Insight
FATF published report on best practices for identifying beneficial owner(s) of legal persons; proposed amendments to swap margin rules
Key highlights
- The FATF published a report on best practices for identifying the beneficial owner(s) of legal persons and outlines key features of an effective system.
- Five federal agencies proposed amendments to the swap margin rules that would eliminate initial margin for uncleared swaps with affiliates.
Financial services regulatory and policy news
Banking
- Five federal agencies proposed amendments to their swap margin rule eliminating initial margin for uncleared swaps with affiliates
FRB, OCC, FDIC, FCA, FHFA, October 28, 2019 - Federal banking agencies finalize the Community Bank Leverage Ratio Framework
FRB, OCC, FDIC, October 29, 2019 - Agencies announced the annual exemption threshold for higher-priced mortgage loan appraisal requirements
FRB, CFPB, OCC, October 31, 2019 - Agencies announced annual exemption thresholds in Regulations Z and M consumer credit and lease transactions
FRB, CFPB, October 31, 2019 - Basel Committee agreed to publish a discussion paper on prudential treatment of cryptoassets
BIS, October 31, 2019 - FRB and Treasury differ on easing liquidity standards
American Banker, October 30, 2019
Capital markets
- SEC highlighted decline in residential mortgage-backed securities; seeks public comment
SEC, October 30, 2019 - CFTC Chair promises movement on long-stalled measures
WSJ, October 30, 2019 - CFTC announced new GMAC subcommittee on margin requirements for non-cleared swaps
CFTC, October 28, 2019 - New Exchange Seeks SEC Nod to Take On NYSE, Nasdaq
WSJ, October 31, 2019
Other
- FATF released recommendations regarding beneficial ownership transparency
Financial Action Task Force, October 24, 2019 - The House passed five financial services bills, including a bill to subject crowdfunding vehicles to SEC jurisdiction
House FS Committee, October 29, 2019 - The House FS Committee passed bills to reauthorize TRIA and strengthen cybersecurity at the prudential regulators
House Financial Services Committee, October 31, 2019 - DOJ and HUD sign agreement on enforcement of False Claims Act
DOJ, HUD, October 29, 2019
Industry news
- Financial Industry Leads the Way on Diversity and Inclusion
WSJ, October 31, 2019 - Administration wants Supreme Court to back GSE profit sweep
American Banker, October 31, 2019 - Banks using long-established relationships on Capitol Hill and in regulatory agencies to undermine tech industry
Politico, October 31, 2019 - Credit Cards Betray Signs of Consumer Fatigue
WSJ, October 31, 2019 - U.S. Senators demand CFPB investigation of Pa. loan forgiveness program
American Banker, October 31, 2019 - CFPB hasn’t budged on cutting payday loan protections
AP, October 30, 2019 - Fifteen community banks join The Clearing House’s real-time payments network
American Banker, October 29, 2019
