The CFTC approved final amendments clarifying chief compliance officer (CCO) duties and simplifying the CCO annual report content and submission requirements for futures commission merchants, swap dealers, and major swap participants as part of an effort to synchronize certain CFTC regulations with comparable SEC regulations.
The CFTC approved a proposed rule that would exempt from the clearing requirement swaps entered into by certain community development financial institutions and by BHCs and SLHCs with $10 billion or less in consolidated assets.
The SEC adopted amendments to the disclosure requirements under Rule 15c2-12 of the Securities Exchange Act to require issuers of municipal securities to provide the MMSRB with notice of material financial obligations that could impact their liquidity, overall creditworthiness, or an existing security holder’s rights.
Pursuant to EGRRCPA, the Federal Reserve, FDIC, and OCC jointly issued interim final rules to:
News reports indicate that enforcement actions against banks increased 63 percent in the second quarter of 2018 compared with the year-earlier period; regulators are expected to continue close monitoring of issues related to money laundering, fair lending, and the Community Reinvestment Act. (American Banker 08/22)
CFTC Commissioner Brian Quintenz expressed support for self-regulation of virtual commodities. His remarks responded to the launch of the Virtual Commodities Association, a group comprised of cryptocurrency exchanges and custodians that will reportedly function as an SRO. (Forbes, WSJ 08/20)
The CFPB issued a blog post highlighting new security clearance guidelines under which the Department of Defense will "continuously" monitor the financial status of service members with security clearances.
The CFPB released its latest quarterly consumer credit trends report, which focuses on industry practices in the collection of telecommunications-debt collections and reporting to nationwide consumer reporting agencies.
The NYDFS launched an online registration form for credit reporting agencies to comply with the DFS regulation requiring credit reporting agencies with significant New York operations to register by September 15, 2018; these entities must also comply with the NYDFS cybersecurity rule beginning November 1, 2018.