A series of regular exercises and exchanges among the principals of key financial sector authorities in the United States, United Kingdom, and the European Banking Union is slated Saturday, the U.S. federal bank deposit insurer said Tuesday.
The Federal Deposit Insurance Corp. (FDIC) said it is hosting the exercise, which will include as participants these jurisdictions’ heads of resolution, regulatory and supervisory authorities, central banks, and finance ministries. The aim, it said, is to enhance understanding of each jurisdiction’s resolution regime for global systemically important banks (GSIBs) and to strengthen coordination on cross-border resolution.
“This exercise builds on six prior cross-border principal level events going back to 2014, with the European Banking Union authorities joining in 2016,” the FDIC said. It said the meeting, held in a hybrid format, coincides with the annual international meetings in Washington, D.C., sponsored by the World Bank and International Monetary Fund.
Participants, the FDIC said, are expected to include:
- from the U.S., the Treasury secretary, Federal Reserve Board chair, the president of the Federal Reserve Bank of New York, the acting FDIC chairman, the chairman of the Securities and Exchange Commission (SEC), the acting comptroller of the currency, the director of the Consumer Financial Protection Bureau (CFPB), and the chairman of the Commodity Futures Trading Commission (CFTC);
- from the European Banking Union, principals from the Single Resolution Board, the European Commission, and the European Central Bank; and
- from the United Kingdom, principals from HM Treasury and the Bank of England.