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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

Update on Tri-Party Repo Infrastructure Reform July 18, 2012

Statement on the release of the Tri-party Repo Infrastructure Reform Task Force's final report February 15, 2012

Recent Speeches

Shadow Banking After the Financial Crisis Remarks by Governor Daniel K. Tarullo at the Federal Reserve Bank of San Francisco Conference on Challenges in Global Finance: The Role of Asia, San Francisco June 12, 2012

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

Trade Dynamics in the Market for Federal Funds The authors develop a model of the market for federal funds that explicitly accounts for its two distinctive features: banks have to search for a suitable counterparty, and once they have met, both parties negotiate the size of the loan and the repayment. By Gara Afonso and Ricardo Lagos, Staff Reports 549, February 2012

Follow the Money: Quantifying Domestic Effects of Foreign Bank Shocks in the Great Recession In this paper, the authors examine how foreign banks pulled significant funding from their U.S. branches during the Great Recession. They estimate that the average-sized branch experienced a 12 percent net internal fund "withdrawal," with the fund transfer disproportionately bigger for larger branches. This internal shock to the balance sheets of U.S. branches of foreign banks had sizable effects on their lending. By Nicola Cetorelli and Linda Goldberg, Staff Reports 545, February 2012

Corporate Governance of Financial Institutions In this paper, the authors identify the tension between dueling expectations of financial institutions as value maximizing entities that also serve the public interest. By Hamid Mehran and Lindsay Mollineaux, Staff Reports 539, January 2012

Dodd-Frank One Year On: Implications for Shadow Banking In this paper, the author discusses some aspects of proposed DFA rules in light of shadow banking. The topics are risk-retention rules for securitized products and the impact of capital reforms on asset-backed commercial paper (ABCP) conduits. While the reform of securitization is resulting primarily from DFA, changes in accounting standards, together with the Basel capital reforms, have had important impacts on the economics of ABCP conduits. By Tobias Adrian, Staff Reports 533, December 2011

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