In this issue....
Fed Vice Chairman for Supervision Randal K. Quarles discussedinsurance supervision, the international insurance standard-setting process, and the Federal Reserve's forthcoming proposal on insurance holding company capital requirements.
The Federal Reserve proposed to amend its stress testing rules to raise the asset threshold to $250 billion, change the testing frequency, and reduce the number of scenarios to two in accordance with the EGRRCPA; the OCC and FDIC have similar proposals.
House Financial Services Committee Chairwoman Maxine Waters proposed a new subcommittee focused on financial inclusion and diversity. (American Banker).
The NY Fed released a blog post noting that operational risk accounts for more than a quarter of financial institutions’ regulatory capital.
The California Department of Justice held the first of six public forums on rulemaking for the California Consumer Protection Act, the state's new data privacy law.
The Treasury Secretary issued a statement commending the efforts of mortgage lenders, servicers, and other financial institutions to assist individuals experiencing financial hardship because of the partial government shutdown.
The Federal Reserve announced the 2019 appointments of the chairs and deputy chairs of the Federal Reserve Banks.
Nellie Liang withdrew her nomination to serve on the Federal Reserve Board of Governors (Reuters), and Michael Bright withdrew his nomination as President of Ginnie Mae.
The OCC filed a motion to dismiss the Conference of State Bank Supervisors' lawsuit challenging the OCC's authority to issue a fintech charter. (American Banker)
The New York Fed released a statement summarizing its practices for handling confidential information about trading activity or positions of a market participant or its counterparties.
New York Governor Andrew Cuomo nominated Linda Lacewell to be Superintendent of the NY Department of Financial Services, replacing Maria Vullo on February 1.
The BIS released a survey on digital currency showing that most central banks are researching "central bank digital currency" but very few intend to issue a digital currency in the "short to medium term."
The BIS released a paper on financial cooperatives (member owned and operated organizations) that discusses increased concentration risks and governance and resolution challenges.
FINRA updated the Supplemental Statement of Income (SSOI) to conform to SEC amendments updating certain FOCUS reporting requirements.