Key Highlights
- The FRB, FDIC, and OCC each approved a joint proposed rule that would amend the covered provisions of the Volcker Rule; the agencies finalized certain other amendments to the Volcker Rule in September 2019.
- CFPB released a policy outlining how it will apply the “abusiveness standard” under the prohibitions against unfair, deceptive, or abusive acts or practices (UDAAP).
- SEC published examination observations and best practices related to cybersecurity and operational resiliency.
- Heightened attention to climate-related risks evidenced by FRB statement that it is likely to join the Network for Greening the Financial System, which is comprised of central banks and other institutions.
Financial services regulatory and policy news
Banking
- FRB, FDIC, OCC, SEC, and CFTC each approved a proposed rule to amend the Volcker Rule covered fund provisions
FRB, FDIC, OCC, SEC, and CFTC, January 30, 2020 - Banks face eased Volcker restrictions on venture capital funds
WSJ, January 27, 2020 - FRB finalized a rule expanding the presumptions for control determinations
FRB, January 30, 2020 - CFPB released a policy statement on the "abusive" standard under UDAAP
CFPB, January 24, 2020 - Powell says Fed is likely to join a group of green central banks
BNN Bloomberg, January 29, 2020 - FDIC issued an advisory on prudent management of agricultural lending
FDIC, January 28, 2020
Capital markets
- FRB, FDIC, OCC, SEC, and CFTC each approved a proposed rule to amend the Volcker Rule covered fund provisions
FRB, FDIC, OCC, SEC and CFTC, January 30, 2020 - SEC OCIE published observations on cybersecurity and resiliency practices
SEC, January 27, 2020 - SEC published its annual report on credit rating agencies
SEC, January 24, 2020 - SEC proposed amendments to financial disclosure requirements under Regulation S-K
SEC, January 30, 2020 - CFTC approved a proposed rule on position limits and another impacting SEFs
CFTC, January 30, 2020 - CFTC adopted the NIST Privacy Framework for its privacy program
CFTC, January 28, 2020
Other
- BIS Markets Committee called for wider adoption of the FX Global Code of Conduct
Bank for International Settlements, January 30, 2020 - BIS published a survey report on cross-country policy responses to fintech
BIS, January 30, 2020 - FSB published its correspondence with ISDA on pre-cessation triggers related to LIBOR
Financial Stability Board, January 30, 2020 - House passed a bill addressing accuracy and consumer control of credit reports
House Financial Services Committee, January 29, 2020 - Credit reporting bill passes House but faces long odds in Senate
American Banker, January 30, 2020
Industry news
- Banks build new tools to shift short-term borrowing - derivatives tied to SOFR
WSJ, January 26, 2020 - Companies restructure to escape the brunt of U.S. sanctions
WSJ, January 24, 2020 - Banks adopt AI to manage sanctions and compliance risk
Financial Times, January 29, 2020 - FTC Commissioner: antitrust enforcement isn’t answer to tech privacy concerns
FTC, January 30, 2020 - Brexit to add sanctions compliance complexity
WSJ, January 30, 2020
