Washington Report 360 | July 13, 2018 | KPMG | US
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Washington Report 360 | July 13, 2018

Washington Report 360 | July 13, 2018

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Key highlights

  • Brett Kavanaugh was nominated as an associate justice of the U.S. Supreme Court; his nomination proceedings are expected to discuss his views on regulatory authority, including the CFPB.
  • The Federal banking agencies released statements on how they will administer regulations immediately affected by the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA), including regulations related to stress testing, resolution planning, and the Volcker Rule.
  • The BCBS issued a revised document covering its assessment methodology and the higher loss absorbency requirement for G-SIBs.

Financial services legislative and regulatory news

The federal banking agencies issued a joint statement and the Federal Reserve separately issued a statement outlining how they will administer regulations immediately affected by EGRRCPA, including regulations related to stress testing, resolution planning, and the Volcker Rule. In addition, the OCC, FDIC, and CFPB each issued guidance on the EGRRCPA provisions impacting HMDA requirements.

The Federal Reserve and the FDIC requested comment on proposed revisions to their resolution plan guidance for the eight largest U.S. banking organizations. Separately, the agencies extended the resolution plan filing deadline for 14 domestic firms by one year to December 31, 2019.

The Federal Reserve released its annual determination of the aggregate consolidated liabilities of financial companies.

The House of Representatives passed eight financial services bills, including bills related to the regulation of international insurance and capital markets. The House Financial Services Committee advanced eight bills on a variety of topics, including protections for senior investors.

The NYDFS released guidance on providing banking services to licensed medical marijuana-related businesses.

Financial services policy news

Brett Kavanaugh was nominated as an associate justice of the U.S. Supreme Court; his nomination proceedings are expected to discuss his views on regulatory authority, including the CFPB.

Leandra English resigned as Deputy Director of the CFPB, dropping her lawsuit on the interim CFPB director presidential appointment; Acting Director Mulvaney selected Brian Johnson as Acting Deputy Director.

The BCBS issued a revised assessment methodology and higher loss absorbency requirement for G-SIBs.

The Financial Stability Board published for public consultation a draft Cyber Lexicon of 50 core terms related to cyber security and cyber resilience in the financial sector.

FINRA began a program of enhanced disclosure reviews for public financial records of individuals seeking registration with a brokerage firm.

FINRA issued a regulatory notice to encourage firms to notify it if they or their associates engage in any activities related to digital assets.

The U.S. Department of Justice, the CFPB, SEC, and FTC established a new Task Force on Market Integrity and Consumer Fraud.

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