In this issue...
The Committee on Payments and Market Infrastructures (CPMI) and the IOSCO issued two new reports:
The IOSCO published recommendations for improving the transparency of secondary corporate bond market information available to both regulators and the public.
The Federal Reserve Board proposed new firm-specific and risk-sensitive capital requirements for large banks through a "stress capital buffer.” The proposal would apply to BHCs with total consolidated assets of $50 billion or more and intermediate holding companies of foreign banking organizations, and would combine the quantitative assessment of the CCAR and stress test rules with the buffer requirements of the regulatory capital rule.
The Federal Reserve Board and the OCC jointly proposed changes to the enhanced supplementary leverage ratio requirements for global systemically important banking organizations (GSIBs) and their OCC-regulated insured depository institutions that would replace the fixed leverage standard with one based on a firm's risk-based capital surcharge, and make conforming changes to the GSIB leverage buffer of the Federal Reserve’s TLAC and long-term debt requirements.
Hearings in the House and Senate highlighted the potential need for legislation and/or regulation to address consumer data privacy issues, including delineation of how companies can collect, share, and use consumer data. News reports covered many of the options discussed.
The House of Representatives passed two bills on financial services regulation:
The CFPB released the twelfth in a series of Requests for Information, this time seeking comment on the handling of consumer complaints and inquiries.
FINRA proposed to adopt rules relating to the establishment of a second Trade Reporting Facility to be operated in conjunction with Nasdaq, Inc.
The FFIEC members issued a joint statement on factors financial institutions should consider when determining whether to use cyber insurance as a component of their risk management programs.
The SEC has scheduled discussion of proposals related to the fiduciary duties of financial professionals, including the standards of conduct for broker-dealers and investment advisors, at an open meeting next week.