In April 2013, the Federal Reserve Bank of New York (FRBNY) defined a range of capabilities critical to the operational resilience and contingency planning of large financial institutions and to the resiliency of the financial system as a whole.
Specifically, FRBNY identified the requirement of a large money center bank to have the capability to provide Material Legal Agreements (MLAs) or Key Agreements by Material Legal Entity (MLE) including parties to the agreement and key terms and interdependencies to support the search and retrieval of legal agreements on a timely basis.
New Fed regulations for Regulating Systemically Important Financial Institutions could effectively force “re-litigation” of a myriad of issues that have already been decided by the primary regulators. This is particularly more worrisome for SIFIs, given increased regulatory scrutiny. Learn more how Digital Risk can help your company address these issues.