24 02, 2023


2023-02-24T16:55:41-05:00February 24th, 2023|2- Daily Briefing|

HFSC Starts With A Bang

On Tuesday, HFSC Chairman McHenry (R-NC) honors his commitment to advance significant legislation with what is sure to be a raucous mark-up.  Most importantly, Chairman McHenry will bring up a bill yet to be introduced rewriting consumer-data privacy standards.

FHFA New-Product Vetting Delayed

FHFA today pushed back the effective date of its New-Product Rule by sixty days on grounds that more time is needed for the agency and the GSEs to develop the internal processes necessary for compliance.  The former effective date was February 27; the new effective date is April 28.

HFSC Set To Lock Horns On Data Privacy

With the opening quote in his release making clear that this will be a partisan fight, HFSC Chairman McHenry (R-NC) formally introduced the privacy legislation that, as noted earlier today, is now set for Tuesday’s mark-up.

CFPB Begins Administrative Adjudication, Speeding Enforcement Actions

The CFPB today finalized new adjudication rules that add administrative adjudication to its usual course of seeking redress in federal district courts.  The agency argues that predecessors from which Dodd-Frank drew its responsibilities use administrative adjudication and it is thus within the CFPB’s purview now also to do so.


8 06, 2022


2023-02-10T15:47:09-05:00June 8th, 2022|2- Daily Briefing|

CFTC Contemplates Broad Climate-Risk Action Plan

Acting on the President’s executive order (see FSM Report GREEN8) , the CFTC is seeking comments on how climate risk affects the derivatives market, underlying commodities markets, the entities it regulates, and financial institutions that might be directly affected by climate risk in this sector.  Supporting FSOC’s work, the Commission also seeks comments on systemic risk implications as well as near-term initiatives.

CFPB Plans Fit-for-Purpose Data-Privacy Regime

When we yesterday predicted that Sen. Brown’s comments about data privacy would spark CFPB action, we didn’t expect that it would come today.  However, Director Chopra used his opening comments and those throughout an advisory-committee meeting to argue, as had the Senate Banking chairman, that personal data are now being used for purposes adverse to fair markets and consumer protection.

Board Soon to Get Barr

The Senate Banking Committee today voted 17-7 to advance Michael Barr’s nomination for Vice Chairman for Supervision at the Federal Reserve to a full Senate vote.  Given Sen. Toomey (R-PA)’s support for Mr. Barr, rapid confirmation is almost certain.  Those voting against Mr. Barr were Sens. Shelby (R-AL), Crapo (R-ID), Tillis (R-NC), Kennedy (R-LA), Hagerty (R-TN), Cramer (R-ND), and Daines (R-MT).


7 06, 2022


2023-02-10T15:50:52-05:00June 7th, 2022|2- Daily Briefing|

New Crypto Bill Empowers Digital Assets, Faces High Hurdles

After months of negotiation and public discussions, Sens. Lummis (R-WY) and Gillibrand (D-NY) today introduced a comprehensive crypto-reform measure designed to promote the proverbial “responsible-innovation” on which all sides agree despite wide differences in how each defines this goal.

CBDC Adoption Has Compelling Rationale Even Though CBDC Not Essential

A new article from the Federal Reserve Bank of Richmond weighs the pros and cons of US CBDC adoption, concluding that – although CBDC would be unlikely to bring short-term benefits to the money and payments system – several compelling reasons nonetheless exist for implementation and, at the least, serious design and functionality research and policy preparedness.

Brown Wants FSOC to Quell Consumer-Data Sales

Senate Banking Chairman Brown (D-OH) today renewed his campaign against consumer-data sales, directing his requests to FSOC but doubtless also firing up CFPB action in a newly-high profile arena.

HFSC Dems Demand More on Historic Patterns of Slavery Finance, Insurance

HFSC Chairwoman Waters (D-CA) and all of the panel’s subcommittee chairs today sent a letter to the ten largest U.S. banks and five largest life insurers demanding more data on the financing of slavery.


17 09, 2021


2023-08-03T14:42:33-04:00September 17th, 2021|5- Client Report|

 Is the SEC Planning a Push-Out Pull Back?
As we noted, SEC Chairman Gensler’s written Senate Banking testimony included a short – but very significant – statement prioritizing Commission review of key fixed-income market sectors. This did not come up at the hearing (see Client Report INVESTOR18), which focused on hot partisan issues such as climate risk and cryptoassets. However, the extent to which the SEC renews efforts to govern fixed-income activities it now thinks too far outside its reach has significant strategic implications, most immediately for large banks that might find key underwriting and capital-markets activities under additional standards and greater enforcement risk. In this report, we assess what Mr. Gensler contemplates for the corporate, muni, and asset-backed securities (ABS) markets, revisiting the “push-out” battles the Commission largely lost over a decade ago to evaluate whether the Fed could or would defend banks again from demands that key activities register with the SEC.


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