The Administration released proposals to reform student lending practices; CFPB to issue proposed rule on debt collection.
Financial services legislative and regulatory news
The federal banking agencies, the FHFA, and the Farm Credit Administration adopted an interim final rule amending the Swap Margin Rule to address the possibility the U.K. withdraws from the E.U. without a negotiated agreement.
The OCC issued a revised version of its Recovery Planning booklet; the enforceable guidelines apply to large, complex banks, which generally have total consolidated assets of $250 billion or more.
Financial services policy news
The Administration released Proposals to Reform the Higher Education Act, including loan limits on PLUS loans, loan forgiveness programs for all undergraduates (meeting certain requirements), consolidation of income-based repayment plans with new caps, and requirements for certain postsecondary institutions to share the financial risk of student loans. The President also signed an Executive Order requiring the Department of Education to make institution-level data available for student loan default and repayment rates.
The Federal Reserve announced:
The FDIC published its Supervisory Insights featuring the transition to alternative reference rates; FDIC says its examiners will not examine for the status of LIBOR planning or criticize loans or deposits for referencing LIBOR.
The CPMI and the IOSCO published an update on progress implementing the Principles for Financial Market Infrastructures in individual jurisdictions.