Fed, FDIC Set Some FBO Resolution Plans; Warn All Filers About Planning for Pandemic
Late yesterday, the FRB and FDIC issued final guidance on the resolution plans that must be filed by the four foreign banking organizations with IHCs considered Category II companies under the inter-agency tailoring rule (see FSM Report SIFI34).

House GOP Fires Warning Shot Against Climate Stress Tests
In a letter spearheaded by HFSC Subcommittee on Oversight and Investigations Ranking Member Barr (R-KY), 47 House Republicans late yesterday demanded that the Fed not include climate-change scenarios in stress tests without first conducting a full review of potential shortcomings, challenges, and downstream impacts.

QM Switches to Price Thresholds, Seasoned-Loan Exemption
The CFPB today finalized the QM definition and “seasoning” exemption as proposed (see FSM Reports MORTGAGE116 and MORTGAGE118).