The Washington Report | For week ended January 5, 2018 | KPMG | US

Washington Report 360 | January 5, 2018

The Washington Report | For week ended January 5, 2018

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Financial services policy news

As many as 100 nominations pending at the close of the 2017 congressional session, including those of Jerome Powell to serve as Chair of the Federal Reserve and Jelena McWilliams to serve as chair of the FDIC, must be resubmitted in the new session. This could slow the process for filling key financial regulatory positions. News reports indicate that Trump intends to re-nominate Powell.

The Senate confirmed Hester Peirce and Robert J. Jackson, Jr. as SEC commissioners.

The CFPB released its biennial report on credit cards, which found that the total amount of credit line, number of accounts, average amount of card debt, and enrollment in online services have all increased over the past several years. Similarly, the Federal Reserve's 2017 annual payments study supplement showed that the number of credit card payments rose sharply from 2015 to 2016, highlighting an increase in remote card payments and a decrease in debit card payments.

A federal appeals court ruled that California retailers can charge consumers a credit card surcharge.

The CFPB stated that it does not intend to require data to be resubmitted except where the data errors are material and does not intend to assess penalties with respect to errors for data collected in 2018 and reported in 2019 under the Home Mortgage Disclosure Act (HMDA). It also stated that it intends to reconsider various aspects of the HMDA rule including the institutional and transactional coverage tests and the rule's discretionary data points. The CFPB previously established resubmission guidelines in Bulletin 2013-10. The OCC and FDIC have each similarly stated they also do not intend to require data resubmission unless the data errors are material or to assess penalties for data errors related to the 2018 HMDA data collection.

The CFTC released a “backgrounder” on its oversight of virtual currency futures markets.

Financial services legislative and regulatory news

The EU's MiFID II went into effect on January 3, 2018. The new legislation includes requirements to report details of trades and other standards of conduct for financial institutions.

FINRA released a FAQs on its rules relating to the financial exploitation of seniors and other specific adults, which becomes effective February 5, 2018.

The CFPB announced that it expects to issue a final rule amending its 2016 prepaid accounts rule soon after January 1, 2018, including an extension of the effective date (currently scheduled for April 1, 2018).

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