And in part, it reflects statutory provisions in the United States that link permissible activities to capital positions--including minimum leverage ratios of equity to unweighted total assets; thus as capital ratios decline, supervisors are required to take action. These entities must operate under the best risk-management standards with the most risk-sensitive capital treatment. We concluded that, in our markets, entities that are large enough to use IRB techniques should do so using the more-sophisticated approach that includes LGDs and EADs in the process of risk measurement and management. There are about ten such banks, and each one has been notified about the requirement. Basel III. As a supervisor who believes strongly in a safe and sound banking system, I want to share with you why it is totally acceptable that these entities, whose activities are almost completely limited to those within the United States, remain on the less risk sensitive capital rules based on Basil I. Our best guess is that another ten or so banks will choose Basel II capital requirements in this country in the first round. Created with Sketch. We found 10 records for Roger Ferguson in Narrows, Charlottesville and 7 other cities in Virginia. In addition, the members of the AIG have already established a constructive dialogue with a working group representing non-G10 jurisdictions on the practical challenges of implementation. I hope that, by the time you leave this room, you will see that such potential conflicts are more apparent than real. Implementation of the Basel standards. All other banking organizations would remain under Basel I. Roger W. Ferguson, Jr. is President and Chief Executive Officer of TIAA-CREF, the leading provider of retirement services in the academic, research, medical and cultural fields and a Fortune 100 financial services organization with $374 billion in combined assets under management (as of 6/30/09). Roger W. Ferguson, Jr. and Annette L. Nazareth MILESTONE DONORS $1 million and above CONTINUED ON NEXT PAGE. The U.S. authorities are proposing that in this country the A-IRB and AMA approaches of Basel II be required of only the large, internationally active banks that meet certain criteria for size and foreign activity and be permitted to any bank that meets the infrastructure prerequisites of the A-IRB and AMA approaches. For thousands of U.S. banks, the migration to a regulatory capital regime based on advanced risk-management techniques is unlikely to occur for many years, however. The cost of developing these parameters and using them in their U.S. operations is likely to be the most difficult problem for foreign banks that do not adopt A-IRB at home. people phone reverse address business Log In Sign Up. Benjamin Robinson, III. He was reappointed to the post in 2001 and resigned from Board service on April 28, 2006. Basel II: Scope of Application in the United States: I am delighted to join you today as you gather for your Annual General Meeting of the Institute of International Bankers. The Group of Ten and other nations that subsequently adopted Basel I applied it to all their banks, but the Accord focused, and its proposed new version continues to focus, on obtaining a level playing field for cross-border banks. In what perhaps would follow naturally, we also suggest that you inform your home country supervisors about these same issues so that discussions at the AIG level will be that much more efficient. I would like to emphasize that this change in position reflects the evidence that was provided to us to supplement the evidence we gathered ourselves. From 1984 to 1997, he was an Associate and Partner at McKinsey & Company. The proposal does not offer the Basel Standardized or Foundation IRB approaches as additional alternatives. However, in reflection of supervisory concerns and judgment, we will propose that estimates of loss given default--a key risk parameter under Basel II--for CRE loans on in-place properties be based on historical loss rates during periods of high default. These "prompt corrective action" provisions play a significant role in maintaining the strong capital position of U.S. banks, above and beyond the Basel minimums. https://www.thehistorymakers.org/biography/roger-ferguson-4 Of course, foreign branches and subsidiaries of U.S. organizations will also have to comply with any special rules applied in the host country. Roger W. Ferguson, Jr. was born in Washington, D.C., in 1951. Even if larger regional banks do not formally choose to operate under Basel II for regulatory purposes, we expect they may wish to make use of the risk-management process that underlies Basel II. Indeed, the U.S. experience proves the value of enhanced supervision and greater transparency even for the smallest institution. When the U.S. authorities considered the cost-benefit ratio of requiring thousands of our banks to become subject to Basel II--presumably the standardized version--we saw the benefits as (1) only slightly more risk sensitivity in the calculation of the minimum regulatory capital requirements under the Standardized version that presumably these banks would select, and (2) more disclosure under Pillar III. Whitepages people search is the most trusted directory. Implications for the Treatment of Foreign Banks in the United States Moreover, the current activities of still other banks suggest that current trends will put them in the mandatory core group in coming years. Although our supervisory judgment still is that some of these exposures have high asset correlation, the mixed evidence does not support our position to the standard we believe necessary for applying such a distinction in the regulatory framework. We are also willing to consider methodologies that would permit foreign banks to allocate a portion of their overall operational-risk capital charge for the consolidated entity to the U.S. bank subsidiary, possibly including allocations from non-AMA approaches for a limited period of time. It is not too late to shape Basel II's final form or the way it will be implemented in this country, provided that comments are directed at the way to improve methods and procedures for obtaining the same objectives. We use cookies on this site to enhance the experience. Basel Framework. To be sure, any of these organizations can choose the Basel II requirements whenever they want, provided they meet the infrastructure prerequisites of the A-IRB and the AMA approaches to Basel II. Rally: NYCDC Carpenters at TIAA CREF Headquaters in NYC 2/12/13. The upcoming ANPR will lay out these issues in more detail, from the perspective of the United States, but we will also have to incorporate the parallel work of the AIG. Clearly U.S. supervisors see that this latter case could be burdensome for foreign banks, and we are prepared, with our colleagues on the AIG, to assist local subsidiaries in developing the inputs they need for the consolidated parent. Roger Ferguson in Virginia. In addition, some U.S. organizations engaging in a relatively small amount of cross-border activity may decide to remain on Basel I-based rules in this country. In the U.S. context, this principle means that a U.S. subsidiary of a foreign bank will eventually have to choose whether it wants to be under the A-IRB and AMA approaches of Basel II, requiring it to meet the same infrastructure prerequisites as other U.S. banks, or to remain under the current Basel I-based rules. Family will meet with friends from 9:30 A.M. to 11:00 A.M. prior to the service. Roger W. Robinson (July 22, 1909 – November 11, 2010) was an American cardiologist who served as Chief of Cardiology and Chief of Medicine at Memorial Hospital, Worcester, MA.He was the director of the Lipid Research Laboratory and served as a professor at the University of Massachusetts Medical School.He is considered a pioneer in the field of lipid and atherosclerosis research. The continuing perception of higher risks for CRE credits, despite these developments, reflects the judgment and evidence that losses on individual defaulted CRE properties increase when defaults rise. Press releases. First, their balance sheet and operational structure are relatively straightforward and do not require the sophisticated risk-management techniques of modern finance, although most of these institutions have adopted some of them, like credit scoring. Moreover, even for smaller banking organizations, considerable information is publicly disseminated--for example, through our Call Reports--and is available for counterparties. Roger has 7 jobs listed on their profile. Further, the Committee proposed in CP3 that, with certain exceptions, all Acquisition, Development, and Construction (ADC) loans on CRE properties would be on the high asset correlation function and that nations would have the option of applying in their jurisdiction that higher function to those CRE loans on in-place property that they felt met thresholds for high asset correlation. Ferguson received a BA in economics magna cum laude, a JD cum laude and a PhD in economics, all from Harvard University. The exact parameters that establish this core set of U.S. banks, those that will be required to adopt Basel II, will be released in the ANPR next month. Foreign subsidiaries of U.S. banks, of course, would be subject to whatever requirements the host country imposes on all banks operating in its jurisdiction, including Basel II requirements. He began his career as an attorney at the New York City office of Davis Polk & Wardwell. View phone numbers, addresses, public records, background check reports and possible arrest records for Rogers Ferguson. https://www.geni.com/people/Roger-Ferguson-Jr/6000000047194282952 Background Checks. Funeral services will be held at 11:00 A.M., Saturday, November 2, 2019, at the First United Methodist Church. Ferguson was born in Washington, DC. What does the proposed scope of application of Basel II in the United States mean for the treatment of foreign banks that operate subsidiaries and branches in this country? In effect, we believe that our well-capitalized standards, combined with our strong supervisory framework, will allow U.S. banks to meet any requirements for consolidated capital requirements in foreign countries and that those standards result in capital requirements at least as prudent as Basel II approaches for their home country banks. RCAP on consistency: jurisdictional assessments . At the same time, the U.S. authorities will release the first of a series of draft supervisory guidelines to assist bankers in understanding what supervisors will be expecting of U.S. banks. This category has the following 2 subcategories, out of 2 total. Corning Incorporated (NYSE: GLW) today appointed Roger W. Ferguson Jr., president and chief executive officer of TIAA, to Corning’s Board of Directors, effective April 1, 2021. View Roger Ferguson’s profile on LinkedIn, the world’s largest professional community. By: Deven Robinson; September 20, … For the United States banking authorities, Pillar II of Basel II requires nothing new. Scope of Application in the United States Nevertheless, we do want to consider elements that would allow us to meet the objectives we consider to be important while limiting any unnecessary burdens on your institutions. It would apply the most sophisticated option to the largest U.S. organizations for which better risk measurement and risk management are most critical. Please allow me to comment briefly on the treatment of capital requirements for commercial real estate (CRE) exposures. Nonetheless, we appreciate our responsibility to work with U.S. subsidiaries whose foreign bank parent will, at least initially, adopt F-IRB in their home country. Mike is survived by his loving wife, Sherri Orr Baker; step-daughters, Megan D. Orr and Kayla M. Ferguson and her husband Roger; step-son, Derek D. Prince; his strong and loving mother, Jean Baker; sister Eileen Scrivener and her husband Mitch; niece and nephew, Paige and Hunter Scrivener; and one beautiful grandson, Roger W. Ferguson III. For that matter, we anticipate continuing to accept Basel I-based calculations for such purposes if that is the approach that the home country supervisor continues to employ. Comments by BCBS. Roger Ferguson with Northwest Bands; The Jangles, Cascade Mountain Boys, Me and the Boys, and The Shoppe. FREE Background Report. We believe that the cost-benefit nexus will make this option infeasible for most of these banks in the years immediately ahead, but ultimately that decision resides with the banks themselves. That the same twenty banks also currently account for approximately two-thirds of the domestic assets of U.S. banking organization indicates their importance to our banking and financial system. Summary Such transitional approaches indicate our willingness to approach the implementation of Basel II pragmatically. It shows the willingness of the regulators to remain open-minded about the Basel II proposals, so long as comments are based on analysis and evidence and remain consistent with the objectives of Basel II. Basel II: Scope of Application in the United States. I am delighted to join you today as you gather for your Annual General Meeting of the Institute of International Bankers. FRB Transcript of the Consumer Advisory Council Meeting. I underline that not many jurisdictions outside the United States have smaller banks--those likely to move to the Standardized version if they adopt Basel II--with the capital position, the intimate supervisory review, or the existing disclosure rules of U.S. banks. Tenant Screening. The bank here will have to determine parameters for loss given default (LGD) and exposure at default (EAD) for regulatory capital requirements on its corporate exposures here and use those parameters in the risk measurement and management of the U.S. bank, whereas the parent bank will have to develop and use only probability of default (PD) estimates for such exposures at home. This proposal, the authorities believe, is consistent with a level playing field internationally in that it requires the banks that compete materially across national boundaries to be under a Basel II capital regime. The AIG is working hard to minimize those effects, and we have confidence in their ability to develop reasonable and effective solutions. In addition, U.S. supervisors expect that whichever Basel II approach a foreign bank chooses for its consolidated operations will be acceptable for allowing branch and subsidiary operations in the United States or for evaluating the financial holding company well-capitalized criteria that are applied at the consolidated level. In this instance, the U.S. subsidiary would have to meet the U.S. requirements for A-IRB and AMA, but in so doing it would be able to deliver all the necessary inputs for F-IRB at the consolidated level. Trouvez les Roger W. Ferguson Jr images et les photos d’actualités parfaites sur Getty Images. A Digression We believe that the decisions of these banks will reflect their perceptions of their self-interest from either their implied new capital charges under Basel II or the message they want to send their counterparties about their risk-management techniques. We will propose for comment the CP3 approach to ADC loans, with certain exceptions. Wikimedia Commons has media related to Clinton administration personnel. This decision is of particular interest, I would think, to this audience because it raises the risk that non-U.S. banks will be required to operate in the United States under rules that will differ from those that apply to their parent bank in their home country and affiliated banks in third countries. This movement is clearly a market trend reflective of evolving technology, growing complexity, and the understanding of modern finance. Return to text, 2. Even though the U.S. ANPR has not yet been released, the authorities have already made known their intended scope of application in this country: which banks will be required to apply Basel II, which banks may choose to adopt the new accord, and which banks may choose to remain under Basel I. The subsidiary would not be generating IRB parameter inputs for its U.S. regulatory capital requirements that could naturally feed into calculations for consolidated capital requirements for F-IRB at the home country level. Now we have arrived at the point that you all have been waiting patiently to hear. Main Registry View List » Companies with Black Directors View List » Companies withOUT Black Directors View List » We believe that this high percentage clearly signals our intent to meet our obligation to ensure cross-border competitive equality of capital regimes. These data for banks, unfortunately, were for a limited period, and additional data that recently came to our attention for other lenders for a longer period produced conflicting evidence. The principle that subsidiaries must comply with host country rules has been discussed by the AIG, and this long-held view has been widely accepted. Speeches. The evidence available to the Federal Reserve seemed to support the need in the United States for the high asset correlation function for some types of CRE loans for in-place property.