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2 08, 2022

DAILY080222

2023-01-04T13:33:07-05:00August 2nd, 2022|2- Daily Briefing|

FFIEC Turns Back to Troubled Loans

The banking agencies and NCUA today sought comment on proposed changes to troubled-loan standards that would codify action during the great financial crisis on CRE-related allowances for loan and lease losses (see FSM Report ALLL5) and Covid-crisis era regulatory and CECL actions (see FSM Report CECL7).  Although focused on CRE, the statement’s general principles would also apply to commercial loans secured by real property or business assets, reiterating current injunctions for banks to work “constructively” with troubled borrowers.

Senate Banking at Another Loggerhead, This One re Housing

Today’s Senate Banking hearing on rising rent was a partisan session, with Democrats urging support for legislation to provide emergency rental assistance and other federal interventions.  In sharp contrast, Republicans argued that needless government regulation is to blame.  Ranking member Toomey (R-PA) also continued Republican attacks on the GSEs, denouncing what he called their loose underwriting standards and calling for Congress to prohibit them from investing in areas with rent-control laws.

Hsu Fears Continuing Cyber Risk

In remarks today, Acting Comptroller Hsu indicated that, while banks have generally done a good job combatting cyber threats, this has led to an undue sense of security across the industry, law enforcement, and national-security officials.  Mr. Hsu thus urges continued vigilance and investment that recognizes the increasingly inter-connected and complex nature of financial instruments, payment systems, and markets, as well as continued attention to contingency planning and recovery protocols.

Daily080222.pdf

15 06, 2022

CRYPTO28

2023-01-26T15:43:09-05:00June 15th, 2022|1- Financial Services Management|

U.S. Digital-Asset Framework

After protracted negotiations and much public attention, bipartisan senators have introduced a far-reaching bill designed to encourage digital-asset use without undue risk to consumers, investors, or the financial system.  The bill decides most, if not all, of the outstanding regulatory barriers to digital-asset use in favor of digital assets and their providers.  Provisions in many cases go farther than public discussion has so far noted – for example, the measure not only expands the ability of digital-asset providers to reach retail and wholesale customers, but also gives them access to FDIC resolution without the cost of paying insurance premiums or coming under many of the rules that govern insured depositories.  Digital-asset providers could also make loans without the disclosures designed to be transparent to less well-informed consumers or the other consumer-protection standards administered by the CFPB.

CRYPTO28.pdf 

14 06, 2022

FedFin On: U.S. Digital-Asset Framework

2023-01-27T15:30:30-05:00June 14th, 2022|The Vault|

After protracted negotiations and much public attention, bipartisan senators have introduced a far-reaching bill designed to encourage digital-asset use without undue risk to consumers, investors, or the financial system.  The bill decides most, if not all, of the outstanding regulatory barriers to digital-asset use in favor of digital assets and their providers.  Provisions in many cases go farther than public discussion has so far noted – for example, the measure not only expands the ability of digital-asset providers to reach retail and wholesale customers, but also gives them access to FDIC resolution without the cost of paying insurance premiums or coming under many of the rules that govern insured depositories…

The full report is available to retainer clients. To find out how you can sign up for the service, click here and here.…

24 01, 2022

Daily012422

2023-04-20T14:55:24-04:00January 24th, 2022|2- Daily Briefing|

FFIEC Advances Exam-Reform Initiative

Completing the final phase of its Examination-Modernization Project, the FFIEC late last week issued best practices for requesting examination information from supervised entities.  Best practices include requesting only risk-focused and relevant information, giving institutions sufficient time, and examiner coordination to avoid duplicative and/or redundant requests.

CFPB Seeks Comment on BNPL

The CFPB’s inquiry into buy-now/pay-later (BNPL) providers along with questions for public comment  were posted in today’s Register.

Daily012422.pdf

1 12, 2021

Daily120121

2023-05-23T14:07:25-04:00December 1st, 2021|2- Daily Briefing|

FRB-NY Staff Assess CBDC Mission Impact
With Chairman Powell yesterday reiterating that the Fed will soon seek views on CBDC (see Client Report FEDERALRESERVE64), the New York Fed’s blog post today is a timely assessment of whether central-bank digital currency advances core central-bank missions.

CFPB Launches Anti-Overdraft, Pro-Portability Campaign
In concert with a new CFPB report, CFPB Director Chopra today announced that the Bureau will soon limit overdraft and NSF fees and undertake an array of other reforms to retail banking.

FFIEC Tackles New AML Priorities
Rec The FFIEC today released a significant rewrite of their BSA/AML examination manual, stressing not only an array of new priorities, but also recognition that current standards have unintentionally but often decisively encouraged derisking.

Daily120121.pdf

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