In this issue....
FINRA published its second annual report on examination findings, highlighting observations related to “suitability for retail customers," “fixed income mark-up disclosure,” “reasonable diligence for private placements,” and “abuse of authority.”
The CFTC requested industry input and feedback to inform its understanding of the technology, opportunities, risks, mechanics, and markets for virtual currencies.
The FTC requested comment on whether to modify the Red Flags Rule and the Card Issuers Rule, which set forth requirements related to the detection of identity theft.
The FDIC will consider a final rule on the Current Expected Credit Losses (CECL) Methodology for the Regulatory Capital Rule at its upcoming meeting on December 18. Witnesses before a House Financial Services Subcommittee expressed differing views about the potential impact of CECL on financial institutions and the economy.
The CFPB proposed revisions to its Policy on No-Action Letters to streamline application and review processes as well as promote innovation through a new “BCFP Product Sandbox” that would include no-action relief plus approvals and exemptions by order.
The U.S. Department of the Treasury and the Office of the U.S. Trade Representative finalized the U.S.-UK Covered Agreement on prudential measures for insurance and reinsurance.
Fed Governor Lael Brainard outlined the Federal Reserve's efforts to assess the stability of the financial system and discussed the advantages in using the countercyclical capital buffer to build additional resilience.
The FDIC requested comment on ways to develop a more streamlined deposit insurance application process.
The GAO released a report of expert views on the GSIBs’ controls in place to facilitate orderly resolution in bankruptcy, mitigating obstacles and further strategies needed.
Kathy Kraninger was sworn in as Director of the CFPB.
Representative Maxine Waters was nominated to lead the House Financial Services Committee in the 116th Congress.
Mark Calabria was nominated as Director of the FHFA for a five-year term.
Heath P. Tarbert was nominated as Commissioner and Chair of the CFTC for a five-year term beginning April 14, 2019.