49th Annual Conference on Bank Structure and Competition

Last Updated: 5/20/2013

May 8-10, 2013

Following the recent financial crisis, there were calls to enhance regulatory scrutiny and pursue increased stability in financial markets. Major portions of the Dodd–Frank Act emphasized financial stability and introduced procedures to achieve it through new macroprudential regulation—looking beyond the behavior of individual firms and accounting for systemic risk, knock-on effects, contagion and firm interconnectedness. To address financial stability, Dodd–Frank created the Financial Stability Oversight Council (FSOC), a collaborative body that brings together the expertise of various financial regulators and has collective accountability for identifying risks and responding to emerging threats to financial stability. One of its most important tools is the ability to designate firms as “systemically important financial institutions” (SIFIs)—firms whose behavior or stress/failure could potentially threaten market stability. Such firms will be regulated more stringently than other financial institutions with respect to capital, liquidity, leverage, debt limits, disclosures and risk management. Financial market utilities, such as payment, clearing and settlement services, may also be designated as systemically important by FSOC.

 

Efforts to identify and regulate systemically important institutions and market activities are considered by many to be the most important aspect of recent financial regulatory reform. How does the designation process work? How differentiated will regulatory scrutiny be for SIFIs? What restrictions and requirements will be imposed on financial market utilities, such as payment and settlement systems? What effect will new restrictions have on firm and market behavior and competitiveness? What effects will the SIFI designation have on the ease or difficulty of resolving these institutions should they encounter problems?

 

To address these and related issues, we brought together an impressive group of industry leaders, scholars and regulatory authorities.

 

Conference Highlights

 

  • Ben S. Bernanke, Chairman, Board of Governors of the Federal Reserve System

  • Thomas J. Curry, Comptroller of the Currency

  • Edward DeMarco, Acting Director, Federal Housing Finance Agency

  • William M. Isaac, Chairman of the Board of Directors, Fifth Third Bancorp

  • Panel of Industry Experts Addressing Regulatory issues associated with SIFIs

 

Information will be updated on this website as it becomes available. Receptions and luncheons will be provided. For additional conference information, contact Ella Dukes at (312) 322-5757 and e-mail or Sandy Schneider at (312) 322-8203 and e-mail.

 


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Ben S. Bernanke
Chairman, Board of Governors of the Federal Reserve System

Ben S. Bernanke began a second term as Chairman of the Board of Governors of the Federal Reserve System on February 1, 2010. Bernanke also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. He originally took office as Chairman on February 1, 2006, when he also began a 14-year term as a member of the Board. His second term as Chairman ends January 31, 2014, and his term as a Board member ends January 31, 2020. Read more...

 

Before his appointment as Chairman, Bernanke was Chairman of the President's Council of Economic Advisers, from June 2005 to January 2006.

Thomas J. Curry
Comptroller of the Currency

Thomas J. Curry was sworn in as the 30th Comptroller of the Currency on April 9, 2012.

 

The Comptroller of the Currency is the administrator of national banks and chief officer of the Office of the Comptroller of the Currency (OCC). The OCC supervises more than 2,000 national banks and federal savings associations and about 50 federal branches and agencies of foreign banks in the United States. These institutions comprise nearly two-thirds of the assets of the commercial banking system. The Comptroller also is a director of the Federal Deposit Insurance Corporation (FDIC) and NeighborWorks® America.

 

On April 1, 2013, Mr. Curry was named Chairman of the Federal Financial Institutions Examination Council (FFIEC) for a two-year term. Comptroller Curry is the 21st FFIEC Chairman, marking the fifth time the OCC has led the Council. Read more...

Edward DeMarco
Acting Director, Federal Housing Finance Agency

On August 25, 2009, President Obama designated Edward J. DeMarco the Acting Director of the Federal Housing Finance Agency (FHFA), the regulator of Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks effective September 1, 2009. Previously, DeMarco served as FHFA’s Chief Operating Officer and Senior Deputy Director for Housing Mission and Goals since FHFA’s inception in 2008. A career civil servant, DeMarco joined the Office of Federal Housing Enterprise Oversight (OFHEO), a predecessor agency to FHFA, in October 2006 as its Chief Operating Officer and Deputy Director.  Read more...

 

 

William M. Isaac
Senior Managing Director, FTI Consulting; Chairman of the Board of Directors, Fifth Third Bancorp; and Former Chairman, Federal Deposit Insurance Corporation

William M. Isaac is a Senior Managing Director of FTI Consulting and serves as Global Head of FTI’s financial institutions group. The financial institutions practice group provides regulatory counseling and risk management services, strategy consulting, expert testimony and corporate governance consulting for financial institutions, law firms and governments.

 

Prior to joining FTI Consulting, Isaac founded the Secura Group, a leading financial institutions consulting firm. LECG acquired the Secura Group in 2007 and Isaac remained with the financial services group at LECG through early 2011. Prior to forming Secura, Isaac headed the Federal Deposit Insurance Corporation during the banking crisis of the 1980s, serving under Presidents Carter and Reagan from 1978 through 1985. Isaac also serves as Chairman of Fifth Third Bancorp, one of the nation’s leading banking companies. Read more...


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05/08/13
7:30 AM
Registration and Continental Breakfast
8:25 AM
Welcoming Remarks
Douglas D Evanoff, Vice President and Senior Research Advisor, Federal Reserve Bank of Chicago
8:30 AM
Bank Lending and Funding Costs: Evidence from Global Banks
Moderator and Discussant
Charles M Kahn, University of Illinois at Urbana-Champaign
Victoria Ivashina, Harvard University (Presenting)
David S Scharfstein, Harvard University
Jeremy C Stein, Board of Governors of the Federal Reserve System
Viral Acharya, New York University
Gara Afonso, Federal Reserve Bank of New York
Anna Kovner, Federal Reserve Bank of New York
Ricardo Correa, Board of Governors of the Federal Reserve System
Horacio Sapriza, Board of Governors of the Federal Reserve System
Andrei Zlate, Board of Governors of the Federal Reserve System
10:00 AM
Break
10:20 AM
Credit Ratings
Moderator and Discussant
Craig Furfine, Northwestern University
  • Competition in Lending and Credit Ratings
Javed Ahmed, Board of Governors of the Federal Reserve System
Steinar Holden, University of Oslo
Gisle James Natvik, Norges Bank
Adrien Vigier, University of Oslo
  • Bank Ratings: What Determines Their Quality?
Harald Hau, University of Geneva
Sam Langfield, European Systemic Risk Board
David Marqués-Ibañez, European Central Bank
12:00 PM
Luncheon
1:20 PM
Credit Markets
Moderator and Discussant
Lamont K Black, Board of Governors of the Federal Reserve System
Justin Murfin, Yale University
Mitchell Petersen, Northwestern University
  • Dynamic Threshold Values in Earnings-Based Covenants
Ningzhong Li, University of Texas at Dallas
Florin P Vasvari, London Business School
Regina Wittenberg-Moerman, University of Chicago
Tobias Berg, Humboldt University Berlin and New York University
Anthony Saunders, New York University
Sascha Steffen, European School of Management and Technology
Ben R Craig, Deutsche Bundesbank and Federal Reserve Bank of Cleveland
Valeriya Dinger, University of Osnabrück and Leeds University
3:20 PM
Break
3:40 PM
Monetary Policy, Macroprudential Policy and Financial Stability
Moderator and Discussant
Rochelle M Edge, Board of Governors of the Federal Reserve System
Oliver de Groot, Board of Governors of the Federal Reserve System
Tobias Adrian, Federal Reserve Bank of New York
Nina Boyarchenko, Federal Reserve Bank of New York
Pedro Gete, Georgetown University
Natalie Tiernan, Georgetown University
5:15 PM
Reception

Reception ends at 7:30 p.m.

05/09/13
7:15 AM
Registration and Continental Breakfast
8:25 AM
Welcoming Remarks
Charles L Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago
8:30 AM
Keynote Address
Thomas J Curry, Comptroller of the Currency
9:15 AM
Break
9:45 AM
Theme Panel—"SIFIs:" Regulatory Issues Associated with Systemically Important Financial Institutions
Moderator
Daniel G Sullivan, Executive Vice President and Director of Research, Federal Reserve Bank of Chicago
Panelists
Amias M Gerety, Deputy Assistant Secretary, Financial Stability Oversight Council
Michael T McRaith, Director, Federal Insurance Office
H Rodgin Cohen, Partner, Sullivan & Cromwell LLP
Mary L Schapiro, Former Chairman, U.S. Securities and Exchange Commission
Steve Strongin, Global Head of Investment Research, Goldman Sachs Group
12:00 PM
Luncheon
Introduction
Gordon Werkema, First Vice President and Chief Operating Officer, Federal Reserve Bank of Chicago
Keynote Speaker
Edward DeMarco, Acting Director, Federal Housing Finance Agency
1:45 PM
GSEs and Mortgage Markets of the Future
Moderator
Spencer Krane, Senior Vice President and Senior Research Advisor, Federal Reserve Bank of Chicago
Scott Smith, Federal Housing Finance Agency
Jesse Weiher, Federal Housing Finance Agency
Patricia C Mosser, Federal Reserve Bank of New York
Joseph Tracy, Federal Reserve Bank of New York
Joshua Wright, Federal Reserve Bank of New York
  • Supervisory Stress Tests, Model Risk and Model Disclosure: Lessons from OFHEO
W Scott Frame, University of North Carolina – Charlotte and Federal Reserve Bank of Atlanta
Kristopher Gerardi, Federal Reserve Bank of Atlanta
Paul Willen, Federal Reserve Bank of Boston
3:15 PM
Break
3:35 PM
Analysis of Systemically Important Financial Sectors
Moderator
Diana Hancock, Deputy Associate Director, Board of Governors of the Federal Reserve System
Panelists
Matthew Eichner, Board of Governors of the Federal Reserve System
Arthur J Murton, Federal Deposit Insurance Corporation
Anna Paulson, Federal Reserve Bank of Chicago
Richard Rosen, Federal Reserve Bank of Chicago
Jeff J Stehm, Board of Governors of the Federal Reserve System
5:15 PM
Reception

Reception ends at 7:30 p.m.

05/10/13
7:30 AM
Continental Breakfast
8:25 AM
Introductory Remarks
Charles L Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago
8:30 AM
Keynote Address
Ben Bernanke, Chairman, Board of Governors of the Federal Reserve System
9:15 AM
Break
9:45 AM
Mortgage Market Developments
Moderator
David Marshall, Senior Vice President, Associate Director of Research and Director of Financial Markets, Federal Reserve Bank of Chicago
Andreas Fuster, Federal Reserve Bank of New York
James Vickery, Federal Reserve Bank of New York
Paul Calem, Federal Reserve Bank of Philadelphia
Julapa Jagtiani, Federal Reserve Bank of Philadelphia
William W Lang, Federal Reserve Bank of Philadelphia
  • Estimates of the Size and Source of Price Declines Due to Nearby Foreclosures
Elliot Anenberg, Board of Governors of the Federal Reserve System
Edward Kung, University of California Los Angeles
  • Moving to a Job: The Role of Home Equity, Debt and Access to Credit
Yuliya Demyanyk, Federal Reserve Bank of Cleveland
Dmytro Hryshko, University of Alberta
María José Luengo-Prado, Northeastern University
Bent E Sørensen, University of Houston
11:50 AM
Luncheon
Introduction
Daniel G Sullivan, Executive Vice President and Director of Research, Federal Reserve Bank of Chicago
Keynote Speaker
William M Isaac, Senior Managing Director, FTI Consulting; Chairman of the Board of Directors, Fifth Third Bancorp; and Former Chairman, Federal Deposit Insurance Corporation
1:40 PM
The Response of Banks to Central Bank Programs
Moderator
Amit Seru, Associate Professor of Finance, University of Chicago
Viral Acharya, New York University
Sascha Steffen, European School of Management and Technology
  • Who Borrows from the Lender of Last Resort?
Itamar Drechsler, New York University
Thomas Drechsel, London School of Economics
David Marques-Ibanez, European Central Bank
Philipp Schnabl, New York University
Allen N Berger, University of South Carolina
Raluca A Roman, University of South Carolina
3:30 PM
Adjourn

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Hotel and Area Information

JW Marriott
151 W Adams St
Chicago ,  IL   60603
(312) 660-8200

Rate: $273 plus tax.

Reservations: To make reservations online, please use the website link above. For questions or assistance with your hotel reservation, please call (877) 303-0104. If calling, please mention the Bank Structure Conference.

 

Note: Reservation deadline is extended to Friday, April 19. Please be sure to make your hotel reservation by this date to ensure you receive the conference sleeping room rate.

 

Encounter a landmark downtown Chicago luxury hotel and experience the renowned architecture of Daniel Burnham and his vision for a luxury hotel in Chicago. Located at LaSalle and Adams, this luxury hotel soars above skyscrapers in the heart of one of the world's most powerful financial districts. With a $396 million restoration, the historic JW luxury hotel exudes Burnham's refined style combined with 21st century sensibility, providing downtown Chicago with a one-of-a-kind authentic destination. Unwind in 610 luxury sleeping rooms or rejuvenate body and mind inside our world-class 20,000 sq. ft. spa and wellness center. Enjoy breakfast, lunch or dinner at the Florentine restaurant, featuring Italian-American Fare. The lobby lounge offers $5 appetizers between 5 p.m. and 7 p.m. As the epitome of refined elegance, the JW Marriott luxury hotel in downtown Chicago provides stunning domed-ceiling ballrooms and meeting venues for corporate gatherings or extravagant weddings and social soirees. Discover Daniel Burnham's foundation of excellence at the JW Marriott Chicago, and experience a premier luxury hotel in Chicago.


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A Brief History of the Conference

Since the early 1960s the Federal Reserve Bank of Chicago’s Conference on Bank Structure and Competition has served as a forum for academics, regulators and industry participants to debate current issues affecting the financial services industry. Each year the purpose of the conference is to continue that tradition. This retrospective on the history and evolution of the conference reviews the past four decades of conferences.

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