Amy S. Matsuo
National Leader, Regulatory Insights, KPMG US
Insight
Agencies passed rules easing regulatory requirements for small banks; SEC & FINRA issued statements promoting investor protections
Key highlights
- Agencies passed final rules easing regulatory requirements for small banks, including one simplifying certain capital rules for “non-advanced approaches” banks and another exempting community banks from the Volcker Rule.
- SEC and FINRA issued statements promoting investor protections in the context of settlements and investigations, respectively.
Financial services legislative and regulatory news
Federal banking agencies:
- Simplified capital rules for “non-advanced approaches” banks targeting mortgage servicing assets, deferred tax assets, and minority interests
- FRB, OCC, FDIC, SEC, and CFTC exempt community banks from Volcker Rule
SEC:
- SEC and CFTC propose to align margin requirements for security futures with similar financial products
- SEC and FINRA statement on broker dealer custody of digital asset securities
- Statement on settlement offers
FINRA:
- New guidance on credit for extraordinary cooperation in investigations
- New margin requirements for exchange-traded notes and related options
- Proposed rule change for OATS recording and reporting exemptions
Federal Reserve:
- Stress tests: Powell says they must evolve; Quarles says they should be more transparent and less volatile
- Staff paper: The Effects of Bank Capital Buffers on Bank Lending and Firm Activity: What Can We Learn from Five Years of Stress-Test Results?
- Quarles expects the Federal Reserve to advance bank rules easing large bank capital and liquidity requirements and portions of the Volcker Rule revisions this fall – Reuters, July 12, 2019
CFPB:
Congress:
- Hearings on Facebook’s cryptocurrency project: Senate Banking Committee for July 16 and House FS Committee for July 17
- House passed seven FS Bills, including Whistleblower protections; House FS Committee passed ten bills, including bills addressing credit reporting and diversity and inclusion
Banking and Cannabis:
- How Nevada plans to solve the marijuana banking problem, Governing.com, July 12, 2019
- California cannabis banking bill moves closer to governor’s desk - North Bay Business Journal, July 9, 2019
Financial services policy news
Treasury statement on developments in U.S.-EU Financial Regulatory Reform
FSB:
BIS:
