FDIC seeks input on approaches to tailor resolution planning; CFPB to release proposed rule on debt collection.
Financial services legislative and regulatory news
The FDIC released an advanced notice of proposed rulemaking on new approaches to its resolution planning requirement for insured depository institutions.
The CFPB will soon release a proposed rule to implement the Fair Debt Collection Practices Act, and will initiate a public symposia series on a variety of topics, focusing first on clarifying “abusive acts or practices.”
The federal banking agencies proposed amendments to the supplementary leverage ratio that would impact U.S. banking organizations predominantly engaged in custodial activities.
The California legislature is slated to revisit the CCPA (California Consumer Privacy Act) during its April 23 session.
New Jersey Bureau of Securities has proposed a rule that would impose a fiduciary duty on all financial professionals registered with that Bureau when providing investment advice. Several other states have taken similar action. (WSJ)
Financial services policy news
The SEC’s Office of Compliance Inspections and Examinations issued a Risk Alert on Regulation S-P, Privacy Notices and Safeguard Policies.
The IMF’s Global Financial Stability Report (April 2019) finds that 90 percent of U.S. leveraged loans are made by nonbanks. Separately, an SEC Commissioner stated that Congress should “make clear” which agency should oversee the leveraged lending market. (Pension & Investments)