The Federal Reserve Board announced this week that it is accepting applications from individuals who wish to be considered for membership on the Community Advisory Council (CAC). Formed in 2015, CAC advises the Federal Reserve Board on issues affecting consumers and communities. The Federal Reserve Board also has two other advisory councils with members represent […]
Carl Aridas –
A former federal bank regulator, Carl has deep industry expertise acquired over 35 years in the financial services industry. A program and project manager with multiple certifications in both waterfall and agile methodologies, Carl has extensive AI training and has executed multiple enterprise-wide changes at both Strategically Important Financial Institutions as well as smaller FS firms, using the latest in AI tools.
Blogs from this Author
Bank Regulators Seeking Comments on the Use of AI and ML in the Industry
Background: The five federal financial regulatory agencies are gathering insight on financial institutions’ use of artificial intelligence (AI) and machine learning (ML). The five federal agencies are: the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board (Fed), the National Credit Union Administration (NCUA) and the Office of the […]
Overview of FDA’s AI/ML-Based Software as a Medical Device Action Plan
In a landmark effort to both guide and spur artificial intelligence (AI) and machine learning (ML) development in the medical field, the US Food and Drug Administration (FDA) has released an Artificial Intelligence/Machine Learning (AI/ML)-Based Software as a Medical Device (SaMD) Action Plan. Background The plan was created by the FDA’s Digital Health Center of […]
Tools for Reporting with the FR 2052a Complex Institution Liquidity Monitoring Report
Previously, I outlined the data that can be reported with the FR 2052a Complex Institution Liquidity Monitoring Report. My next blog will review the tools that can be used to help with reporting. With the need to consolidate entities on a line-by-line basis and to report such a large amount of information, whether on a […]
Treasury and Federal Reserve Coordinate to Boost Investments in MDIs and CDFIs
In early March, a series of programs were announced by the U.S. Department of the Treasury, and the Federal Reserve subsequently announced rules changes to leverage the impact of the programs. The largest program announced, dollar-wise, by the Treasury Department was the creation and funding of the Emergency Capital Investment Program (ECIP). The program was […]
Data to Be Reported with the FR 2052a Complex Institution Liquidity Monitoring Report
In my last blog I discussed the consolidations required for success with the FR 2052a Complex Institution Liquidity Monitoring Report. My next blog will outline the data that can be reported. The FR 2052a report collects data for 10 distinct tables covering 115 product types, 14 counterparty types, 72 asset classes, and 75 maturity buckets […]
Impact of Covid-19 Felt in the Shared National Credit Reviews Released by Bank Regulators
To misquote the great poet Alfred Lord Tennyson, “In the spring a young banker’s fancy lightly turns to thoughts of SNC Classifications.” SNC (pronounced like the candy bar but without the “ers”) stands for the Shared National Credit Program, which, since 1977, has assessed risk in the largest and most complex credits shared by multiple […]
Consolidating Institutions with the FR 2052a Complex Institution Liquidity Monitoring Report
In my last blog I outlined the recent changes to the FR 2052a Complex Institution Liquidity Monitoring Report. Now I want to discuss the consolidations required for success. The first challenge faced by institutions looking to comply with the new reporting requirements and thresholds is to determine which subsidiary institutions must be consolidated. As required […]
Federal Reserve Changes Derivative Netting Rules
On February 18, the Federal Reserve Board announced a final rule that they claim is intended to reduce risk and increase efficiency in the financial system by applying derivative netting protections to a broader range of financial institutions. Sections 401-407 of the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) validate netting contracts among […]
Recent Changes to the FR 2052a Complex Institution Liquidity Monitoring Report
Previously, I discussed the history FR 2052a Complex Institution Liquidity Monitoring Report. My next blog will outline the recent changes to the report. As allowed in the FR’s 2052a guidelines, the Federal Reserve has already requested that monthly filers submit FR 2052a data on a more frequent basis and altered the asset and liquidity thresholds […]
New York Raises Check Cashing Fees
Effective February 26, 2021, New York State has increased the maximum fee that check cashers in New York State may charge. The increase is to 2.27 percent of the face amount of a check, draft, or money order. The increase is permitted under Part 400.11 of New York State’s Superintendent’s Regulations which provides for an […]
[Guide] Breaking Down the FR 2052a Complex Institution Liquidity Monitoring Report
The financial crisis of 2008 and 2009 highlighted the need for timely data to identify and monitor liquidity risks at individual firms, as well as in aggregate across the financial system, especially with respect to intra-company flows and exposures within a consolidated institution. Initially addressed through the Liquidity Coverage Ratio test, regulators soon recognized that […]