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The Federal Reserve Bank of New York seeks to promote the safety, soundness and vitality of regional, national and international financial systems through its roles as supervisor, economic policy advisor and financial service provider in the Second District.

Features

OTC Derivatives Supervisors Group Chaired by the New York Fed, the OTC Derivatives Supervisors Group (ODSG) coordinates with other supervisors and firms committed to delivering structural improvements to the OTC derivatives market in the interest of financial stability. The ODSG works directly with market participants via the ISDA Industry Governance Committee to plan, monitor and coordinate industry progress against collective commitments made by firms.

International regulatory framework for banks: Basel III A comprehensive set of reform measures, developed by the Basel Committee on Banking Supervision, to strengthen the regulation, supervision and risk management of the banking sector.

Electronic Applications (E-Apps) The Federal Reserve has developed an internet-based system for electronically submitting application documents in a secure environment. Banking organizations or authorized representatives, such as law firms or consulting firms, can register to use E-Apps. E-Apps provides numerous benefits, including a reduction in copying and shipping expenses, as well as a faster and more efficient way of submitting important documents.

Extended Custodial Inventory Program: Request for Information The New York Fed is asking depository institutions to propose one or more new geographic sites for possible inclusion in its Extended Custodial Inventory (ECI) program or, if applicable, to propose the addition of a new ECI operation to an existing geographic location. If you are interested in learning more about responding to this request for information, contact David Duttenhofer.

Federal Reserve Consumer Help A new centralized resource that consolidates and streamlines the Federal Reserve’s consumer complaint and inquiry program, FRCH will assist you in filing complaints against a financial institution, answer questions about banking or financial institution practices and offer help in understanding federal consumer protection laws.

News and Announcements

Financial Stability Oversight Council releases third annual report April 25, 2013

Recent Developments in Tri-Party Repo Reform December 20, 2012

Speeches

Liquidity Regulation and Central Banking Remarks by Governor Jeremy C. Stein at the "Finding the Right Balance" 2013 Credit Markets Symposium sponsored by the Federal Reserve Bank of Richmond, Charlotte, North Carolina April 19, 2013

Stress Testing Banks: What Have We Learned? Remarks by Chairman Ben S. Bernanke at the "Maintaining Financial Stability: Holding a Tiger by the Tail" Financial Markets conference sponsored by the Federal Reserve Bank of Atlanta, Stone Mountain, Georgia April 8, 2013

Supervisory Reform for Global Banks Remarks by Sarah Dahlgren at the Center for Transnational Legal Studies Seminar on the Impact of U.S. Regulatory Reform on Global Banks, New York City February 12, 2013

Research Highlights

Rollover Risk as Market Discipline: A Two-Sided Inefficiency Why does the market discipline that banks face seem too weak during good times and too strong during bad times? This paper shows that using rollover risk as a disciplining device is effective only if all banks face purely idiosyncratic risk. However, if banks' assets are correlated, a two-sided inefficiency arises: Good aggregate states have banks taking excessive risks, while bad aggregate states suffer from fire sales. By Thomas M Eisenbach, Staff Report 597, February 2013

Securitization and the Fixed-Rate Mortgage Fixed-rate mortgages (FRMs) dominate the U.S. mortgage market, with important consequences for household risk management, monetary policy, and systemic risk. In this paper, the authors show that securitization is a key driver of FRM supply. By Andreas Fuster and James Vickery, Staff Report 594, January 2013

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