#FCA – Federal Financial Analytics

13 01, 2023

DAILY011323

Eliza Allen2023-01-13T16:39:53-05:00January 13th, 2023|2- Daily Briefing|

Another GSE Comes Under a Regulatory-Capital Rewrite

A little-noticed GSE – Farmer Mac – has long been criticized by agricultural lenders for reducing competition in this critical sector based in part on unduly-advantageous capital rules. Now, the Farm Credit Administration – the GSE’s regulator – has issued an advance notice of proposed rulemaking to consider whether and how to align Farmer Mac’s capital more closely to the Basel banking standards.

Fed Records Expected Loss Congress Will Assess

The Fed today released its preliminary 2022 income and expense data, detailing $18.8 billion in deferred assets following its suspension of Treasury remittances. It also reports an increase in total interest expense from $5.7 billion in 2021 to $96.6 billion in 2022, $55.1 billion of which was due to depository institutions and $41.5 billion related to the ONRPP.

Daily011323.pdf…

25 10, 2022

DAILY102522

Eliza Allen2022-10-25T17:08:46-04:00October 25th, 2022|2- Daily Briefing|

Setting Stage for US Action, UK Regulators Target Bigtech Consumer-Finance Market Power

Focusing principally on competition, the UK’s Financial Conduct Authority (FCA) today released a discussion paper investigating bigtech’s entry into payments, deposit, consumer-credit, and insurance.

With Yellen Backing, SEC Central-Clearing NPR Advances

The Federal Register today includes the SEC’s proposal requiring that market clearinghouses submit certain secondary-market transactions for clearing along with the small percentage now already centrally-cleared.

FDIC Reports Significant Financial Inclusion Progress

Showing significant improvements in financial inclusion, the FDIC today released its biennial under- and unbanked household survey.

CFPB to Require Almost-Open Banking

At long last and as recently promised, the CFPB later this week will start a rulemaking process that would ultimately require financial institutions to share personal data with a consumer upon his or her request.

Democrats Get Ready To Blame The Fed

Continuing progressive critiques of the FOMC’s anti-inflation fight, Senate Banking Chairman Brown (D-OH) has written to FRB Chairman Powell sharply protesting current Fed policy.

Daily102522.pdf…

7 07, 2022

DAILY070722

Eliza Allen2023-01-24T15:30:00-05:00July 7th, 2022|2- Daily Briefing|

IOSCO Releases 2022-2023 Crypto Roadmap

IOSCO today released its Crypto-Asset Roadmap for 2022-2023, outlining two work plans on crypto- and digital assets on DeFi.

Basel Reaffirms Proportionate Policy

The Basel Committee today released high-level “considerations” on proportionality – i.e., how to apply its standards taking account of a bank’s size and complexity.

CFPB Demands Tighter Reporting-Data Controls

Using another advisory to issue what some may consider a rulemaking, the CFPB today threatened to pursue criminal penalties if credit-report data are not used for permissible purposes (i.e., for credit, housing, employment or insurance decisions).

FSB Report Promotes LEI Adoption for Cross-Border Payments

The FSB today issued a report recommending that G20 members promote Legal Entity Identifier (LEI) adoption, aiming particularly at cross-border payments.

Treasury Releases International Crypto Engagement Framework

As demanded by President Biden’s digital asset executive order (see Client Report CRYPTO26), Treasury in consultation with the State Department, Commerce, and USAID today released a framework for international engagement on digital assets.

Democratic Senators Demand More from Zelle on High-Profile Fraud Allegations

Sens. Menendez (D-NJ), Warren (D-MA), Reed (D-RI) and five Democratic colleagues today ramped up their attack on the extent to which Zelle properly handles payment fraud.

Daily070722.pdf…

7 09, 2021

Daily090721

Arezou Rafikian2023-08-22T12:39:22-04:00September 7th, 2021|2- Daily Briefing|

U.K. Joins U.S. Sharp Crypto Condemnation
The head of the U.K. Financial Conduct Authority, Charles Randell, today echoed SEC Chairman Gensler’s wide-ranging concerns about cryptocurrency but also targeted U.K. action at social media in ways not yet voiced in the U.S.

Global Regulators Take Tough Stand on AI/ML Controls, Ethics
Following a June consultation, IOSCO today issued guidelines on the use of AI/ML by asset managers and financial intermediaries. Although focused on trading platforms and investment advice, the guidance is sure to influence work under way by the SEC and U.S. banking agencies.

Comment Deadline Extended on Third-Party Risk Management Guidance
The federal banking agencies today extended the comment deadline on proposed third-party risk management guidance until October 18.

FHFA Establishes a GSE Equitable-Housing Mission with Major Market Implications
As Karen Petrou’s memo this morning forecast, the FHFA has taken strong action today to mandate an equitable-housing plan from Fannie Mae and Freddie Mac above and beyond their existing affordable-housing requirements.

Daily090721.pdf…