The NY Department of Financial Services approved two new virtual currency products that will be tied to the U.S. dollar and referred to as “stablecoin.” The issuing companies have limited purpose trust charters from NYDFS and will be subject to supervision and examination.
The Federal Reserve approved final amendments to the liability provisions of Regulation CC addressing substitute, or electronic, checks.
Pursuant to EGRRCPA:
The House of Representatives passed:
The Federal Reserve, CFPB, FDIC, NCUA, and OCC clarified that supervisory guidance is not law and does not guide enforcement actions but can outline supervisory expectations, priorities, and general views.
The SEC reiterated its “longstanding position” that all staff statements and documents are nonbinding and create no enforceable legal rights or obligations of the Commission or other parties.
The CFTC Chair discussed the agency's updated approach to cross-border swaps and the objectives of increasing cooperation with global regulators; rationalizing regulations; reducing market fragmentation; and fostering liquidity pools.
FINRA issued a report on regulatory technology (RegTech) in the securities industry, identifying five areas where industry participants have most prominently leveraged RegTech innovations.
FINRA proposed to expand the summary firm data related to over-the-counter equity trading volume data published on its website.
The SEC announced that it will end the quoting and trading requirements of the two-year Tick Size Pilot on September 28, 2018; the pilot program expires October 2, 2018.
The Federal Reserve published a paper proposing a new method for using interbank lending and stock market returns to measure bank asset holdings for systemic risk monitoring.