The Washington Report For week ended February 02, 2018 | KPMG | US
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Washington Report 360 | February 02, 2018

The Washington Report For week ended February 02, 2018

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Key Highlights

  • The Federal Reserve released the scenarios for its 2018 CCAR and Supervisory Stress Test exercises featuring a more severe economic downturn. Separately, the Federal Reserve and the FDIC announced they had further tailored their expectations for the next resolution plans of 19 foreign-based banking organizations.
  • A federal appeals court ruled that the CFPB's single-director structure is constitutional, reversing that court's earlier opinion.
  • States are responding to regulatory easing – the Superintendent of New York State Department of Financial Services issued a statement suggesting NYSDFS would fill any consumer protection void created by CFPB policy shifts.
     

Financial services policy news

Treasury Secretary Steve Mnuchin testified before the Senate Banking Committee's hearing on the FSOC's annual report to Congress, which included discussions of GSE reform, the SIFI designation threshold, and cybersecurity threats.

Financial services legislative and regulatory news

The Federal Reserve released the scenarios for its 2018 CCAR and Supervisory Stress Test exercises featuring a more severe economic downturn than last year’s “severely adverse” scenario, reflecting its policy to “create a more severe test of the resilience of large firms when current economic conditions are especially strong.”

The Federal Reserve and the FDIC announced they had further tailored their expectations for the next resolution plans of 19 foreign-based banking organizations to reflect the “limited complexity” of the firms’ U.S. operations; the plans are due December 31, 2018.

A full paneled federal appeals court ruled that the CFPB's single-director structure is constitutional, reversing that court's earlier opinion by a three-judge panel; the case could potentially be reviewed by the Supreme Court.

The CFPB issued the second in a series of Requests for Information, this time seeking comment on its Administration Adjudications process, including the protection of the rights and interests of third parties, the content of its notices, the subpoena process, admissible evidence, and when to pursue a case in Federal court.

The Superintendent of the New York State Department of Financial Services (NYSDFS) stated disapproval of what she perceived to be the CFPB's "policy shift" away from consumer protection regulation and enforcement. She reaffirmed NYSDFS financial consumer protection efforts to fill this "void."

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