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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.

Federal Reserve study shows more than three-quarters of noncash payments are now electronic The 2010 Federal Reserve Payments Study consists of three research efforts to estimate the annual number, dollar value and composition of noncash retail payments in the United States.

Electronic Applications (E-Apps) The Federal Reserve has developed an internet-based system for electronically submitting application documents in a secure environment. Starting January 25, 2010, 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

New York Fed explores legal issues related to problems in secondary mortgage market May 12, 2011

Federal Reserve completes Comprehensive Capital Analysis and Review March 18, 2011

Recent Speeches

A New Era of Bank Supervision Remarks by Sarah J. Dahlgren at the New York Bankers Association Financial Services Forum, New York City November 11, 2011

Research Highlights

Bank Capital Regulation and Structured Finance The authors construct a model in which bank capital regulation and financial innovation interact. Innovation takes the form of pooling and tranching of assets and the creation of separate structures with different seniority, different risk, and different capital charges, a process that captures some stylized features of structured finance. Regulation is motivated by the divergence of private and social interests in future profits. Capital regulation lowers bank profits and may induce banks to innovate in order to evade the regulation itself. By Antoine Martin and Bruno M. Parigi, Staff Report 492, May 2011

Shadow Banking The rapid growth of the market-based financial system since the mid-1980s changed the nature of financial intermediation in the United States profoundly. Within the market-based financial system, “shadow banks” are particularly important institutions. Shadow banks are financial intermediaries that conduct maturity, credit, and liquidity transformation without access to central bank liquidity or public sector credit guarantees. By Zoltan Pozsar, Tobias Adrian, Adam Ashcraft and Hayley Boesky, Staff Report 458, July 2010

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