Insight
FRB & FDIC resolution plans; SEC adopts rule amendments/guidance package; New DOJ Export Controls and Sanctions Enforcement Policy
Key Highlights
- The FRB and FDIC found no “deficiencies” in resolution plans of the eight largest banking entities but did find “shortcomings” for six entities.
- The SEC adopted a package of rule amendments, guidance, and a related order addressing the regulatory framework for cross-border security-based swaps. The adoption of this package triggers the compliance date for security-based swap entities to register with the Commission.
- DOJ announced a new Export Controls and Sanctions Enforcement Policy that clarifies the benefits of voluntary self-disclosure of related violations as well as consequences of not reporting.
Financial services regulatory and policy news
Banking
- FRB, FDIC found no "deficiencies" in resolution plans but "shortcomings" for six entities
FRB, FDIC, December 17, 2019 - FRB extended the comment period on capital requirements for certain insurance holding companies
FRB, December 13, 2019 - FRB Governor Brainard provided update on challenges of digital currencies and stablecoins
FRB, December 18, 2019 - FRB announced "fintech innovation office hours"
FRB, December 17, 2019 - FRB published its Consumer Compliance Supervision Bulletin with observations on fintech technology
FRB, December 17 2019 - FRB, OCC, FDIC announced availability of 2018 small business, small farm, and community development lending data
OCC, December 16, 2019 - NY FRB published its Credit Access Survey showing slight increase in mortgage application and approval rates
New York Federal Reserve Bank, December 16, 2019
Capital Markets
- SEC adopted a package of rule amendments, guidance, and a related order related to the regulatory framework for cross-border security-based swaps
SEC, December 18, 2019 - SEC approved rules requiring risk mitigation techniques for uncleared security-based swaps
SEC, December 18, 2019 - SEC proposed revisions to the definition of "accredited investor" to increase access
SEC, December 18, 2019 - SEC proposed disclosure rules for commercial development of oil, natural gas, or minerals
SEC, December 18, 2019 - Three CFTC divisions announced no-action relief for LIBOR transition
CFTC, December 18, 2019 - IOSCO consulted on measures to reduce conflicts of interest in debt capital raising
International Organization of Securities Commissions, December 16, 2019 - IOSCO launched framework for monitoring leverage in funds that may pose stability risks
International Organization of Securities Commissions, December 13, 2019
Other
- DOJ announced new Export Controls and Sanctions Enforcement policy with added clarity on voluntary self-disclosure
Department of Justice, December 13, 2019 - House passed the SECURE Act as part of an appropriations bill; changes retirement savings for workers
CNBC, December 17, 2019 - FHFA proposed increasing its stress test threshold to $250 billion and exempting FHLBs
FHFA, Federal Register, December 16, 2019
Industry news
- COSO issues blueprint for managing cyber risks of digital age
WSJ, December 17, 2019 - Proposed reclassification of brokered deposits could help tech firms advance into banking
WSJ, December 15, 2019 - Venmo Glitch Opens Window on War Between Banks, Fintech Firms
WSJ, December 14, 2019 - Banks’ Demand for Fed Liquidity Softens After Some Modest Short-Term Rate Pressure
WSJ, December 18, 2019
