#privacy – Federal Financial Analytics

1 03, 2023

DAILY030123

Eliza Allen2023-03-01T16:38:23-05:00March 1st, 2023|2- Daily Briefing|

What’s Next For McHenry Privacy Bill

As we anticipated yesterday, HFSC reported H.R. 1165, Chairman McHenry’s privacy bill, on a party-line vote of 26-21. Discussions this morning lead us to conclude that Mr. McHenry plans to consider additional changes that could be made via a manager’s amendment when bringing the bill to the House floor given that its fate there is uncertain given the GOP’s slim majority.

CFPB Targets Public-Benefits Finance

The CFPB today published a “spotlight” examining numerous fees it says “erode” public benefit programs delivered through various financial products. Focusing in particular on prepaid cards, the spotlight states that the Bureau will monitor and may take action against entities violating consumer protection laws in the delivery of cash assistance. This comes following a major enforcement action in this area against Bank of America and reports of others pending against large banks.

Treasury Sets Out Steps Seemingly Towards A U.S. CBDC

Following up the President’s executive order on digital assets (see Client Report CRYPTO26) and Treasury’s subsequent report (see Client Report CBDC14), Under-Secretary Nellie Liang today outlined next steps leading to the Administration’s decision about CBDC benefits that will strongly guide the Fed’s CBDC final call. Ms. Liang details how CBDC and FedNow each have benefits, describing how CBDCs generally work and could function in the U.S.

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DAILY022823

Eliza Allen2023-02-28T17:16:34-05:00February 28th, 2023|2- Daily Briefing|

CFPB Treads Gingerly on Mortgage-Disclosure Exceptions

In a notice emphasizing the CFPB’s distaste for allowing regulatory exceptions, the Bureau asks for comment on an application for one to which it seems a bit more sympathetic.

FDIC Sees Sunny Side of Bank Earnings Data

In its review of banking-industry fourth-quarter results, the FDIC today notes a sharp increase in the gap between bank loan yield and deposit interest costs.

Basel Forecasts End-Game Capital Shortfalls

The Basel Committee today issued its latest monitoring report, finding that large global banks saw capital decreases to pre-pandemic levels even as liquidity ratios continued to improve.

Bipartisan China Bills Fly Through HFSC Markup

As anticipated, HFSC today reported five bills to censure China and protect Taiwan, along with bills addressing drug-trafficking financing, biomedical security and bank service company examinations.

Democrats Stand Firm versus Privacy Preemption

Following an orderly and bipartisan start to today’s HFSC markup, Democrats and Republicans today came to verbal blows over the Chairman’s data privacy bill.

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DAILY022423

Eliza Allen2023-02-24T16:55:41-05:00February 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.

Daily022423.pdf…