The Federal Reserve published what it said will be the first of many staff manuals its examiners will use when supervising the largest and most complex banks on Dec. 18.
According to the agency, the aim of the manuals is to provide increased transparency to the public about the supervision of these banks. The Fed expects to release several similar staff manuals early next year.
“For many years, I have sought the public release of the Fed's large bank supervision manuals,” Fed Vice Chair for Supervision Michelle Bowman said in a press release. “I am pleased to announce their release. This is another step in our efforts to improve transparency and public accountability for bank supervision. By enhancing our supervisory transparency, we are holding ourselves to high standards and ensuring that we execute our responsibilities appropriately and fairly.”
The new manual has not yet been amended to reflect the recent name change of the Fed’s program for the largest and most complex banks from Large Institution Supervision Coordinating Committee (LISCC) to Global Systemically Important Bank (GSIB), the Fed noted. It also has not been amended to reflect the statement of supervisory operating principles that was released by the Fed in November. The agency plans to release an updated version of the manual when those amendments have been implemented.
The Fed also plans to release manuals for the large bank operating committee, capital and liquidity planning, recovery and resolution planning, the large bank rating program, enforcement actions and the large bank risk identification system early this year.
These manuals are currently used by supervisory staff but have been modified to redact any confidential supervisory information.