Key Highlights
- Financial services entities and regulators are monitoring developments of the coronavirus and considering possible responses such as updating the FFIEC’s “pandemic planning” guidance.
- Massachusetts finalized a fiduciary standard for brokers and agents.
- The Justice Department and the SEC reached a $3 billion settlement stemming from past sales practices.
- CFPB has agreed to complete the Dodd-Frank required small-business lending regulation (subject to court approval), and plans to issue rules on the Qualified Mortgage “patch” and the remittance rule safe harbor by May 2020.
Financial services regulatory and policy news
Banking
- CFPB forced to complete small-business lending rule
American Banker, February 26, 2020 - CFPB outlined schedule for new rulemakings at CUNA conference
CFPB, February 25, 2020 - Agencies announced the 2020 National Interagency Community Reinvestment Conference
FRB, FDIC, OCC, February 21, 2020 - CFPB issued a Supplemental NPRM regarding the collection of time-barred debt
CFPB, February 21, 2020 - CFPB survey results on disclosures for time-barred debt
CFPB methodology report on model disclosure clauses and forms for debt collection
CFPB, February 21, 2020 - FDIC issued a new guide for fintechs partnering with banks
FDIC, February 24, 2020 - FRB discussed payment system innovation and community banks
FRB, February 27, 2020
Capital markets
- Justice Department and SEC settle with Wells Fargo on sales practices violations
DOJ, SEC, February 21, 2020 - SEC dissenting opinion on disapproved rule change proposal regarding bitcoin and national securities exchanges
SEC, February26, 2020 - SEC's Office of Credit Rating discussed NRSRO regulation
SEC, February 24, 2020 - CFTC’s Technology Advisory Committee statement (re: audit trail requirements, stablecoins, cryptocurrency)
CFTC, February 26, 2020
Other
- After Courts Kill a Federal Fiduciary Rule, Massachusetts Launches Its Own (Massachusetts finalizes fiduciary rule)
WSJ, February 21, 2020 - FTC published a staff paper on small business financing, announced new small business complaints line
FTC, February 26, 2020 - FTC released its 2019 Privacy and Data Security Update, highlighting enforcement actions
FTC, February 25, 2020 - BIS Financial Stability Institute highlighted key points from climate risk meeting
BIS, February 2020
Industry news
- Banks walk fine line in preparing for a coronavirus outbreak in U.S
American Banker, February 26, 2020 - Fed’s Wait-and-See Posture [re: Interest Rates] Tested by Spread of Coronavirus
WSJ, February 25, 2020 - State privacy bills try to cut banks a break, but not completely
American Banker, February 24, 2020 Bank CEOs Courted By Regulator On Low-Income Lending Overhaul (OCC and CRA)
WSJ, February 21, 2020
Intuit, Credit Karma chiefs contend merger is good for consumers
American Banker, February 24, 2020Tech Platforms Aren’t Bound by First Amendment, Appeals Court Rules
WSJ, February 26, 2020
New York City Bill Aims to Regulate AI Hiring Tools
WSJ, February 27, 2020
