The Washington Report For week ended December 01, 2017 | KPMG | US

Washington Report 360 | December 01, 2017

The Washington Report For week ended December 01, 2017

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Highlights

  • Mick Mulvaney, Director of the Office of Management and Budget, was named Acting Director of the CFPB, overcoming initial legal efforts to block the appointment. Mulvaney announced a 30-day freeze on hiring, new rulemaking, and payments from the civil penalties fund.
  • The Senate Banking Committee held confirmation hearings for Jerome Powell, the nominee for chair of the Federal Reserve Board, and Joseph M. Otting was sworn in as Comptroller of the Currency.
  • Treasury released its report on the Financial Stability Oversight Council (FSOC) and its processes for designating nonbank financial companies and financial market utilities (FMUs) as systemically important financial institutions (SIFIs). Click here for KPMG’s Regulatory Alert.
     

Financial services policy news

Mick Mulvaney, Director of the Office of Management and Budget, was named Acting Director of the CFPB. After overcoming initial legal efforts by the CFPB's newly appointed deputy director, Leandra English, to impose a temporary restraining order on the appointment, Mulvaney announced a 30-day freeze on hiring, new rulemaking, and payments from the civil penalties fund. The eventual nominee to replace the acting director is expected to face an intense confirmation process.

The Senate Banking Committee held confirmation hearings for Jerome Powell, the nominee for chair of the Federal Reserve Board. Powell has expressed openness but caution in the easing of regulations in that such changes must preserve strong capital and liquidity, stress testing, and resolution planning. He also supports enhanced regulation and supervision in cybersecurity.
Janet Yellen will resign from the Federal Reserve Board once a successor is confirmed.

Marvin Goodfriend was nominated to the Federal Reserve Board.

Joseph M. Otting was sworn in as Comptroller of the Currency. He stated his support for "effective regulation" that "should be reviewed and modified" as needed.

Treasury released its report on the FSOC and its SIFI designation processes for nonbank financial companies and FMUs. Click here for KPMG’s Regulatory Alert.
 

Financial services legislative and regulatory news

The U.S. Department of Labor extended the special Transition Period for the Fiduciary Rule’s Best Interest Contract Exemption and the Principal Transactions Exemption by 18 months to July 1, 2019.

The Federal banking agencies finalized the extension of certain capital rule transitions by extending the existing capital requirements for mortgage servicing assets and certain other items.

The OCC published a final rule that clarifies requirements for certain qualified financial contracts in the orderly resolution of certain systemically important financial institutions.

The CFPB released a report on consumer experiences with overdraft programs and fees.

The Financial Stability Board published the 2017 list of 30 global systemically important banks (G-SIBs, and the Basel Committee released further information related to the 2017 G-SIB assessment.

The UK Financial Conduct Authority announced that all 20 panel banks have agreed to support the LIBOR benchmark until 2021.

The CFTC released its enforcement results for fiscal year 2017 during which it brought 49 enforcement actions largely related to retail fraud and trade manipulation.


 

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