Financial services legislative and regulatory news
The federal banking agencies:
FASB rejected a proposal from regional banks to modify CECL provisions.
The Federal Reserve:
The CFPB published the 2018 HMDA Modified Loan Application Registers and will publish a loan level dataset, aggregate and disclosure reports, and trends analyses later this year.
FINRA proposes to expand the collection and dissemination of new-issue reference data for corporate bonds.
The House Financial Services Committee conducted hearings on the Fair Housing Act, affordable housing, and public company executives’ accountability; the Committee will conduct a hearing on the Community Reinvestment Act next week. The Senate Banking Committee heard testimony on asset managers and environmental, social, and governance (ESG) principles.
Ongoing attention to retirement-related issues: a bill to increase the minimum age for required distributions passed out of a House committee and a companion bill was introduced in the Senate.
Financial services policy news
The Senate confirmed Mark Calabria to a five-year term as Director of the Federal Housing Finance Agency.
Allison Lee was nominated to serve on the SEC; Michelle Bowman has been nominated for reappointment to the Fed Board.
Maryann Kennedy has been named the OCC’s senior deputy comptroller for large-bank supervision.
The SEC published a framework for analyzing digital assets.
The OCC Comptroller and FDIC chair indicated support for interagency action on small-dollar lending and completion of CRA reforms. (American Banker)