In this issue...
Multiple issuances related to stress testing and resolution and recovery:
Heightened regulatory attention on cryptocurrency, as evidenced in CFTC and FSOC issuances.
The Financial Stability Oversight Council (FSOC) published its 2017 annual report, which discussed potential threats from cyberattacks as well as new products, such as cryptocurrencies, recommended measures to minimize regulatory overlap and tailor regulations to financial institutions, and recommended continued evaluation and assessment of rules and standards applicable to financial market utilities and central counterparties, and money market mutual funds.
Attention on cyrptocurrency:
The Federal Reserve published a final rule to repeal its Regulation C (Home Mortgage Disclosure), which was superseded by CFPB rules, and a proposed rule to revise its Regulation M (Consumer Lending) to limit the scope of Regulation M in response to the CFPB's rulemaking authority for the Consumer Leasing Act.
The House of Representatives passed a bill to replace the $50 billion SIFI designation threshold with activity based standards consistent with the Treasury's recommendations. The bill now goes to the Senate for consideration, however, earlier this month the Senate separately passed its own bipartisan bill that would raise the SIFI threshold to $250 billion.