Washington Report 360 | November 1, 2019

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