The Washington Report | For the week October 7, 2016 | KPMG | US

The Washington Report | For the week ended October 7, 2016

The Washington Report | For the week October 7, 2016

In this issue...

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Safety and soundness

  • Federal Reserve Board task forces to review proposals for faster payments system
  • Federal Reserve and FDIC publish public portions of targeted submissions for the resolution plans of eight institutions
  • Comment period to close soon on OCC proposed rule mandating contractual stay requirements for qualified financial contracts
  • U.S. and European resolution authorities to hold second exercise to enhance coordination on cross-border resolution
  • OFR Working Paper analyzes the interconnectedness of the global financial market
  • BCBS Secretary General outlines revisions to the Basel capital framework to be completed by year-end

Enterprise and consumer compliance

  • Agencies release revised examination procedures for the Military Lending Act
  • CFPB issues a final rule extending comprehensive consumer protections to prepaid accounts
  • CFPB releases results of Project Catalyst pilot program on savings tools and prepaid cards
  • Enforcement action

Capital markets and investment management

  • CFTC signs MOU with U.K. Financial Conduct Authority to enhance supervision of cross-border regulated swap dealers
  • FINRA publishes ATS block-size trade data
  • CFTC extends time-limited no-action relief to swap execution facilities from certain “block trade” requirements
  • Enforcement actions

Financial crimes

  • OCC issues guidance regarding risk re-evaluation of foreign correspondent accounts
  • FinCEN charges gaming company for violations of the anti-money laundering provisions
  • SEC settles charges with hedge fund and its executives for violations of FCPA

Alternative finance

  • CFPB releases results of Project Catalyst pilot program on savings tools and prepaid cards

Brexit

  • CFTC signs MOU with U.K. Financial Conduct Authority to enhance supervision of cross-border regulated swap dealers
  • OFR Financial Markets Monitor report finds impact of UK Brexit vote subsides

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