HOW SHOULD REGULATION ADAPT AS BIG TECH INCREASINGLY ENTERS BANKING? The International Banking Federation (IBFed) and Oliver Wyman published their joint report titled “Big Banks, Bigger Techs How policy-makers could respond to a probable discontinuity”. The report shows how authorities worldwide face the difficult challenge of ensuring that regulation and supervision protects consumers and systemic stability while capturing the benefits of innovation and competition. IBFed and Oliver Wyman asked a broad range of industry participants and policymakers across most major markets about their current views and what they viewed as challenges for the future. The markets included the UK, the EU, the US, Australia, Brazil, Canada, China, India, Japan, South Korea… Read More
Continue ReadingA letter on targeted temporary prudential measures related to the COVID-19 crisis
As financial policymakers and international standard setters are discussing international policy responses to the COVID-19, the IBFed is keen to share its comments, representing the banking industry across the world. The IBFed addressed a letter to the GHOS and the Basel Committee commenting upon targeted temporary prudential measures related to the COVID-19 crisis. IBFed Letter to GHOS and BCBS
Continue ReadingJoint letter on tax challenges due to COVID-19
COVID-19 is significantly affecting the ability of crossborder portfolio investors to access withholding tax relief they are entitled to. The IBFed has been co-signing a letter drafted under the leadership of the European Banking Federation, asking the OECD and the European Commission to promote the adoption of recommendations aiming at preventing these issues, by as many tax administrations around the world as possible. Joint letter on withholding challenges_20April2020
Continue ReadingRob Nichols elected IBFed Chairman
The International Banking Federation (IBFed) has elected American Bankers Association President and CEO Rob Nichols as its chairman for a two-year term that runs through January 2022. The IBFed is an international organization whose members include the national banking trade associations representing every major financial center. As chairman of the organization, Nichols will work with IBFed members to develop international consensus on critical issues affecting financial institutions across the globe. In full consultation with IBFed members, the chairman develops the agenda and chairs consultations that embrace the global diversity of banks and those they serve, promoting industry unity on efforts to expand services to meet evolving customer needs, promote coordinated standards of prudential supervision and… Read More
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