Insight
FHFA housing finance reforms; SEC financial penalties on SROs; SEC’s Regulation Best Interest; Pressure for a federal data privacy law
Key Highlights
- FHFA outlined plans for housing finance reforms, including means for the GSEs to build capital and exit conservatorship. At a Senate hearing, the Treasury Secretary said the GSEs might avoid a SIFI designation with sufficient levels of capital.
- SEC is proposing to impose financial penalties on SROs for failing to implement CAT on a timely basis.
- Seven states and the District of Columbia have filed suit against the SEC challenging the agency’s Regulation Best Interest.
- Cross-industry pressure for a federal data privacy law is building.
Financial services regulatory and policy news
Banking
- CFPB is taking a "fresh look" at supervision and partnering with other agencies
Bloomberg Law, September 9, 2019 - CFPB issued three new policies to promote innovation and facilitate compliance
CFPB, September 10, 2019 - CFPB launched an Innovation Network with multiple states
CFPB, September 10, 2019 - FFIEC members encourage standardized approach for assessing cybersecurity preparedness
FFIEC, August 28, 2019 - Michelle Bowman confirmed to 14-year term on the Federal Reserve Board
American Banker, September 13, 2019
Capital Markets
- SEC proposes changes to the CAT NMS Plan to promote timely implementation
SEC, September 9, 2019 - SEC Chair statement on status of CAT
SEC, September 9, 2019 - Seven States and the District of Columbia Sue SEC on Regulation BI
WSJ, September 9, 2019 - SEC OCIE issued a Risk Alert highlighting principal trading and agency cross transactions in investment adviser exams
SEC Office of Compliance Inspections and Examinations, September 4, 2019 - SEC Chair says progress is being made toward permitting a cryptocurrency-based ETF
ETF Trends, CNBC Interview, September 11, 2019 - State securities regulators find rising cybersecurity deficiencies at investment advisors
North American Securities Administrators Association, September 8, 2019
Other
- Treasury says GSEs could avoid SIFI designation with sufficient capital
S&P Global, September 10, 2019 - FHFA's Calabria details next steps on GSE reform
American Banker, September 12, 2019 - Fifth Circuit Court of Appeals finds FHFA leadership structure unconstitutional
Reuters, September 9, 2019 - Houses passes five financial services bills that will now move to the Senate
House Financial Services Committee, September 10, 2019
Industry news
- 51 CEOs send an open letter to Congress asking for a comprehensive consumer data privacy law
ZDNet, September 10, 2019 - Companies Considering Magazine Subscriptions and Phone Bills When Making Loans
WSJ, September 12, 2019 - Throw your old data analytics out the window - new ways to segment customers
American Banker, September 11, 2019 - Residential real-estate firms are moving into mortgages and insurance offerings
WSJ, September 10, 2019
