Insight
SEC Risk Alert highlights compliance issues; NY Governor signs SHIELD Act; FTC privacy enforcement requirements; DOJ antitrust review.
Key highlights
- An SEC Risk Alert highlights compliance issues observed during examinations of investment advisers that employ individuals with disciplinary events.
- New York State Governor signs the SHIELD Act, which expands data breach notification requirements.
- Market participants are reviewing FTC privacy enforcement requirements, including the creation of a board-level privacy committee, designation of privacy compliance officers, and certification by the CEO.
- The Antitrust Division of the Department of Justice has announced it is reviewing whether “market-leading online platforms” are engaging in practices that may have “reduced competition, stifled innovation, and otherwise harmed consumers.”
Financial services legislative and regulatory news
Banking
- Federal bank regulatory agencies and FinCEN improve transparency of risk-focused BSA/AML supervision - Interagency Statement
FRB, OCC, FDIC, NCUA, FinCEN, July 22, 2019 - Agencies Release Public Sections of Resolution Plans for Eight Large Banks
FRB, FDIC, July 23, 2019 - OCC Bulletin: Lending Standards for Asset Dissipation Underwriting
OCC, July 23, 2019 - Fraud Risk Management Principles – Bulletin 2019-37
OCC, July 24, 2019 - Statement Regarding Insurance Policies for Directors and Officers - SR 19-12
FRB, July 23, 2019 - Who Owns U.S. CLO Securities? FRB Economic Research, FED Notes re: leveraged lending
FRB, July 19, 2019
Consumer
- CFPB releases Qualified Mortgage ANPR re: Fannie, Freddie exemption
CFPB, July 25, 2019 - CFPB Report: Building a bridge to credit visibility - 2018 credit visibility symposium
CFPB, July 19, 2019
Capital Markets
- SEC OCIE Risk Alert: Observations from Examinations of Investment Advisers under the "Supervision Initiative"
SEC, July 23, 2019 - CFTC Staff and FinCEN Clarify the Customer Identification Program and Beneficial Ownership Obligations of Certain Introducing Brokers
CFTC, FinCEN, July 15, 2019
Other
- New York State Governor signs SHIELD Act, expanding data breach notifications
New York State, July 25, 2019 - NY DFS Superintendent announces new research and innovation division
New York State, Department of Financial Services, July 23, 2019 - GAO Report | Education Needs to Verify Borrowers' Information for Income-Driven Repayment Plans
GAO-19-347, Publicly Released July 25, 2019 - GAO Report | Agencies Should Provide Clarification on Lenders' Use of Alternative Data
GAO-19-694T, Publicly Released July 25, 2019 - Basel Committee and IOSCO agree to one-year extension of the final implementation phase of the margin requirements for non centrally cleared derivatives
BIS, July 23, 2019
In the news
- FTC Imposes $5 Billion Penalty and Sweeping New Privacy Restrictions on Facebook
FTC, July 24, 2019 - Justice Department Reviewing the Practices of Market-Leading Online Platforms
DOJ Antitrust Division, July 23, 2019 - Democrats try to force Fed's hand on faster payments (introduce legislation)
American Banker, July 24, 2019
- U.S. Sanctions Compliance Fines Hit Decade High
WSJ, July 25, 2019
- Is a hearing on pot banking as far as GOP will go?
American Banker, July 24, 2019 - Lower Rates Crimp Value of Banks’ Mortgage-Servicing Rights
WSJ, July 22, 2019
