There are about ten such banks, and each one has been notified about the requirement. 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. 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. Moreover, the current activities of still other banks suggest that current trends will put them in the mandatory core group in coming years. To be clear, we are not proposing to implement either the standardized or the foundation internal-ratings-based (F-IRB) approaches within the United States. I will conclude by just noting a few highlights. The major goal of the Basel Accord of 1988 (Basel I) was to align the capital requirements of institutions that competed across national boundaries. 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. Roger Ferguson biography. Roger W. Ferguson, Jr., is President and Chief Executive Officer of TIAA-CREF, provider of retirement services in the academic, research, medical, and cultural fields and a Fortune 100 financial services organization. The most difficult problem occurs for a foreign bank that chooses F-IRB at home and chooses A-IRB here. 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. If adopted, this approach would apply equally to fully domestic U.S. banks adopting A-IRB. 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. I hope that, by the time you leave this room, you will see that such potential conflicts are more apparent than real. https://www.geni.com/people/Roger-Ferguson-Jr/6000000047194282952 Remarks by Vice Chairman Roger W. Ferguson, Jr. Before the Institute of International Bankers, New York, New York June 10, 2003. For both sets of banks, any transition measures would need to be limited in both scope and duration. Roger Ferguson in Virginia. Created with Sketch. FRB Transcript of the Consumer Advisory Council Meeting. For foreign banks operating under A-IRB and AMA on a consolidated basis under their home country rules, choosing A-IRB and AMA for their U.S. bank subsidiaries would not present any particular problems. Third, as this audience well knows, the United States for some time has had an effective Pillar II, or procedure for supervisory review and guidance. 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. He is also a member of the Boards of Trustees for the Institute for Advanced Study, Carnegie Endowment for International Peace, the New America Foundation, and Memorial Sloan-Kettering Cancer Center. Eugene Applebaum Chair in Community Engagement Wayne State University Suite 2022, 5057 Woodward Avenue Detroit, MI 48202 Phone: (313) 577-5550 Fax: (313) 577-9198 focis@wayne.edu, Forum on Contemporary Issues in Society (FOCIS). Basel III. Basel II: Scope of Application in the United States. This movement is clearly a market trend reflective of evolving technology, growing complexity, and the understanding of modern finance. From 1984 to 1997, he was an Associate and Partner at McKinsey & Company. Whitepages people search is the most trusted directory. COMPANY Retired Chairman of the Board & CEO, NetworkSolutions Inc. BOARD Humana Inc., Johnson Controls International plc . Those banks remaining under Basel I will not be subject to an explicit regulatory capital charge for operational risk. We have concluded, therefore, that the U.S. chartered banks (including subsidiaries of foreign banks) that both are large in scale and have significant foreign activities should be required to adopt Basel II. Speeches. Bluegrass Fiddle, Mandolin, and Guitar... Western Swing Fiddle and Guitar. Implications for the Treatment of Foreign Banks in the United States Funeral services will be held at 11:00 A.M., Saturday, November 2, 2019, at the First United Methodist Church. Dr. Roger W. Ferguson Jr. serves as Independent Director of the Company. About Roger W. Ferguson. Basel II, of course, is the key issue today, and given that the U.S. agencies' position on scope of application has clear implications for your banks' operations in this country, choosing Basel II and its scope of application in the United States as my topic was not difficult. Importantly, the Committee also agreed that, when countries did so, supervisors would ensure that all IRB banks--domestic and foreign--making similar loans in that jurisdiction would be subject to these definitions. Such transitional approaches indicate our willingness to approach the implementation of Basel II pragmatically. This view has been maintained despite the clearly improved underwriting and appraisal methods that followed U.S. banks' experience in the late 1980s and early 1990s and the associated changes in regulations. Return to text. We will be working with the AIG at Basel to minimize any issues that may arise because of different capital regimes for the consolidated operations of foreign banks and the choices available to their subsidiaries in the United States. Asking questions about these important management responsibilities is simply a part of appropriate supervisory oversight. We believe that this high percentage clearly signals our intent to meet our obligation to ensure cross-border competitive equality of capital regimes. Prior to joining TIAA-CREF in April 2008, Mr. Ferguson was head of financial services for Swiss Re, Chairman of Swiss Re America Holding Corporation and a member of their executive committee. Born in 1941 and died in 2009 Huntington Beach, California Roger W Ferguson 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. Federal Reserve/Flickr. Finally, banks in this country have for quite a while disclosed their capital ratios. It would apply the most sophisticated option to the largest U.S. organizations for which better risk measurement and risk management are most critical. Select the best result to find their … Read More Corning Announces Increase in Quarterly Dividend Corning Announces Increase in Quarterly Dividend . 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. Wikimedia Commons has media related to Clinton administration personnel. The U.S. agencies did not make their decisions about implementing only the most advanced versions of Basel II lightly. 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. There are 100+ professionals named "Roger Ferguson", who use LinkedIn to exchange information, ideas, and opportunities. We anticipate that these institutions, by operating under A-IRB and AMA, will also be in compliance with the regulatory capital rules of any host country in which they operate. Throughout the discussions and negotiations of Basel II, the United States has emphasized that its interest is in ensuring that banks competing in each other's countries be subject to the same capital regime. We will propose for comment the CP3 approach to ADC loans, with certain exceptions. 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). 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. 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. Still, some effort will be required, and that effort will not be costless. Larry Uhlick suggested that I might provide an overview of key trends and developments in the regulation and supervision of internationally active banks. Implementation of the Basel standards. 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. We use cookies on this site to enhance the experience. Tenant Screening. Select from premium Roger W. Ferguson of the highest quality. He was a voting member of the Federal Open Market Committee, served as Chairman of the Financial Stability Forum, and chaired Federal Reserve Board committees on banking supervision and regulation, payment system policy and reserve bank oversight. That supervisors evaluate and review banks' operations and policies and discuss their views and suggestions with bank managers has been part of our institutional framework. He was reappointed to the post in 2001 and resigned from Board service on April 28, 2006. For example, we are prepared to explore the possibility of allowing U.S. subsidiaries of foreign banks to use conservative estimates of LGD and EAD for a finite transitional period, when data are not yet available for parts of some portfolios. Our best guess is that another ten or so banks will choose Basel II capital requirements in this country in the first round. 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. The proposal does not offer the Basel Standardized or Foundation IRB approaches as additional alternatives. Vice Chairman Roger W. Ferguson, Jr. At a conference sponsored by the Securities Industry Association and the University of North Carolina School of Law, New York, New York February 20, 2001 Of course, we also want at least those banks to benefit from more-risk-sensitive capital requirements that call for more-sophisticated systems for risk measurement and management. We expect that, as time passes, additional larger banks, responding to market pressures, will opt for Basel II. In certain cases, supervisors may encourage institutions to hold additional capital for risks, such as concentrations, that the Basel I rules do not capture directly. View the profiles of professionals named "Roger Ferguson" on LinkedIn. 1. The banking agencies here are also willing to consider transition methodologies to assist foreign banks that want to use IRB here to adopt A-IRB and AMA approaches. Moreover, national treatment requires that the rules that apply to purely domestic banks will apply equally to subsidiaries of foreign banks operating in a host country. Roger Ferguson with Northwest Bands; The Jangles, Cascade Mountain Boys, Me and the Boys, and The Shoppe. Indeed, the U.S. experience proves the value of enhanced supervision and greater transparency even for the smallest institution. Growing up in Washington ’ s Northeast section, Ferguson attended a public elementary school. Other activity related to implementation. We do not intend to require the thousands of other banking organizations in the United States, including U.S. subsidiaries of foreign banks that do not meet the mandatory criteria, to adopt Basel II.1 Unless they choose to adopt Basel II, they will remain under our current regulatory capital rules, which are based on Basel I. The U.S. authorities understand, however, that some foreign banks, including those with subsidiaries here, are targeting the F-IRB approach as their preferred global starting point for Basel II. The AIG has already begun to explore and develop solutions for some of the complex issues arising from cross-border implementation. In this case, too, any foreign subsidiary of a U.S. bank would naturally have to adhere to the host country rules applied to bank subsidiaries there. It permits U.S. organizations that wish to choose the more-sophisticated approaches to do so. Mr. Ferguson is the former Vice Chairman of the Board of Governors of the U.S. Federal Reserve System. W. ROY DUNBAR. 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. Rally: NYCDC Carpenters at TIAA CREF Headquaters in NYC 2/12/13. To the extent that you have concerns about cross-border implementation issues now, we urge you to engage in discussions with U.S. supervisors and provide comments on any U.S. documents that address the issue. : Subcategories. 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. Main Registry View List » Companies with Black Directors View List » Companies withOUT Black Directors View List » He joined TIAA after his tenure at Swiss Re, a global reinsurance company, where he served as … 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. 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. U.S. supervisors will cooperate with foreign supervisors to provide any required inputs from U.S. subsidiaries of foreign banks that the home country supervisors need for their consolidated supervision. Summary 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. In part, it reflects the desire of bank management to hold buffer capital--above regulatory minimums--for the flexibility and survivability that additional capital provides for smaller banks. But it avoids additional costs and burdens on most U.S. banking organizations--those that have less pressing needs for improved risk-management techniques and already have high capital positions, are effectively subject to Pillar II supervisory oversight, and disclose considerable information. 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. 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. Moreover, even for smaller banking organizations, considerable information is publicly disseminated--for example, through our Call Reports--and is available for counterparties. 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. These well-capitalized banks account for 96.5 percent of the assets of all the U.S. banks that are not in the top twenty banks that are likely to be under Basel II. Basel Framework. Gathering the data and generating viable estimates of LGDs and EADs poses some challenges. 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. It has, of course, few implications for branches in the United States because they are not directly subject to U.S. capital requirements. Second, most of these banks already hold considerable capital: More than 93 percent of them have risk-weighted capital ratios in excess of 10 percent--fully 2 percentage points over the minimum and a capital buffer of 25 percent.2 In part, this strong capital position reflects market realities required of entities whose scale makes raising additional capital, especially under duress, very difficult and whose geographic concentrations of credit risk require greater capital support. As many of you know, the Basel Committee has established a separate subgroup to deal specifically with cross-country implementation issues. Roger W. Ferguson, Jr. and Annette L. Nazareth MILESTONE DONORS $1 million and above CONTINUED ON NEXT PAGE. By using the site, you agree to our terms. For the United States banking authorities, Pillar II of Basel II requires nothing new. Please allow me to comment briefly on the treatment of capital requirements for commercial real estate (CRE) exposures. He has served as a member of our Board of Directors since June 2016. As I have indicated, we are starting from the presumption that we intend to implement only the A-IRB and AMA alternatives of Basel II in the United States and are not eager to reverse course in that regard. There would, of course, be no significant issue for such organizations if their subsidiary banks in the United States chose A-IRB and AMA while their parent remained on F-IRB. 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. The Basel Accord Implementation Group (AIG) comprises line supervisors directly involved in the supervision of large, complex banks in member countries. 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? Trouvez les Roger W. Ferguson Jr images et les photos d’actualités parfaites sur Getty Images. 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. 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. Thus, the proposal in this country has no implications for the desirability and benefit of applying Basel II to smaller banks in other jurisdictions that might benefit significantly from the Standardized Basel II approach. 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. In line with our additional goal of improving risk-management techniques, the authorities believe that the largest, most complex, internationally active banking organizations in the United States--those that our screening criteria determine to be core banks--should be subject to the most sophisticated version of Basel II. Interment Highland Cemetery, Ottawa. All other banking organizations would remain under Basel I. As you all know, Basel II refers to the proposed new capital accord developed by the Basel Committee on Banking Supervision. Publications. 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. In exchange, smaller banks (1) would have to bear additional costs, even though they already maintain far more capital than any change in the required regulatory minimum would produce; (2) would not need, nor be required to adopt, any different risk-management techniques under the Standardized approach; (3) would benefit from no new supervisory oversight under Pillar II; and (4) already disclose considerable information. Now we have arrived at the point that you all have been waiting patiently to hear. Mr. Ferguson is a member of President Obama’s Economic Recovery Advisory Board and served on the Transition Economic Advisory Board. Contact BCBS. The committee's third consultative paper was issued for public comment about six weeks ago, and the U.S. agencies plan to issue their preliminary proposals for implementation in this country next month in an Advance Notice of Proposed Rulemaking (ANPR). We anticipate that, so long as their capital position remains strong and they present no supervisory issues, these entities will be able to continue their cross-border activities. 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. Return to text, 2. For many, but not all, U.S. supervisors, CRE exposures in general, and CRE exposures to finance certain property types in particular, are believed to involve more risk than, say, commercial and industrial (C&I) loans. As I noted, we anticipate that U.S. banking organizations that account for 99 percent of the foreign assets and two-thirds of all assets of our domestic banking system will be under the A-IRB and AMA version of Basel II and thus will be fully compliant with the letter, and certainly the spirit, of the new Basel Accord. Ferguson was born in Washington, DC. https://www.thehistorymakers.org/biography/roger-ferguson-4 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. 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. 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. Thus, for those of your institutions that finance office buildings in the United States, for example, this discussion is not purely academic. We found 10 records for Roger Ferguson in Narrows, Charlottesville and 7 other cities in Virginia. This approach, we believe, will capture some of the risk that has historically accompanied such exposures. These entities must operate under the best risk-management standards with the most risk-sensitive capital treatment. 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. But I would like to emphasize that these issues relating to Basel II are not necessarily new, since we have been dealing with differences in capital rules among countries for many years, but just perhaps more complex. We felt it was important to tailor implementation of Basel II to our own individual banking and financial environment, as other authorities will be doing for their own markets, even though it means the reconciliation of the different approaches to implementation across countries will create some complications for banking organizations. Press releases. I am delighted to join you today as you gather for your Annual General Meeting of the Institute of International Bankers. We acknowledge that some of these details still have to be clarified--exactly the task that the AIG has undertaken. Check Reputation Score for Roger Ferguson in Richland Center, WI - View Criminal & Court Records | Photos | Address, Email & Phone Number | Personal Review | $20 - $29,999 Income & Net Worth