In this issue....
The NYDFS filed a lawsuit to block the OCC's issuance of a national special-purpose bank charter for fintech firms.
The Federal Reserve, FDIC, and OCC proposed a rule to modify the agencies' capital rules for high volatility commercial real estate exposures, as required by EGRRRCPA.
FINRA amended its arbitration rules to provide an option for an additional hearing in arbitration with claims of $50,000 or less.
FINRA issued a notice highlighting the SEC's recent guidance regarding the use of third-party recordkeeping services to preserve records.
The House Financial Services Committee approved 12 bills affecting financial services firms.
A Senate Banking Committee hearing on fintech discussed issues around data privacy, consumer protection, and regulation.
The NY Department of Financial Services filed a lawsuit to block the OCC's issuance of a national special-purpose bank charter for fintech firms and issued a statement denouncing the charter. Comptroller Otting published an opinion article defending the OCC’s decision to offer the charter. (American Banker 09/18)
The CFTC signed a cooperation arrangement with the Monetary Authority of Singapore to share information on fintech market trends and developments.
The CFPB's Office of Innovation proposed a "disclosure sandbox" to encourage fintech companies to test new disclosures.
CFTC Commissioner Brian Quintenz discussed the importance of transparency in the derivatives market through data reporting, clearing, and margin requirements.
SEC Commissioner Robert Jackson called for increased oversight of stock exchanges, citing conflicts of interest in market operators and higher costs to investors.
The FDIC released the results of its annual survey of branch office deposits for all FDIC-insured institutions.
The OCC issued an updated booklet in the Comptroller’s Handbook covering “Deposit-Related Credit,” including check credit, overdraft protection, and deposit advance products.
The CFPB issued a new report on the geographic patterns of consumers without a credit history.
The IOSCO published guidance to help regulators address conflicts of interest and associated misconduct risks that may arise during the equity capital raising process.
The IOSCO issued a report providing toolkits for regulators to consider increase protection of retail investors in the marketing and sale of over-the-counter leveraged products.
The BIS Markets Committee issued a report on monitoring fast-paced electronic markets that analyzes major developments in market structure and their implications for central banks.