Final revisions to the Volcker Rule; FRB considering imposing Countercyclical Capital Buffer; Recent attention to diversity.
An SEC Risk Alert highlights compliance issues observed during examinations of investment advisers that employ individuals with disciplinary events.
New York State Governor signs the SHIELD Act, which expands data breach notification requirements.
Market participants are reviewing FTC privacy enforcement requirements, including the creation of a board-level privacy committee, designation of privacy compliance officers, and certification by the CEO.
The Antitrust Division of the Department of Justice has announced it is reviewing whether “market-leading online platforms” are engaging in practices that may have “reduced competition, stifled innovation, and otherwise harmed consumers.”
Five regulatory agencies (FRB, OCC, FDIC, SEC, and CFTC) are expected to release final revisions to the Volcker Rule as early as next week. The revisions reportedly include a new definition of “proprietary trading” and revisions that include loosened restrictions on banks investing their own money in private equity and hedge funds.
FRB is considering imposing the Countercyclical Capital Buffer to increase capital requirements for large banking organizations as an offset to potential losses from elevated risk; the buffer would be reduced when economic conditions deteriorate to support lending and broader economic activity.
Recent attention to diversity, including a Congressional data study at megabanks, a FRBNY report finding disparities in small business credit, and a NCUA focus on minority depository institutions.