#data collection

20 10, 2023

DAILY102023

2023-10-20T17:21:03-04:00October 20th, 2023|2- Daily Briefing|

Senate AI Measure Tackles Financial Services

The text of the key Senate AI bill, S. 3050, has now become available.

Banking Agencies Offer Olive Branch

Reflecting strong pressure and recent FRB Chair Powell statements, the FRB today announced the launch of an open data collection assessing the rule’s effects – an issue on which many bank comment letters and Congressional Republicans have been scathing.

GOP Renew Funding Campaign vs. CFPB via Fed Losses

HFSC Vice Chairman Hill (R-AR) yesterday reintroduced legislation pressuring both the Fed and CFPB by prohibiting the Fed from transferring its earnings to the Bureau if the Fed incurs an operating loss.

FinCEN Highlights Hamas Sanction Red Flags

Reflecting ongoing Congressional pressure and recent Treasury sanctions, FinCEN today issued an alert reminding financial institutions to remain vigilant for suspicious activity related to Hamas funding sources.

Fed Stays Stoic on Financial-Stability Outlook

The FRB today released is semiannual financial-stability report differing little from the relatively-sanguine outlook in its May report (see Client Report SYSTEMIC94).

Daily102023.pdf

14 06, 2023

CONSUMER51

2023-06-14T16:55:35-04:00June 14th, 2023|5- Client Report|

Chopra Holds His Own Under GOP SVB, Consumer-Protection Attack

With Rep. Andy Barr (R-KY) leading the attack with an accusation of CFPB “McCarthyism,” today’s HFSC hearing with Director Chopra tracked much in yesterday’s Senate Banking session.  As before, Republicans strongly attacked the credit-card late-fee proposal (see FSM Report CREDITCARD36) and new small-business reporting requirements.  However, the lengthy session also allowed Members on both sides of the aisle to probe issues to which Senate Banking failed to turn.  One of these was the FDIC’s decision to establish bridge banks for SVB and Signature and to sell FRC to JPM.  Mr. Chopra vigorously denied any role of what some have called progressive ideology in opposing bids for SVB, noting also systemic concerns at that time partly due to fears about Credit Suisse.  The agency’s controversial data-rights proposal will be out in October, with Director Chopra saying also that the proposal covers nonbanks by virtue of the data to be covered.  Provider cyber-security will also be addressed.  This report covers additional high-impact issues at the hearing including AI, UDAAP, and systemic designation.

CONSUMER51.pdf

26 10, 2021

Daily102621

2023-06-05T13:54:59-04:00October 26th, 2021|2- Daily Briefing|

McWilliams Positions Herself as Crypto Liberal Among Agency Skeptics
In remarks posted this morning, FDIC Chair McWilliams provided an update on the inter-agency “crypto sprint.” Ms. McWilliams made it clear that her intent is not to prohibit bank crypto activities but instead to govern them, announcing that a series of policy statements will be issued in “coming months.”

U.S. Adds Voice to Health/Finance G20 Construct
The U.S. Treasury has now joined other G20 finance ministers in calling for a new forum coordinating health and finance policy. The proposal was sparked by an earlier report from former government officials such as Larry Summers based on the need to ensure that all national and global resources are prepositioned to prevent the next pandemic.

Global Regulators Tackle Margining, CCP Resilience
Advancing an FSB priority most recently emphasized in the Board’s forward-looking plan, the Basel Committee, IOSCO, and the Committee on Payment and Market Infrastructures today invited comment on additional margining standards addressing problems identified in the March 2020 COVID crisis.

House Advances Open-Source Regulatory Data
The House late yesterday passed 400-19 the Financial Transparency Act (H.R. 2989), legislation reintroduced by Reps. Maloney (D-NY) and McHenry (R-NC) requiring the federal financial regulatory agencies to adopt data collection-and-distribution standards on format, searchability, and transparency.

OCC Stands Firm on LIBOR Transition, Supervisory Priorities
In remarks generally focused on LIBOR transition, Acting Comptroller Hsu today emphasized that the U.S. agencies fully intend to end LIBOR and “zombie LIBOR” as of year-end and that even banks that think …

22 10, 2021

AL102521

2023-06-05T14:05:52-04:00October 22nd, 2021|3- This Week|

New Consumer Cop Takes the Stage

Later this week, CFPB Director Chopra will appear before both the Senate Banking and House Financial Services Committees.  Each will use the newly-confirmed director’s debut as a platform on which to elicit promises for future action or oppose the same on each Member’s priority concerns.  Mr. Chopra may also use his testimony to chart a new course, expanding on initiatives launched by Acting Director Uejio and announcing new rules, policies, and enforcement program no acting official could set fully in motion.  We’ll of course provide clients with in-depth reports on Director Chopra’s testimony and what Congress has to say about it.

AL102521.pdf

8 10, 2021

Daily100821

2023-06-20T15:21:05-04:00October 8th, 2021|2- Daily Briefing|

Comment Date Set for Controversial Small Business Lending Disclosures NPR
The Federal Register includes the CFPB’s small business lending data collection proposal, with comments now due January 6.

BIS Highlights Data Risk due to DeFi, AI, HFT
The head of the BIS Innovation Hub, Benoît Cœuré, focused not only on the structural and systemic risks posed by DeFi and bigtech, but also emerging supervisory threat.

G20 Data Gaps Initiative Comes Up Short
With recent blow-ups such as Archegos and Evergrande heightening regulatory concerns about aggregate exposures, the FSB and IMF issued their sixth progress report on the G20 Data Gaps Initiative.

Daily100821.pdf

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