Washington Report 360 | Aug 17, 2018 | KPMG | US
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Washington Report 360 | Aug 17, 2018

Washington Report 360 | Aug 17, 2018

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Key Highlights

  • OCC releases policies clarifying the effect of discriminatory and other illegal credit practices on CRA ratings
  • CFPB intends to suspend routine examinations for violations of the Military Lending Act
  • HUD is considering a new approach to Fair Housing and seeking public comment.

Financial services legislative and regulatory news

OCC released revised policies and procedures clarifying the effect of discriminatory or other illegal credit practices on an institution’s Community Reinvestment Act rating; institutions would generally benefit from self-identification and remediation but could face a downgrade of more than one rating for “egregious” practices.

The CFPB Acting Director stated that the CFPB will suspend routine examinations of lenders for violations of the Military Lending Act but will continue to pursue enforcement of the law through consumer complaints and hotline tips. (NYT 08/10)

The CFPB finalized amendments to Regulation P (Privacy of Consumer Financial Information) to provide an exception under which financial institutions meeting certain conditions will not be required to provide annual privacy notices to their customers.

The Department of Housing and Urban Development issued an advanced notice of proposed rulemaking seeking input on a new approach to promote fair housing under its Affirmatively Furthering Fair Housing regulations.

FINRA has released an updated Security Futures Risk Disclosure Statement that reflects the new T+2 standard settlement cycle among other things. FINRA also proposed amendments to the technological connectivity options available for TRACE reporting.

The FRBNY released its quarterly report on Household Debt and Credit, finding that total household debt increased slightly and highlighting increases in auto loans and credit card debt.

The Global Foreign Exchange Committee (GFXC) published a paper outlining industry developments and achievements since the May 2017 launch of the FX Global Code and identifying priorities going forward.

Financial services policy news

FINRA published its first annual FINRA Industry Snapshot, which provides a high-level overview of data for FINRA-registered representatives, registered firms, and market activity.

FINRA published a Regulatory Notice to remind Alternative Trading Systems of their obligations to maintain supervisory systems designed to achieve compliance with applicable securities and regulations as well as FINRA regulations.

The FSB launched a thematic peer review of its members on implementation of the Legal Entity Identifier; FSB is also seeking input from financial institutions and other industry and consumer stakeholders.

The CPMI and IOSCO published a consultative report on governance arrangements for critical data elements in over-the-counter derivatives, other than UTI (Unique Transaction Identifier) or UPI (Unique Product Identifier).

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