The President signed into law a bill that extends the federal flood insurance program until November 30, 2019. The bill passed out of the Senate on July 31 and passed out of the House on July 25.
SEC Commissioner Hester M. Peirce discussed the SEC's proposed "Regulation Best Interest" standard of care for investment advisors to retail investors and how it differs from the "fiduciary duty" standard. The comment period on the proposed rule closes August 7, 2018.
The SEC approved a proposed rule change to establish a new FINRA Trade Reporting Facility in conjunction with Nasdaq.
The Treasury released its report on "Nonbank Financials, Fintech, and Innovation," providing recommendations to promote innovation, account for new FinTech-enable business models, and address the aggregation, sharing, and use of consumer financial data.
The OCC announced a decision to begin accepting applications for special purpose national bank charters from non-depository FinTech companies "engaged in the business of banking." The OCC released a policy statement and a supplement to its Licensing Manual along with the announcement.
The Conference of State Bank Supervisors issued a statement criticizing the Treasury and OCC measures; the NYDFS also criticized the measures.
FINRA requested comment by October 12, 2018 on how it can support FinTech innovation in the broker-dealer industry consistent with its mission of investor protection and market integrity.
FINRA announced that it has completed setting up the new structure of its Department of Enforcement, which now unifies the two previously distinct enforcement teams; the new structure is designed to ensure more consistent decision-making and outcomes.