FSB Links Financial Resilience to Government Intervention, Highlights Near-Term Reform
The FSB’s Secretary General, Dietrich Domanski, today emphasized that global resilience in the pandemic was due to the combination of unprecedented government intervention and post-2008 reform to the banking system and financial-market infrastructure.
Agencies Again Defer QRM Review
FHFA, HUD, the Banking Agencies, and SEC today again extended their risk retention review focusing on the QM definition and exemptions for the community-focused residential mortgages and qualifying three-to-four unit mortgages.
Bipartisan Senate Bill Starts Work on Consumer-Reporting Reform
Sens. Scott (R-SC), Manchin (D-WV) and six bipartisan cosponsors yesterday reintroduced legislation (now S. 2417) to permit landlords, utilities, and telecom providers to report on-time payment data to credit reporting agencies.
BIS: Government Intervention, Not Bank Resilience, Prevented Systemic Risk
The BIS today released a bulletin providing extensive data on the resilience of banks throughout the Covid-19 and great financial crisis evidenced by risk-weighted capital adjusted to reflect market capitalization and stress scenarios. The report generally concludes that banks remained resilient due in large part to policy support judged by capital to stress-test results not premised on policy support.