Amy S. Matsuo
National Leader, Regulatory Insights, KPMG US
The Federal Reserve has taken actions related to stress testing, including:
The CFPB released:
The final compliance date for the New York Department of Financial Services’ cybersecurity rule is March 1, 2019.
The House Financial Services Committee Chair has released a schedule for February that includes hearings on banking services for cannabis-related businesses, affordable housing, credit reporting oversight, and diversity trends.
The Senate Banking Committee Chair released an outline for housing finance reform legislation.
BB&T Corp. and SunTrust Banks Inc. announced plans to merge; the resulting entity, which would be the sixth-largest U.S. bank in terms of assets and deposits, will be based in Charlotte, NC and operate under a new name. (WSJ)
Federal Reserve Governor Brainard outlined learnings from research forums and other outreach efforts related to the Community Reinvestment Act, highlighting support for the CRA and input on certain reforms, such as tailoring to asset size and business models and increased consistency in evaluations and ratings.
The FSB published its annual report on Non-Bank Financial Intermediation, covering data through the end of 2017 in 29 jurisdictions and focusing on “bank-like financial stability risks.”