The U.S. Department of the Treasury released a report identifying improvements to the regulatory landscape that will better support nonbank financial institutions, embrace financial technology, and foster innovation. This is the fourth and final report in response to the 2017 Executive Order of President Trump; the Executive Order called on Treasury to identify laws and regulations that are inconsistent with the Core Principles for financial regulation it set forth.
In drafting the report, the Treasury consulted extensively with a wide range of stakeholders focused on consumer financial data aggregation, lending, payments, credit servicing, financial technology, and innovation. These improvements should enable U.S. firms to more rapidly adopt competitive technologies, safeguard consumer data, and operate with greater regulatory efficiency. The report identifies just over 80 recommendations that are designed to:
- Embrace the efficient and responsible use of consumer financial data and competitive technologies
- Streamline the regulatory environment to foster innovation and avoid fragmentation
- Modernize regulations for an array of financial products and activities
- Facilitate “regulatory sandboxes” to promote innovation
Keywords: Americas, US, Banking, Insurance, Securities, PMI, Fintech, Regtech, Regulatory Sandbox, US Treasury
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
EBA published a statement on resolution planning in light of the COVID-19 pandemic.
ESMA updated the reporting manual on the European Single Electronic Format (ESEF).
BCBS and FSB published a report on supervisory issues associated with benchmark transition.
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.
IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.
BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework
PRA published a statement to insurers that clarifies the approach to application of the matching adjustment during COVID-19 crisis.
EBA published a report on the implementation of selected COVID-19 policies within the prudential framework for banking sector.