Global Regulators Tackle NBFI Margining, Collateral Transformation

As it has long promised, the FSB today issued a consultation on standards designed to buttress derivatives, commodity, and securities-financing markets under stress through more stringent margining and collateral requirements.

Basel Head Says Go Slow re AI Risk, Supervisory Models

Basel’s Secretary General, Pablo Hernández de Cos, today focused on AI’s risk-reward profile in the banking sector, concluding that it raises a series of profound questions global regulators must work cooperatively to address.

Lummis, Gillibrand Begin Senate Stablecoin Debate

As long anticipated, Sens. Lummis (R-WY) and Gillibrand (D-NY) today introduced a significantly revised version of their 2022 Bill (see FSM Report CRYPTO28) laying out U.S. stablecoin standards.

FIO Subpoena Power Faces Rollback

At HFSC’s mark-up today, the committee began with Rep. Fitzgerald’s (R-WI) Insurance Data Protection Act, H.R. 5335, which would repeal the Federal Insurance Office’s authority to subpoena insurance companies for data collection.

HFSC Likely to Pass RegTech Bill

At HFSC’s extended mark-up today, the committee turned to H.R. 7437, a bipartisan bill that would require federal banking regulators to regularly review and report to Congress on their use of technology to ensure they’re equipped to address threats to the financial system.

HFSC Set to Pass AOCI Recognition, Systemic-Risk Designation Study Measures

Continuing our coverage of today’s mark-up, HFSC was generally supportive of the two bills on the agenda from Democrats, H.R. 4206 from Rep. Sherman (D-CA) requiring large banks with available for sale securities to mark to market their real value, and H.R. 4116 from Rep. Green (D-TX) requiring the GAO and the relevant regulatory agencies to issue reports after invoking a systemic risk exception.

HFSC Partisan Fight Continues Over Earned Wage Access Bill

HFSC today also turned to H.R. 7428, Rep. Steil’s (R-WI) controversial earned-wage access bill.  Rep. Green (D-TX) stated that Rep. Steil’s manager’s amendment had “unintentional mistakes” and was unenforceable, resulting in the substitute being treated as a first-degree amendment.

McHenry Sandbox Bill Faces Anticipated Democratic Attack

As the mark-up continued, HFSC turned to Chairman McHenry’s Financial Services Innovation Act, H.R. 7440, allowing “sandboxes” for “innovative” financial products.

GOP Resolution Advances to Reject Card-Fee Reg

As anticipated, HFSC has now turned to H.J. 122, the CRA resolution repealing the CFPB’s credit-card fee standards (see FSM Report CREDITCARD37).

HFSC Advances GOP Efforts to Repeal SEC, Banking Climate Standards

The HFSC mark-up today also focused on GOP efforts to overturn climate standards from the SEC and banking agencies.

HFSC Expected to Advance Resolution Overturning FSOC’s SIFI Designation Guidance

Continuing HFSC’s marathon mark-up, the committee now turned to H.J. Res. 120, the CRA resolution to overturn FSOC’s guidance on nonbank financial company designation (see FSM Report SIFI36).