IMF Financial Sector Assessment Program (FSAP) Review of the United States

The FSAP is a joint IMF-World Bank program that began in 1999 following the financial crisis in Asia.

The FSAP provides an integrated analysis of financial stability and development issues, and generally includes financial sector analysis, stress testing, and an assessment of the observance and implementation of international standards and codes. 

29 major jurisdictions selected by the IMF undergo an FSAP review every five years. Like other Financial Stability Board members, the United States has committed to publishing FSAP documents. The last review concluded in July 2020.

United States FSAP Documents

As one of 29 systemically important jurisdictions selected by the IMF, the United States undergoes an FSAP review every five years.

 
Documents for the U.S. FSAP reviews:

2020 FSAP

2015 FSAP

2010 FSAP

The FSAP process generates a number of useful documents:

  • Self-Assessments – the U.S. agency perspective on how U.S. regulation and supervision meets international standards. 
  • Detailed Assessment Reports (DAR) – the IMF view of U.S. agency compliance with international standards. 
  • Technical Notes – the IMF perspective on specific financial system aspects.  There is one technical note for each subject reviewed.
  • Financial System Stability Assessment (FSSA) – the IMF perspective on financial stability issues of macro-economic significance. 

 

Criteria for Determining the Key Standards

The FSB applied the following criteria for determining the list of key standards for sound financial systems:

  • relevant and critical for a stable, robust, and well-functioning financial system (including in light of the lessons from the recent financial crisis), in order to impart a sense of prioritization in implementation;
  • universal in their applicability, by covering areas that are important in nearly all jurisdictions;
  • flexible in implementation, by being general enough to take into account different country circumstances;
  • broadly endorsed - namely, that such standards should have been issued by an internationally recognized body in the relevant area in extensive consultation with relevant stakeholders. To satisfy this criterion, the standard should preferably undergo a public consultation process. This criterion would also be satisfied when the standard-setting body has wide representation, or when the standard has been endorsed by International Financial Institutions (IFIs), such as the IMF and the World Bank; and
  • assessable by national authorities or by third parties such as IFIs.

 

Area Standard Issuing Body

Macroeconomic Policy and Data Transparency

Monetary and financial policy transparency

Code of Good Practices on Transparency in Monetary and Financial Policies

IMF

Fiscal policy transparency

Code of Good Practices on Fiscal Transparency

IMF

Data dissemination

Special Data Dissemination Standard /
General Data Dissemination System

IMF

Financial Regulation and Supervision

Banking supervision

Core Principles for Effective Banking Supervision

BCBS

Securities regulation

Objectives and Principles of Securities Regulation

IOSCO

Insurance supervision

Insurance Core Principles

IAIS

Institutional and Market Infrastructure

Crisis resolution and deposit insurance

Core Principles for Effective Deposit Insurance Systems

BCBS/IADI

Crisis Resolution Key Attributes of Effective Resolution Regimes For Financial Institutions 
 

FSB

Insolvency

Insolvency and Creditor Rights

World Bank

Corporate governance

Principles of Corporate Governance

OECD

Accounting and Auditing

International Financial Reporting Standards (IFRS)
International Standards on Auditing (ISA)

IASB
IAASB

Payment, clearing and settlement

Principles for Financial Market Infrastructures

CPSS/IOSCO

Market integrity

FATF Recommendations on Combating Money Laundering and the Financing of Terrorism & Proliferation

FATF

United States 2020 FSAP Documents

Standards Assessments

IMF Financial System Stability Assessment

IMF Technical Notes

United States 2015 FSAP Documents

Standards Assessments

IMF Financial System Stability Assessment

Financial System Stability Assessment ​

IMF Technical Notes

 

United States 2010 FSAP Documents

Standards Assessments

IMF Financial System Stability Assessment

IMF Technical Notes