/strong>This Author<\/strong>:<\/strong><\/h2>\n

Regional Bank Turmoil In the U.S. Is Far From Over<\/p>\n

PacWest Bancorp\u2019s Imminent Demise Shows Bank Turmoil Is Widening To Smaller Banks<\/p>\n

The Federal Reserve\u2019s Interest Rate Increases Create Default Risk In Major Sectors<\/p>\n

With First Republic Takeover, JPMorgan Is America\u2019s Most Globally Systemically Important Bank<\/p>\n

To Know Why Silicon Valley Bank Failed, Congress Should Ask Former CEO Greg Becker<\/p>\n

First Republic Bank\u2019s Earnings Call Did Not Inspire Confidence<\/p>\n

First Republic Bank\u2019s Financial Ratios Will Reveal Serious Trouble<\/p>\n

Regional Banks\u2019 Financial Results Fail To Impress Investors<\/p>\n

What To Watch For With U.S. Regional Banks This Week<\/p>\n

Big U.S. Banks Are Preparing For An Impending Recession<\/p>\n

Investors Eyes Should Be On Leveraged Finance Markets<\/p>\n

Deutsche Bank Should Disclose Its Current Liquidity Levels To Investors<\/p>\n

From Ferdinand Marcos To Russian Oligarchs, Troubled Credit Suisse Is A Repeat Offender<\/p>\n

How Trump\u2019s Deregulation Sowed the Seeds for Silicon Valley Bank\u2019s Demise<\/p>\n

Warning Signals About Silicon Valley Bank Were All Around Us<\/p>\n

High Interest Rates Will Continue To Challenge Most Sectors Of The Economy<\/p>\n

Leveraged Loan Default Volume In The U.S. Has Tripled This Year<\/p>\n

Probability Of Default Is Rising For High Yield Bonds And Leveraged Loans<\/p>\n

The U.S. Leveraged Finance Market Is At A Record $3 Trillion<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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