US Agencies (CFPB, FED, and SEC) published their respective semi-annual regulatory flexibility agenda in the Federal Register, under the Regulatory Flexibility Act. The Act requires each Federal agency, twice each year, to publish, in the Federal Register, an agenda identifying rules that the agency expects to consider in the next 12 months and that are likely to have a significant economic impact on a substantial number of small entities.
CFPB Agenda. CFPB anticipates having the identified regulatory matters in the agenda under consideration from May 01, 2019 to April 30, 2020. Later in the Spring, CFPB is preparing to issue a proposal to follow up on an interpretive and procedural rule that it issued in August 2018 to provide clarification regarding Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act amendments to the Home Mortgage Disclosure Act (HMDA), which requires financial institutions to report certain mortgage information to Federal financial regulators and the public. In context of implementing the EGRRCP Act, CFPB intends to recommence work later this year to develop rules to implement section 1071 of the Dodd-Frank Act. CFPB also plans to issue, in 2019, an Advance Notice of Proposed Rulemaking concerning certain data points that are reported under the 2015 HMDA rule. Finally, CFPB expects to issue a Notice of Proposed Rulemaking by Spring 2019 to address issues such as communication practices and consumer disclosures in the debt collection market. The next agenda is to be published in Fall 2019.
FED Agenda. FED anticipates having under consideration regulatory matters in the agenda from May 01, 2019 to October 31, 2019. Comments about the form or content of the agenda may be submitted any time during the next six months. The FED agenda is divided into five sections: Pre-rule Stage, Proposed Rule Stage, Final Rule Stage, Long-Term Actions, and Completed Actions. This agenda does not contain any items in the pre-rule and final rule stages. However, the three items in the proposed rule stage involve reduced reporting for covered depository institutions (FFIEC 051 Call Report), availability of funds and collection of checks under Regulation CC, Regulation LL for savings and loan holding companies and Regulation MM for mutual holding companies. The next agenda will be published in Fall 2019.
SEC Agenda. SEC published the Chairman's agenda of rulemaking actions. The agenda notes that the Division of Investment Management is considering recommending that SEC re-propose a new rule designed to enhance the regulation of the use of derivatives by registered investment companies, including mutual funds, exchange-traded funds, closed-end funds, and business development companies. Additionally, removal of certain references to credit ratings Under the Securities Exchange Act of 1934 is a task that is on the long-term action agenda. Information in the agenda was accurate on March 18, 2019, the date on which SEC staff completed compilation of the data. To the extent possible, rulemaking actions by SEC since that date have been reflected in the agenda. SEC is printing in the Federal Register, along with the preamble, only those agenda entries for which it has indicated that preparation of a Regulatory Flexibility Act analysis is required. SEC invites questions and public comment on the agenda and on the individual agenda entries on or before July 24, 2019.
Keywords: Americas, US, Banking, Securities, Regulatory Flexibility Act, Semi Annual Agenda, CFPB, EGRRCP Act, HMDA, Dodd-Frank Act, FED, SEC, US Agencies
EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.
EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).
NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.
MAS published the guidelines on individual accountability and conduct at financial institutions.
APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.
SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.
FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.
ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.
OSFI published the key findings of a study on third-party risk management.
FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.