In this issue....
The House Financial Services Committee Chair outlined the Committee’s priorities in the 116th Congress, including:
The Basel Committee’s oversight body has endorsed revisions to the market risk framework that will take effect January 1, 2022; the group also endorsed the Basel Committee’s 2019 strategic priorities and work programs to evaluate post-crisis reforms.
The Supreme Court refused to take up a case challenging the constitutionality of the CFPB; a U.S. Court of Appeals affirmed the CFPB’s constitutionality in June 2018. (The Hill, Reuters)
The U.K. Parliament voted down a proposed Brexit deal, casting uncertainty around the U.K.’s departure from the EU on March 29; the FSOC has stated “a no-deal Brexit could have immediate and significant spillover effects” into the US, including financial contracts, central counterparties, and international trade. The CFTC Chairman recently said “the uncertainty has the potential to create instability in the global derivatives market.”
Five federal financial regulators and the Conference of State Bank Regulators jointly released a statement encouraging financial institutions to consider “prudent” efforts to modify terms on existing loans or extend new credit to assist consumers affected by the federal government shutdown. News report suggest the shutdown is impacting economic growth. (New York Times, CNN)
The IRS reopened its income verification express service and some fee-based services to help taxpayers receive critical services, including loans.
The Federal Reserve published the inaugural issue of an article series entitled Consumer & Community Context; the current issue features the impact of student loan debt on location and homeownership.
The CFPB published detailed reports assessing the effectiveness of the: