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At a time when much of the country has moved their personal, professional and educational lives online, the Department of Labor’s (DOL) final rule on electronic disclosures has been delivered to the White House’s Office of Management and Budget (OMB) for review. So close to the finish line, the time is ripe to finalize and implement the rule.
These proposed rules published late last year would expand electronic delivery options for required retirement plan disclosures to participants and beneficiaries. This long overdue modernization effort is even more urgent against the backdrop of a global pandemic that is forcing most Americans to stay home.
The industry has long supported the commonsense and environmentally-friendly move to digital delivery, which is consistent with the way many Americans want to receive information, though paper statements will remain an option. Participants of all ages and incomes increasingly prefer to access information online...
Earlier today, Federal Reserve Vice Chairman Randal Quarles outlined the recent changes in the upcoming Dodd Frank Annual Stress Testing (DFAST) and Comprehensive Capital Analysis and Review (CCAR) results. His remarks provide necessary clarity regarding how the Federal Reserve conducted its COVID-19 sensitivity analysis, how the analysis will be weaved into the DFAST/CCAR disclosure and the timing of the Stress Capital Buffer (SCB) public disclosure.
Importantly for SIFMA members, the COVID-19 sensitivity analysis did not include any add-ons to the Global Market Shock or Large Counterparty Default components which we strongly advocated against. Vice Chairman Quarles’ comments were positive as they provided certainty regarding CCAR/DFAST disclosure including the COVID-19 sensitivity analysis, and confirmation that the methodology to size the SCB was unchanged.
After today’s speech some questions do remain. These include (1) how the Federal Reserve...
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