Washington Report 360 | September 06, 2019

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