The Federal Reserve released its second Supervision and Regulation Report; FinCEN issued guidance on a framework for convertible virtual currencies.
Financial services legislative and regulatory news
The Federal Reserve released its second Supervision and Regulation Report; the report is focused on developments related to tailoring supervision and regulation and highlights horizontal priorities for large banking organizations and large federal banking organizations.
FINRA announced a multi-year initiative to “simplify and integrate” brokerage firms’ digital interactions with FINRA.
The Senate Banking Committee and the House Financial Services Committee each conducted hearings with the federal banking regulators; key discussions covered risk related to climate change, implementation of S.2155, leveraged lending, impacts from CECL (current expected credit loss), and Community Reinvestment Act reform.
The House Financial Services Committee passed four bills, including a bill that would extend authorization of the National Flood Insurance Program to September 30.
The New York Department of Financial Services announced it will require companies servicing student loans held by New Yorkers to obtain a state license and meet standards consistent with the laws and regulations governing other significant lending products, such as mortgages, in FY2020.
Financial services policy news
GAO released a report on federal regulators’ policies and procedures for examining depository institutions management activities (including corporate governance and internal controls) and communicating supervisory concerns.