Loyola University Chicago

Quinlan School of Business

Shadow Financial Regulatory Committee Statements

SHADOW FINANCIAL REGULATORY COMMITTEE

Policy Statements

1.         The Baker Plan and LDC Lending

2.         Aid to Failing Banks

3.         Federal Reserve Ruling on Junk Bonds

4.         Disclosure of Supervisory Actions Examiners' Ratings

5.         Disclosure by Regulated Financial Institutions

6.         Proposals for Risk-Related Bank Capital Guidelines

7.         Capital Forbearance Policy for Agricultural and Energy Banks

8.         Recapitalizing FSLIC and Zombie S&L's

9.         Proposal to Facilitate the Interstate Takeover of Failing Depository Institution

10.       Federal Home Loan Bank Board (FHLBB) Proposed Rules on Regulatory Capital and Nationwide Lending by Insured Savings and Loan Associations

11.       Federal Regulation of Activities of State Chartered Financial Institutions

12.       Conversion of S&Ls from FSLIC to FDIC Insurance Coverage

13.       Current Bank Holding Company Applications for Increased Securities Activities

14.       Policies Toward Troubled Depository Institutions

15.       Proper Financing of Private Party Securities Fully Guaranteed by the Federal Government

16.       FSLIC Recapitalization

17.       The Federal Reserve Board's "Source-of-Strength" Policy

18.       Regulatory Proposals for Risk-Related Capital Standards (Rev.)

19.       Supplementary Statement: Regulatory Proposals for Risk-Related Capital Standards

20.       Unnecessary Costs of FSLIC Recapitalization Program

21.       International Debt

22.       FSLIC Handling of Insolvent Thrift Institutions

23.       Brady Commissions and Recent Market Events

24.       The Federal Reserve Board's Request for Comment on the Acquisition of Healthy Thrift Institutions by Bank Holding Companies

25.       Moratorium on Bank Securities Activities

26.       Studies of the Stock Market Crash

27.       Disposal of FDIC Equity Interests in Assisted Banks

28.       The Southwest Plan for Ailing Thrift Institutions

29.       Regulatory Proposal for Risk-Related Capital Standards

30.       Disclosure by Financial Institutions of Financial Assets and Liabilities

31.       FDIC's New Policy on "Whole Bank" Takeovers

32.       Proposed FDIC Policy Statements Encouraging Independent Outside Audits of Banks

33.       Policy Responses to the Stock Market Crash

34.       FSLIC's Handling of Failed Thrifts

35.       Need to Make FSLIC and FDIC Assistance Deals Accountable

36.       The Need to Estimate the True Economic Condition of the FDIC

37.       Assessing FDIC Premiums Against U.S. Banks' Unsubordinated Debt and Deposits in Foreign Branch Offices

38.       An Outline of a Program for Deposit Insurance Reform

39.       The Administration's Plan to Resolve the Thrift Crisis

40.       Risk-Based Capital and Early Intervention Proposal of Federal Home Loan Bank Board

41.       An Outline of a Program for Deposit Insurance and Regulatory Reform  (Revision of No. 38)

42.      The On-Budget Status of Expenditures to Resolve Thrift Insolvencies

43.       Financial Institutions Reform, Recovery and Enforcement Act of 1989

44.      The Comptroller of the Currency's Proposal for a Minimum Bank Leverage Ratio

45.       Federal Reserve Proposal to Modify the Payments System Risk Reduction Programs

46.       Proposals to Modify Loan Loss Reserves for Third World Debt

47.       Congressionally-Mandated Accounting for Junk Bond Sales

48.       The Activities of the Resolution Trust Corporation

49.       Latin American Debt

50.       Capital Standards for Member Banks*

51.       Proposal to Curb Stock Market Volatility

52.       The FDIC's Proposed Regulation on Purchased Mortgage Servicing Rights

53.       Subsidized Federal Reserve Assistance

54.       The Failure of the Treasury's Study of the Federal Deposit Insurance System to Focus on Identifying and Correcting Defects in Government Incentives

55.       RTC Thrift Resolution Policies

56.       The Elimination of Restrictions on Bank Securities Activities and Affiliations

57.       Proposals to Consolidate the SEC and CFTC

58.       Provision of Seller Financing by RTC in Asset Sales

59.       Condition of the Bank Insurance Fund

60.       RTC Property Disposition Policies

61.       Limiting Taxpayer Loss Exposure in Government-Sponsored Credit Enterprises

62.       Congressional Intercession with the Financial Regulatory Agencies

63.       National Branching

64.       FDIC Ownership of Continental Illinois Stock

65.       ‌

66.       Proposals to Inject Additional Funds into the Bank Insurance Fund

67.       Concerns About the Availability of Bank Credit

68.       OTS Proposal for Capital Requirement for Interest Rate Risk

69.       FASB's Proposed Statement of Financial Accounting Standards Concerning "Disclosures About Market Value of Financial Instruments"

70.       Funding of the BIF and Depository Insurance Reform Proposals in H.R. 2094

71.       Need to Develop a Satisfactory Data Base With Which to Analyze the Economic Condition of Insurance Companies

72.       OMB & CBO Statements Calling for More Informative Accounting & Budgeting for Deposit Insurance

73.       Additional Comments of Deposit Insurance Reform Legislation

74.       Bank of Credit & Commerce International

75.       Protecting Taxpayers from Risks of Government Sponsored Enterprises

76.       FDIC Improvement Act of 1991

77.       Accounting for Taxpayers' Stake in the FDIC's Bank Insurance Fund

78.       United States Listing Requirements for Foreign Companies

79.       Interagency Policy Statement on Commercial Real Estate Loans

80.       FDIC's Program for "Hospitalizing Sick Banks"

81.       Using Risk-Related Capital Standards to Promote Housing

82.       Need to Regulate Interest Rate Risk

83.       The FDIC's Proposed Schedule of Risk-Sensitive Premiums

84.       Brokered Deposits and Capital Requirements

85.       The TDPOB's Proposed Early Resolution/Assisted Merger Program

86.       SEC Listing Requirements for Foreign Securities

87.       Rule Proposed by Bank Regulators to Control Interest Rate Risk

88.       Proposed Rule on Interbank Exposure

89.       Standards for Safety and Soundness

90.       An Open Letter to President Clinton

91.       Proposed Changes in the FDIC's Risk-Related Premium System

92.       FDIC Action on Critically Undercapitalized Banks

93.       Taxpayer Risks in the Pension Benefit Guarantee System

94.       The Policy of Authorizing "Minimal Documentation" Loans

95.       "Fair Value" Reporting for Insured Depository Institutions Required Under FDICIA

96.       Modifying Risk-Based Capital Standards to Account for Interest-Rate Risk

97.       FDIC Pilot Reinsurance Program

98.       The New Depositor Preference Legislation

99.       Proposals to Permit Banks to Branch on an Interstate Basis

100.     The Proposed Federal Banking Commission

101.     Safety and Soundness Standards

102.     Deterioration in the Financial Condition of the Pension Benefit Guarantee Corporation

103.     Principles of Regulatory Restructuring

104.     Mutual to Stock Conversions of Thrift Institutions

105.     Proposed Revisions to Community Reinvestment Regulations

106.     Proposed Lengthening of Examination Schedules and Required Independent Audits for Thrift Institutions 

107.     Federal Displacement of State Laws:  Fair Credit Reporting and Interstate Branching

108.     Proposed Increases in FHA Insurance Limits

109.     Financial Accounting Standard 115

110.     Final Rules on Incorporating Concentrations of Credit Risks Into Risk-Based Capital Standards

111.     Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994

112.     Regulatory Agency Measurement of Bank Capital for Prompt Corrective Action

113.     Proposed Community Reinvestment Act Regulations

114.     FDIC Insurance Assessments

115.     Repeal of the Bank Holding Company Act and Restrictions on Product Diversification for Banking Organizations 

116.     Open Letter on Financial Reform to the Senate and House Banking Committees

117.     Emergency Assistance for Mexico

118.     Principles of Bank Reform:  Guidelines for Assessing Pending Legislative Proposals

119.     Wholesale Banking Proposal Under H.R. 1062

120.     The Leach Bill

121.    Proposed Amendments to Part 5 of the Regulations of the Office of the Comptroller of the Currency 

122.    Federal Reserve Proposal for Pricing Daylight Overdrafts

123.    Alternatives to Recapitalizing the Savings Association Insurance Fund

124.     The Banking Agencies' Proposed Interest Rate Risk Capital Standards

125.     Alternatives to Recapitalizing the Savings Association Insurance Fund and Defeasing the FICO Bonds  

126.     Values of Bank Capital Tripwires for Prompt Corrective Action and Least Cost Resolution

127.     Reduction in Premiums for BIF-Insured Institutions

128.     Bank Merger Law and Policy

129.     Ownership of Stock by Bank Directors

130.     Expansion of Bank Powers by Regulation

131.     Extending the Credit Reform Act to GSEs

132.     Disclosure of Examination Reports and Ratings

133.     Proposed Legislation on Enterprise Resource Banks (The "Baker Bill," H.R. 3167)

134.     A Proposal for Privatization of the Federal Home Loan Bank System

135.     ‌

136.     Recent Fed and OCC Rulings on Permissible Bank Activities

137.     Bank Activities and the Extension of Bank Subsidies

138.     Restrictions on Banking-Commerce Affiliations

139.     H.R. 10 ("Leach Bill") and the Commerce Subcommittee Draft

140.     Mortgage Lending by Federal Home Loan Banks

141.     Strategic Plans of Federal Financial Institution Regulatory Agencies

142.     Congress and Financial Reform

143.     Sweep Accounts and the Prohibition on Paying Interest on Reserve Balances and Demand Deposits

144.     Expanded Powers for Federal Home Loan Banks

145.     International Monetary Fund Assistance and International Crises

146.     The Credit Union Membership Access Act, H.R. 1151

147.     Mergers and Acquisitions in the Banking Industry

148.     Principles for Reforming the "Global Financial Architecture"

149.     The Use of Private Credit Ratings for Determining Capital Requirements for Securitizations

150.     The Senate vs. Version of H.R. 10

151.     The Issues Posed by the Near-Collapse of Long-Term Capital Management

152.     The G-7’s New Precautionary Credit Line Facility for the IMF and Its Use in Brazil

153.     The Federal Reserve Board and Prudential Supervision

154.     Revising the Basle Capital Standards

155.     The Latest Round of Bills on Financial modernization

156.     The Basel Committee’s New Capital Adequacy Framework

157.     The Failures of BestBank and First National Bank of Keystone

158.     Proposed Federal Catastrophe Reinsurance

159.     Federal Home Loan Banks

160.     Reforming Bank Capital Regulation

161.     Proposal on Full Cost Pricing of Supervisory and Examination Services by the Federal Banking Agencies

162.     Proposal to Increase Deposit Insurance coverage to $200,000

163.     The Regulation of Derivative Instruments

164.     Privatizing the Housing GSEs

165.     Deposit Insurance Reform Options

166.     An Open Letter to the New President and Congress On an Agenda for Financial Reform

167.     Comptrollers' Proposed Pilot Program Permitting Increased Lending Limits for Community Banks

168.     Requiring Large Banks to Issue Subordinated Debt

169.     The Basel Committee's Revised Capital Accord Proposal

170.     Optional Federal Chartering of Insurance Companies

171.     Assuring Discipline of the Housing GSEs

172.     Terrorism Insurance

173.     Predatory Lending

174.     The Gramm-Leach-Bliley Act

175.     Deposit Insurance Reform

176.     Enron and Accounting Issues

177.     Pension Reform in the Wake of Enron’s Collapse

178.     Statement on Shay-Marky Bill on GSE Disclosure

179.     The Basel 2 Approach to Bank Operational Risk

180.     The Responsibilities of Independent Auditors to Shareholders of Publicly Traded Corporations

181.     Fannie Mae’s Duration Gap

182.     A Proposed Federal Backstop for Terrorism Insurance and Reinsurance

183.     SEC Standards for Designating Nationally-Recognized Credit Rating Organization

184.     Statement on Disclosure of Portfolio Holding of Registered Investment Companies

185.     A Financial Agenda for the New Congress

186.     State and Federal Securities Market Regulation

187.     The SEC's Concern with Short Selling

188.     Glass Steagall, Tying and Conflicts of Interest

189.     The Registration of Mortgage-Backed Securities of Fannie Mae and Freddie Mac

190.     Access by Institutional Investors to Foreign Electronic Trading Venues

191.     The European Union's Financial Conglomerate Directive

192.     ‌

193.     The Latest Revisions to Basel II and Implementation Plans in the United States

194.     Removal of Archaic Bank Regulatory Restrictions

195.     Predatory Lending and Federal Preemption of State Laws

196.     Legislation on Fannie Mae and Freddie Mac

197.     The Responsibilities of Financial Professionals and Firms in Recent Financial Scandals

198.     Taxpayer Exposure to Liabilities of the Pension Benefit Guarantee Corporation

199.     SEC Proposals for More Shareholder Democracy

200.     Mutual Fund Expenses and Soft Dollars

201.     New York Stock Exchange Governance and Market Structure Issues

202.     Simple Proposal to Deal with Market Timing and After-Hours Trading

203.     Toward a Single Transatlantic Market in Financial Services

204.     Enabling Institutional Investors to Play a More Effective Role in Corporate Governance

205.     Regulation NMS and Securities Market Structure

206.     Prohibition of Directed Brokerage and Other Abuses by Investment Management Compani

207.     The Possible Extension of the Terrorism Risk Insurance Act

208.     The Pressing Need for Corporate Pension Reform

209.     International Accounting Standards

210.     The SEC’s Proposal for Regulating Hedge Funds

211.     The Insurance Brokerage Scandal

212.     The Financial Services Agenda for the Second Bush Administration

213.     ‌

214.     Expanded FDIC Examination Authority

215.     Sunset the PCAOB

216.     Proposed Legislation to Regulate the GSEs

217.     Regulation NMS

218.     Limiting GSE Portfolios

219.     Evaluating Section 404 of the Sarbanes-Oxley Act concerning Internal Controls

220.     Deposit Insurance Legislation

221.     The Federal Housing Enterprise Regulatory Reform Act of 2005 (S. 190)

222.     Open Letter to SEC Chairman Christopher Cox

223.     Whatever Becomes of Basel II, Prompt Corrective Action and the Leverage Ratios Should be Preserved

224.     Wal-Mart’s Pending Application to Acquire an Industrial Loan Company

225.     SEC Adoption of Communications Advances

226.     FDIC Replenishing of the Deposit Insurance Fund

227.     Margin Regulations

228.     The Disclosure of Soft Dollars by Investment Advisors

229.     Open Letter to Federal Reserve Chairman Ben S. Bernanke

230.     Federal Preemption for Financial Services Firms

231.     Welcome Actions by the Securities and Exchange Commission

232.     Strengthening the Capital Structure of Federal Home Loan Banks

233.     The FDIC’s Proposed Risk-Based Assessment System

234.     Enhancing Competition in the Sale of Stock Market Data

235.     Risks of Bank Concentration in Commercial Real Estate Lending

236.     A Financial Agenda for the New Congress

237.     Shareholder Access to Director Elections

238.     Basel II: One-and-a-Half Cheers for the Standardized Approach

239.     Facilitating Bank Failure Resolution

240.     The Proposed Merger of Principal U.S. Futures Exchanges

241.     The FDIC’s ILC Moratorium

242.     The Competitiveness of U.S. Securities Markets

243.     The SEC’s Proposed Prohibition of Notching

244.     The Usefulness of Hedge Fund Post-Mortems

245.     Subprime Mortgage Lending Remedies and Concerns

246.     Allowing U.S. and EU Corporations to Adopt U.S. Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS)

247.     Limitations on Auditors’ Liability

248.     Lessons for Basel II from the Recent Financial Turmoil

249.     Financial Turmoil and Implications for Mortgages and Related Mortgage Securities

250.     Treasury Department’s Mortgage Foreclosure Program

251.     Government-Sponsored Enterprises

252.     Doubts about the Master Liquidity Enhancement Conduit (MLEC)

253.     Would Basel II Have Helped Prevent the Subprime Turmoil?

254.     Facilitating FDIC Bank Failure Resolution

255.     Facilitating Mortgage Renegotiations: The Policy Issues

256.     Industrial Loan Company (ILC) Legislation

257.     Reliance on Third-Party Credit Ratings

258.     If Bear Had Been a Bank

259.     Mortgage Delinquencies and Foreclosures

260.     Reducing Inappropriate Political Pressure on the Federal Reserve

261.     Regulation of Short Selling

262.     The Future of the Government-Sponsored Enterprises

263.     The Regulation of Investment Banking

264.     An Open Letter to President-Elect Obama

265.     Regulation of Credit Rating Organizations

266.     Fair Value Accounting

267.     Regulatory Responses to the Current Crisis Have Undermined the Integrity of Tier 1 Capital and Tier 1 Capital Requirements

268.     The Need for More Transparency in Discretionary Financial Rescue Programs

269.     Restructuring Financial Regulation

270.     Bank Bailouts and Borrower Bailouts

271.     Monitoring Systemic Risk

272.     Refocusing Financial Rescue Plans

273.     Regulation of Financial Reporting

274.     Reinstatement of Short-Sale Restrictions

275.     Strengthening the Resiliency of Money Market Mutual Funds

276.     Regulatory Initiatives of the Securities and Exchange Commission

277.     Reducing Interference with Accounting Standards and Devising Securities to Price Moral Hazard

278.     A New Consumer Financial Protection Agency

279.     Audit of the Federal Open Market Committee Decisions

280.     Reforming the Primary Dealer Structure

281.     The Resolution of Large, Complex Financial Institutions

282.     The Importance of Addressing the Subsidization of Housing GSEs in Financial Reform Legislation

283.     Regulation of Executive Compensation

284.     Proposed Tax on Large Banks Is Poorly Designed and Premature

285.     Improving the Transparency of the Cost of Policies that Expand the Financial Safety Net 

286.     Resolution Regime for Troubled Financial Institutions

287.     The Equity Markets: One Size Does Not Fit All

288.     Transparency in Federal Reserve Emergency Financial Rescue Programs

289.     Resolving Systemically Important, International Financial Institutions

290.     Strengthening Transparency and Global Reporting Convergence

291.     The FDIC’s Proposal for Setting Insurance Premia of Large Banks

292.     Resolution and Bailout of Large Complex Financial Institutions

293.     Derivatives, Clearing and Exchange-Trading

294.     Mortgage Backed Securities in the Federal Reserve’s Portfolio

295.     Group of Governors and Heads of Supervision Statement on Capital Standards

296.     Missed Opportunities in the Dodd-Frank Act

297.     Proxy Access and the Market for Corporate Control

298.     The Monumental Task Assigned to the Fed

299.     Regulation of Broker-Dealers and the Dodd-Frank Act

300.     Principles to Guide the Implementation of the Orderly Liquidation Authority Called for Under the Dodd-Frank Act

301.     Federal Reserve Lending Programs

302.     Stress Testing the Fed

303.     The Case for a Properly Structured Contingent Capital Requirement

304.     Beyond Dodd-Frank     

305.     Proposed Interagency Rule on Executive Compensation

306.     Recent Financial Stability Oversight Council’s Reports on Risk Retention and Proprietary Trading

307.     Qualms about the Basel III Approach to Bank Capital Requirements

308.     Comment on the Treasury’s White Paper: Reforming the Housing Finance Market

309.     Systemic Risk and Money Market Mutual Funds

310.     The Crises in State and Municipal Pension Funds

311.     Risk-Retention in the Dodd-Frank Act

312.     Some Concerns about the FDIC and Federal Reserve System Proposed Rule on Resolution Planning

313.     The FDIC and Unintended Consequences of Dodd-Frank

314.     Reforming Credit Rating Organizations Under Dodd-Frank

315.     Financial Asset Impairment Reserves

316.     Improving the Regulatory Process and Financial Cost-Benefit Analysis

317.     The Basel Proposed Rules on Liquidity Regulation and a Suggestion for a Better Approach

318.     MF Global and the Implications for the Primary Dealer Structure

319.     The Financial Stability Board’s Methods for Defining Globally Systemic International Banks

320.     A Regulatory Blueprint for Mismanaging the Sovereign Debt Crisis

321.     Creating a More Flexible and Accountable Basel System

322.     The Federal Reserve Board Proposal for Enhanced Prudential Standards and Early Remediation Requirements

323.     Alternatives to the Proposed Risk-Based Bank Capital Standards

324.     Some Lessons from the MF Global Debacle

325.     Regulation of Money Market Funds and Systemic Risk

326.     The Volcker Rule: Market Making Exception

327.     Treasury Mismeasurement of the Costs of Federal Financial Stability Programs

328.     Two Cheers for the JOBS Act

329.     Financial Stability and the Regulation of Money Market Mutual Funds

330.     LIBOR Reform

331.     Specialized Corporate Disclosure Provisions in the Dodd-Frank Act

332.     Regulation of Bank Capital and Liquidity

333.     An Open Letter to President Obama

334.     Glass-Steagall and the Volcker Rule

335.     Improving Capital Adequacy Disclosure

336.     How can we do better than the Basel liquidity coverage ratio?

337.    Caveat Creditor: Qualified Mortgage Ruled Fails to Protect Borrowers or the Economy

338.     Lessons from Cyprus

339.     Restricting Access to Regulatory Data

340.     The Dangers of Substituting Foreign Compliance for US Supervision of Financial Derivatives Activity

341.     Questions about Brown-Vitter

342.     Money Market Funds – A Solution?

343.     Making Bank Capital Requirements Simpler, More Comparable & More Transparent

344.     The New Qualified Residential Mortgage Rule Proposal

345.     Beating Bad Trades

346.     Liquidity Ratios: The Basel Committee, US Regulators, and the International Shadow Committees

347.     Asset Management and Systemic Risk

348.     The JPMorgan Settlement

349.     Data Breaches and Payment System Risks

350.     Regulating to Beat the Clock: The Final Implementation of the Volcker Rule

351.     The Arms Race between Innovation and Regulation in Derivatives Markets

352.     Limiting Systemic Risk and Too-Big-to-Fail

353.     Revisiting Equity Market Structure: Principles to Promote Efficiency and Fairness

354.     An Open Letter to the Incoming Congress

355.     The New York Fed and Primary Dealers

356.     Releasing Data: Promoting Efficiency or Fairness

357.     The Fed’s SIFI’s Surcharge: An Alternative Proposal

358.     Regulating Cross-Border Swaps Transactions of US Banking Affiliates

359.     Executive Compensation, Clawbacks and Accounting Restatements

360.     Strengthening Stress Tests

361.     TLAC The Last Nail in the Coffin of Too Big to Fail

362.     Deposit Insurance, Government Guarantees and Too-Big-To-Fail: What Remains to be Done?

Shadow Press Release

Statements of Joint Meetings

 

1.       Improving the Basel Committee's New Capital Adequacy Framework --- New York, U.S., June 14, 1999

2.       Reform of Bank Regulation and its Application to Japan --- Tokyo, Japan, October 16, 2000

3.       Reforming Bank Capital Regulation --- Amsterdam, the Netherlands, June 18, 2001

4.       Reforms in the Progress of Restructuring International Sovereign Debt --- Washington, D.C., U.S., October 7, 2002

5.       Enhancing International Financial Market Integration --- Washington, D.C., U.S., November 15, 2004

6.       Aging and Pensions: A Ticking Bomb --- Seoul, Korea, October 31, 2005

7.       Lessons from Recent Financial Turmoil --- Copenhagen, Denmark, September 10, 2007

8.       ‌ --- Santiago, Chile, August 17, 2009

9.       The World in Crisis: Insights from Six Shadow Committees --- Washington, D.C., U.S., November 19, 2002

10.     Misdiagnosis of Crisis has Led to Botched Liquidity Regulation --- Tokyo, Japan, October 28, 2013