Insight
CRA reform; NY Fed Household Debt & Credit Report; FTC expand competition in marketplace inquiries; CA/NJ may establish public banking.
Key highlights
- OCC indicated it may propose CRA reform ahead of the other banking agencies and the FRB stated they are working toward a joint rule or “common answer.”
- The New York Fed’s Quarterly Report on Household Debt and Credit found that total household debt has increased for 21 consecutive quarters and has reached an all-time high; other related regulatory reports include three FDIC studies on nonbank lending and reports from the CFPB and FINRA on the financial well-being of customers.
- FTC is reportedly expanding its inquiries related to competition in the marketplace by reviewing debit card transactions and routing restrictions for certain electronic payments providors and large debit card issuers.
- California and New Jersey are taking steps to establish public banking.
Financial services legislative and regulatory news
Banking
- OCC may propose CRA reform before other banking agencies
FRB Powell says Fed focused on a joint CRA plan
American Banker, November 12 and 13, 2019
- FRB proposed to extend SCCL compliance for FBOs
FRB, November 8, 2019
- CFPB Report | Financial well-being by state
CFPB, November 13, 2019
- FDIC published three reports analyzing nonbank lending increases
FDIC, November 14, 2019
- FFIEC published new IT Examination Handbook on Business Continuity Management
FFIEC, November 14, 2019
Capital Markets
- SEC issued a Risk Alert on weaknesses identified in exams of investment companies
SEC, OCIE, November 7, 2019
- FINRA proposed to limit a registered person from being named a customer's beneficiary or holding a position of trust for or on behalf of a customer
FINRA, November 11, 2019
- FINRA announced new research on financial well-being of U.S. military veterans
FINRA, November 11, 2019
Insurance
- FSB published final framework for systemic risk in the insurance sector
FSB, November 14, 2019
- FRB Quarles remarks on "Supervision in a Digital Era" at IAIS conference
FRB, November 14, 2019
Other
- NY Fed released the Quarterly Report on Household Debt and Credit
New York Federal Reserve Bank, November 13, 2019
- NY Fed speech | Financial institution culture initiatives
New York Federal Reserve Bank, November 14, 2019
- NY DFS proposed streamlined disclosure processes for legal counsel, independent auditors
New York Department of Financial Services, November 14, 2019
- FSB Report | 2019 Resolution Report (covering central counterparties, banks, and insurance)
FSB, November 14, 2019
- FinCEN reissued real estate geographic targeting orders for 12 metro areas
Financial Crimes Enforcement Network, November 8, 2019
Industry news
- FTC reportedly probing debit card transactions and routing restrictions
American Banker, November 13, 2019
- NJ governor appointing board to explore public banking
NJSpotlight, November 13, 2019
- San Francisco sets timeline for launching public bank
San Francisco Business Journal, November 13, 2019
- Banks Test Cyber Response Plans in Global Exercise
WSJ, November 13, 2019
- Bank M&A: Pace up, premiums down
American Banker, November 11, 2019
- Selloff in Complex Investments Flashes Warning for Junk Bonds (re: CLOs)
WSJ, November 11, 2019
- Big banks want to make it easier to share consumer data with startups
American Banker, November 14, 2019
