Washington Report 360 | July 19, 2019

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
  • **See KPMG Financial Report View – SEC staff statement on LIBOR transition– July 15, 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
  • **See KPMG Defining Issues – FASB effective dates – July 18, 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