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Washington Report 360 | May 25, 2018

Washington Report 360 | May 25, 2018

In this issue...


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Key highlights

  • The President signed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, into law. The bill passed the House of Representatives this week with a bipartisan vote of 258-159; the same bill passed the Senate in March.
  • S.J.Res. 57, which repeals the CFPB's 2013 indirect auto lending guidance, has been signed into law. CFPB Acting Director Mulvaney indicated the Bureau would also seek a review of additional prior-issued guidance.
  • The Senate confirmed Jelena McWilliams to serve as Chairman of the FDIC.

Financial services legislative and regulatory news

S.2155 has been signed into law. It passed the House of Representatives this week on a bipartisan vote exactly as passed by the Senate in March. The bill:

  • Exempts banks with assets valued at less than $10 billion from the Volcker Rule
  • Increases the assets threshold at which banks are required to conduct company run stress tests to $250 billion
  • Raises the SIFI threshold for applying enhanced prudential standards (EPSs) to domestic bank holding companies to $250 billion but gives the Federal Reserve discretion to apply any EPS to BHCs with at least $100 billion in assets.
  • Increases the asset threshold for mandatory risk committees to $50 billion.

The President signed into law S.J.Res. 57, repealing the CFPB's 2013 indirect auto lending guidance.

CFPB Acting Director Mulvaney stated the Bureau would identify for review previously issued guidance that, like the indirect auto lending guidance, might be considered rules under the Congressional Review Act. He also said the Bureau would reexamine the requirements of the ECOA in light of a recent Supreme Court decision on antidiscrimination statues.

The OCC issued a bulletin to remind banks of the core lending principles for managing the risks associated with short-term, small-dollar installment lending programs.

The Federal Reserve and the OCC extended the comment period for their joint proposed rule on the enhanced supplementary leverage ratio.

The SEC proposed rules and amendments to promote research on investment funds and establish a safe harbor for brokers or dealers to publish or distribute those research reports under certain conditions.

The CFTC issued guidance for exchanges listing virtual currency derivative products, and proposed a rule that amends its margin requirements for uncleared swaps.

Financial services policy news

The Senate confirmed Jelena McWilliams to serve as Chairman of the FDIC.

Federal Reserve Board Governor Lael Brainard outlined five principles for updating the Community Reinvestment Act; she stressed continued branch importance but also additional channels for service delivery.

New reports indicate two large money services businesses have established a "Terminated Agent Database" to track representative "agents" whom they have terminated. The initiative is contingent upon approval by FinCEN.

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