Insight
Public comment on delay of implementation of CECL; Agency focus on transition away from LIBOR; FDIC finalized Part 370 rule amendments.
Key highlights
- FASB agreed to seek public comment on a proposal to delay implementation of the Current Expected Credit Loss (CECL) accounting standard for small public lenders, private lenders, and nonprofit lenders.
- Agencies are focusing on issues related to the transition away from LIBOR; NY Fed President and the SEC encourage firms to work now on managing the transition.
- The FDIC finalized amendments to its Part 370 rule permitting covered institutions an optional one-year delay from the April 1, 2020 compliance date.
Financial services legislative and regulatory news
Banking
- 901 Days, Speech by John Williams re: LIBOR
New York Fed, July 15, 2019 - FDIC Board Finalizes Changes to Recordkeeping Requirements for Deposit Insurance Determinations
FDIC, July 16, 2019 - Agencies Propose Rule on the Capital Treatment of Land Development Loans
FRB, OCC, FDIC, July 12, 2019 - Federal Bank Regulatory Agencies Announce Coordination of Reviews for Certain Foreign Funds Under Volcker Rule
FRB, OCC, FDIC, July 17, 2019 - Notice of Proposed Rulemaking – Proposed Amendment to Securitization Safe Harbor Rule
FDIC, July 16, 2019 - Treasury Announces Federal Financial Literacy Reform Efforts in New Report
Treasury, July 15, 2019
Consumer
- CFPB Advisory Recommends Financial Institutions Report Suspected Financial Exploitation of Older Adults; Updated Advisory Report
CFPB, July 17, 2019 - CFPB Releases Report on Third-Party Debt Collections Tradeline Reporting
CFPB, July 18, 2019 - CFPB Director Speech at the Exchequer Club – supervision, rulemaking, education, and enforcement
CFPB July 18, 2019 - FTC Seeks Comments on Children’s Online Privacy Protection Act Rule
FTC, July 17, 2019 - GAO Report | Consumer Reporting Agencies: CFPB Should Define Its Supervisory Expectations
GAO-19-459: Published: Jul 16, 2019
Capital markets
- SEC Staff Statement Highlighting Risks for Market Participants to Consider As They Transition Away from LIBOR
SEC, July 12, 2019 - Tarbert Begins Term as 14th CFTC Chairman
CFTC, July 15, 2019 - Statement of CFTC Commissioner Dawn D. Stump Announcing Important Progress in the CFTC’s Data Protection Initiative
CFTC, July 15, 2019 - Firm Guidance – Private Placement Filings
FINRA, July 16, 2019 - FINRA Encourages Firms to Notify FINRA if They Engage in Activities Related to Digital Assets
FINRA, July 18, 2019 - FSB adjusts implementation timelines for its policy recommendations to address financial stability risks in securities financing transactions
FSB, July 18, 2019
In the news
- FASB Votes to Delay Credit Loss Standard for Some Lenders
WSJ, July 17, 2019 - U.S. Congress Rejects European Style ESG Reporting Standards
Financial Times, July 12, 2019 - SEC Weighs Whether to Regulate Facebook’s Libra
WSJ, July 13, 2019 - Facebook's crypto plans are 'a national security issue,' Mnuchin says
American Banker, July 15, 2019 - NY’s Data Privacy Bill Failed; Is There Hope Next Session?
Government Technology, July 15, 2019 - G7 Finance Chiefs pour cold water on Facebook’s digital coin plans
Reuters, July 17, 2019
