Financial Services Legislative And Regulatory Update -- November 19, 2012

In This Issue:

Leading the Past Week; House of Representatives; CFPB; SEC; CFTC; OCC; DOL; International; and Upcoming Hearings.

Excerpt from Leading the Past Week

Now that the election is behind us (for analysis of how the results could impact the financial services sector see, the focus in Washington has shifted to the fiscal cliff, with the President and Congressional leaders meeting at the end of the week after both sides publicly floated their opening negotiating positions. Other than whether we will drive off the cliff at the end of the year, or how the solution will be structured, it seems that many people are trying to figure out where Senator-elect Elizabeth Warren will end up. While Ms. Warren hasn’t publicly indicated if she will be trying to get on the banking committee, she has shown that she knows how to play the game in town, as other senior members of the Committee, notably Jack Reed, went to bat publicly for her, and it now appears that she will be on the committee in 2013 if she asks for it.

Besides dealing with rumors about future members, the Senate Banking was busy this past week examining the controversial Basel III capital standards. While the House Financial Services Committee will examine that issue after the Thanksgiving break, it released a controversial analysis of the MF Global collapse, which among other things served as kindling for renewed calls to merge the functions of the SEC and CFTC. In the administration, Martin Gruenberg will no longer be called acting Chair, as he, and Thomas Hoening were official confirmed as Chair and Vice Chair respectively, while the current deputy director of the CFPB, Raj Date, announced he will leave the Bureau at the end of January, which should coincide with the CFPB’s finishing some of its mortgage rules, including QM and the RESPA/TILA reforms.

Please see full issue below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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