Insight
Final rules amending the Volcker Rule; Proposed amendments under the FHA Arct; Proposed delay of an effective date under CECL.
Key highlights
- Final rules amending the Volcker Rule were approved by multiple agencies. Key changes include the tailoring of compliance requirements, modifications to the short-term intent prong, and amendments to the trading account definition.
- HUD proposed amendments to the disparate impact standard under the FHA Act, shifting the burden of proof to the plaintiff (consumers).
- FASB proposed to delay the effective date of CECL for private organizations and certain public companies and organizations.
Financial services regulatory and policy news
Banking
- FDIC and OCC approve final rule amending the Volcker Rule
FDIC, OCC, August 20, 2019 - FDIC proposes interest rate restrictions for Less-Than-Well-Capitalized institutions
- FDIC, August 20, 2019
- FDIC proposal would amend the application of small bank deposit insurance assessment credits and one-time assessment credits
FDIC, August 20, 2019 - CFPB appoints Ombudsman to focus on private education loans
CFPB, August 16, 2019 - Bank Regulator Pitches Low-Income Lending Rule Changes (OCC re: CRA)
WSJ, August 20, 2019
Capital Markets
- SEC clarifies Investment Adviser proxy voting responsibilities and application of proxy rules to voting advice
SEC, August 21, 2019
Other
- FASB proposes to delay the effective dates of CECL, lease, and hedging standards for Private and certain Public Companies and Organizations
FASB, August 15, 2019 - New Illinois law authorizes state to certify and post information about low-cost banking options
Crain’s Chicago Business, August 19, 2019 - FinCEN issues advisory alert to the financial sector regarding fentanyl trafficking financing schemes
Treasury, FinCEN, August 21, 2019
Industry news
- Facebook’s Libra Bets It Can Bank the Unbanked
WSJ, August 22, 2019 - Fannie and Freddie Plan Is Likely Released Next Month
WSJ, August 22, 2019 - Praise and scorn for California's new business loan disclosure plan
American Banker, August 18, 2019 - Deadline Looms for U.S. Employers to Report Pay for Women, Minorities (EEOC reporting)
WSJ, August 19, 2019 - As AI use grows, businesses are adding new systems and executives to help meet ethical and regulatory requirements
WSJ Pro, August 20, 2019 - Mortgage Market Reopens to Risky Borrowers
WSJ, August 21, 2019 - States to Move Forward With Antitrust Probe of Big Tech Firms
WSJ, August 20, 2019 - Apple Card is now available to everyone in the US (co-branded with Goldman Sachs)
CNBC, August 20, 2019
