HUD Finalizes Disparate Impact Rewrite Over Lender, Advocate Objections
Despite requests from both lenders and advocates, HUD has finalized its 2019 NPR to revise its disparate impact standards (see FSM Report FAIRLEND6) largely as proposed.
SFT Haircuts Again on Hold
Seeking to provide additional COVID relief, the FSB has again extended for one more year the implementation timeline for minimum haircut standards for non-centrally cleared securities financing transactions (see FSM Report REPO3).
Banking Agencies Largely Escape Capture Accusations
Continuing its series of reports on regulatory-capture risks requested by HFSC Chairwoman Waters (D-CA) and HSFC Oversight Subcommittee Chairman Green (D-TX), GAO has issued a report finding that, although the FDIC has policies in place to prevent regulatory capture, inconsistent application and incomplete implementation limit their effectiveness.
Brooks Undeterred on Payment, Crypto Construct
The American Banker today features comments by Acting Comptroller Brooks on the future of U.S. digital and payments rules sure to stir up still more controversy.
Calabria: Refi Fee Delay Allows Congress to Consider Alternative
During a virtual event today, FHFA Director Mark Calabria again defended the GSEs’ refi fee increase, saying that it is necessary to ensure Fannie and Freddie recover the estimated $6 billion in costs related to COVID-relief initiatives as required by their charters.
Senate GOP Pulls Fed COVID-Relief Backstops
Majority Leader McConnell’s “skinny” COVID-relief package released today includes provisions that would significantly change the extent to which the FRB could continue to support financial markets and corporate borrowers.