Trump Lays Out Well-Crafted, Controversial Finreg Agenda
President Trump today signed an executive order on financial services regulation and although it is not yet publicly available, we here assess a copy we obtained this morning. Going beyond a general directive to Treasury to convene U.S. regulators and reduce burden and bail-outs, the order in fact sets “guiding principles” of U.S. policy.

CCAR Premised on Traditional Stringent Scenarios without Add-on Fiscal/Trade Policy Stress
As anticipated, the FRB today released its CCAR scenarios and related instruments for BHCs over $50 billion, adopting the new approach in which only thirteen of these companies now are subject to both quantitative and qualitative criteria. The Board also released a guide for FBOs just beginning CCAR in this cycle.

OCC Revises Stress Testing Reporting, Supplemental Schedule
In concert with release of CCAR and the OCC’s stress test, the OCC today finalized revisions to its annual Stress Test Reporting Template and Documentation.