Insight
Federal banking agencies’ statement on the FASB’s current expected CECL methodology; Highlights of FRB speech and interagency notice.
Key highlights
- The FRB, OCC, FDIC, and NCUA proposed an interagency policy statement on the FASB’s current expected credit loss (CECL) methodology; CECL is effective for most public financial institutions beginning in 2020 though FASB deferred the effective date for all other institutions to 2023.
- The evolution of digital assets, including stablecoins, as well as the related risks and regulatory authorities were highlighted in an FRB speech and interagency notice.
Financial services regulatory and policy news
Banking
- Four agencies proposed an interagency policy on allowances for credit losses and interagency guidance on credit risk review systems
FRB, OCC, FDIC, NCUA, October 17, 2019 - FRB governor addressed digital currencies, stablecoins, and payments innovation
FRB, October July 30, 2019 - FDIC approved final tailoring rules and resolution planning requirements
FDIC, October 15, 2019 - CFPB report | 2019 report of private education loan ombudsman
CFPB, October 15, 2019 - CFPB formed a taskforce to identify improvements to existing consumer financial laws as well as gaps and potential conflicts within existing guidance and regulations
CFPB, October 11, 2019 - CFPB blog post explains impact of LIBOR transition on adjustable-rate credit
CFPB, October 17, 2019
Capital Markets
- Agencies issued joint statement on digital assets-related activities and responsibilities
CFTC, SEC, FinCEN, October 11, 2019 - CFTC proposed two rules amending the margin rules for uncleared swaps
CFTC, October 16, 2019 - SEC requested proposals on market structure innovations for thinly traded securities
SEC, October 16, 2019 - FINRA report | 2019 Examination findings and observations
FINRA, October 16, 2019
Insurance
- FRB announced inaugural members of the Insurance Policy Advisory Committee
FRB, October 16, 2019
Other
- FASB approves CECL delay for most lenders
FASB, October 16, 2019 - California attorney general released proposed regulations for the CCPA - California's privacy law
State of California, Department of Justice, October 10, 2019 - California governor signs bills amending CCPA
State of California, Office of the Governor, October 11, 2019 - FSB report | Implementation and effect of financial regulatory reforms
FSB, October 16, 2019 - FSB report | OTC derivatives reform
FSB, October 15, 2019 - Committee issued staff report on CFPB
House Financial Services Committee, October 16, 2019 - House passed bill requiring SEC to test market Regulation Best Interest disclosures
House of Representative, October 17, 2019
Industry news
- U.K., EU Agree on Draft Brexit Deal, Paving Way for Key Vote
WSJ, October 17, 2019 - China further opens banking and insurance sectors to foreign companies
MarketWatch, October 16, 2019 - IMF heightens warnings on corporate debt following central banks’ interest rate cuts
Reuters, October 16, 2019 - Vaping deaths could slow pot banking momentum
American Banker, October 17, 2019
