Washington Report 360 | May 11, 2018 | KPMG | US
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Washington Report 360 | May 11, 2018

Washington Report 360 | May 11, 2018

In this issue...

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Key Highlights

  • The House of Representatives passed a resolution to repeal the CFPB's 2013 indirect auto lending guidance. The Senate passed the same resolution in April and the President is expected to sign it.
  • The Department of Labor announced a Temporary Enforcement Policy in which it will not pursue prohibited transaction claims under its "fiduciary rule."
     

Financial services policy news

Federal Reserve Vice Chairman for Supervision Randal Quarles described the recently proposed recalibrations of the enhanced supplementary leverage ratio (eSLR) and stress testing requirements as a "win-win" that would reduce incentives to take on risk without changing overall capital requirements.


CFTC Chairman J. Christopher Giancarlo expressed concern over the EU legislative proposal that would subject U.S. central clearing counterparties (CCPs) to overlapping EU regulation and supervision without due deference to the 2016 U.S.-EU common approach for transatlantic CCPs.


The BIS's CPMI released its final strategy to reduce the risk of wholesale payments fraud related to endpoint security.


The FSB published a public consultation on its recommendations for consistent reporting of compensation data across jurisdictions; the consultation is part of the FSB workplan on misconduct risk.

Financial services legislative and regulatory news

The House of Representatives passed S.J. Res. 57, a resolution under the Congressional Review Act, to repeal the CFPB's 2013 indirect auto lending guidance, which addresses dealer markup for third-party financing. The Senate passed the same measure in April.

The Department of Labor announced a Temporary Enforcement Policy in which it will not pursue prohibited transaction claims under its "fiduciary rule" against advisors working to comply with the conduct standards; this policy will apply retroactively from June 9, 2017.

The CFPB released the first in a series of annual reports describing mortgage market activity over time based on Home Mortgage Disclosure Act (HMDA) data; The FFIEC released HMDA loan-level data on 2017 mortgage lending transactions submitted by financial institutions on or before April 18, 2018 and will continue to make updated data available.

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