Key Highlights
- FINRA issues targeted examination letter on zero commissions.
- OCC and FDIC extend the comment period on their CRA proposed rule until April 8, 2020.
- SEC proposes revisions to Regulation National Market System including reporting requirements for “competing consolidators.”
- Continued focus on ESG risks highlighted by SEC statement on Coronavirus, pressures to address climate risk.
Financial services regulatory and policy news
Banking
- FDIC and OCC extend comment period for proposed changes to CRA regulations
FDIC, OCC, February 19, 2020 - FDIC published request for information on modernizing signage and advertising requirements
FDIC, February 19, 2020 - CFPB issued Supervisory Highlights with findings on debt collection, mortgage servicing, payday lending, and student loan servicing
CFPB, February 14, 2020
Capital markets
- SEC proposes to update Regulation NMS infrastructure for collecting, consolidating, and disseminating securities market data
SEC, February 19, 2020 - SEC statement on financial reporting and disclosures related to the Coronavirus
SEC, February 19, 2020 - CFTC proposed two rules to revise swap data reporting, dissemination, and public reporting requirements
CFTC, February 20, 2020 - Cybersecurity: Five Top Stories From FINRA’s 2020 Conference (blog post)
FINRA, February 19, 2020 - FINRA proposed enhancements to continuing education requirements for securities industry professionals
FINRA, February 18, 2020 - FINRA released a targeted examination letter on zero commissions
FINRA, February 20, 2020
Other
- NYFed’s Survey of Consumer Expectations - Household Spending Survey projected declining expenditures
NY Federal Reserve, February 18, 2020
- BIS paper, Property price dynamics, covers trends in residential and commercial real estate across 20 countries
BIS, February 18, 2020 - FSB outlines focus areas for 22-23 February meeting, including LIBOR and stablecoins
FSB, February 19, 2020
Industry news
- Morgan Stanley Is Buying E*Trade, Betting on Smaller Customers
WSJ, February 21, 2020 - SEC Poised to Rule on Controversial ‘Speed Bump’ Proposal
WSJ, February 21, 2020 - Fed's ownership rule could open door to more activist investors
American Banker, February 18, 2020 - Banks urged to follow Goldman's lead on fossil fuel
American Banker, February 19, 2020 - How Millennials Could Make the Fed’s Job Harder
NY Times, February 17, 2020 - LendingClub deal could spur more fintech-bank mergers
American Banker, February 19, 2020 - Hedge funds use DIY strategies to gauge coronavirus impact (alternative data)
Reuters, February 18, 2020 - White House Proposal for SEC to Absorb Audit Watchdog Raises Concerns
WSJ, February 13, 2020
