Insight
Quarles on stress capital buffer rule; FRB enterprisewide capital requirement framework; Treasury/HUD housing finance reform plans.
Key Highlights
- FRB Governor Quarles suggests that portions of the proposed stress capital buffer rule not be included in the final rule and introduces two new “co-equal” options.
- FRB proposed an enterprise-wide capital requirement framework (“Building Block Approach”) for holding companies significantly engaged in insurance activities.
- A recent SEC enforcement action may highlight considerations relative to the new Best Interest rules.
- Treasury and HUD have each submitted plans for housing finance reforms, including recommendations to end conservatorship of the GSEs. The Senate Banking Committee will hold its hearing on September 10.
- FTC announced a settlement with two technology companies for alleged violations of the Children’s Online Privacy Protection Act (COPPA) and will be seeking continued public comment on COPPA at a public workshop in October.
Financial services regulatory and policy news
Banking
- Quarles Speech: Refining the Stress Capital Buffer
FRB, September 5, 2019 - FRB proposed capital requirements for depository institution holding companies significantly engaged in insurance activities
FRB, September 6, 2019 - 2018 HMDA mortgage lending data available
CFPB, August 30, 2019 - Report: Planning for tax-time savings
CFPB, September 3, 2019 - Judge dismisses state regulators' challenge of OCC fintech charter
American Banker, September 4, 2019 - Hennessey Speech: We're only human: Culture and change management
New York Federal Reserve, September 5, 2019 - Report: Annual report to Congress on government-administered general use prepaid cards
FRB, September 4, 2019 - FDIC Chair expects agencies to release a joint CRA proposal but did not confirm a timeline
Bloomberg Law, September 5, 2019
Capital Markets
- SEC enforcement action could signal areas of focus for Best Interest rule
SEC, August 29, 2019
Other
- Treasury submits plan for housing finance reform to the President
Treasury, September 5, 2019 - HUD submits plan for housing finance reform to the President
HUD, September 5, 2019 - Senate panel sets September 10 hearing on Administration's GSE reform plan
American Banker, September 4, 2019 - FTC and New York AG reach agreement with technology companies regarding allegations they violated children's data privacy
FTC, September 4, 2019 - GAO Report: Public Service Loan Forgiveness
GAO-19-595, September 5, 2019 - The Department of Education finalized "Institutional Accountability" regulations governing its Direct Loan Program
DOE, August 30, 2019 - New York DFS launches investigation into student "debt relief" industry
New York Department of Financial Services, September 5, 2019
Industry news
- FDIC Quarterly Banking Profile: second quarter 2019 aggregate net income rose 4.1 percent over last year
FDIC, September 5, 2019 - Credit Unions Go On Bank Buying Spree
WSJ, September 3, 2019 - How U.S. Banks Took Over the World
WSJ, September 4, 2019 - States to launch antitrust probes into digital marketing companies
WSJ, September 6, 2019 - Banks Want Reassurance on Payday-Type Loans
WSJ, September 6, 2019
