Financial Regulatory Reform

News & Analysis as of

ESAs update ECON on priorities

The EP’s Economic and Monetary Affairs Committee (ECON) has held a hearing of the Chairpersons of the European Supervisory Authorities (ESMA, EBA and EIOPA jointly). The Chair of each of the authorities and ESMA’s Executive...more

Basel Committee reports on finalising reforms

The Basel Committee has published two reports in advance of the G20 summit. The reports cover: - finalising post-crisis reforms: an update reviews the Basel Committee’s work since the global financial crisis to...more

FSB writes to G20 on financial reforms progress

FSB has published a letter to G20 reporting on the progress being made in financial regulatory reforms in advance of the Antalya Summit. It sets out four key points...more

FSB reports on G20 financial regulatory reforms

FSB has published its first annual report to G20 on the implementation and effects of the G20 financial regulatory reforms. It describes progress by FSB member jurisdictions in implementing the financial reforms agreed in the...more

Federal Reserve Chair Janet Yellen Delivers Semi-Annual Report on Supervision and Regulation

On November 4, Federal Reserve Chair Janet Yellen testified before the House Committee on Financial Services. The topic of Chair Yellen’s testimony was “the lessons of the financial crisis and how we have transformed our...more

State-Chartered Bank Settles with New York DFS for Alleged Violations of Banking Law

On October 28, the New York DFS resolved an enforcement action with a New York State-charted bank for alleged violations of state banking law. The DFS alleged that the bank hired a former New York Federal Reserve Bank...more

CFPB confirms interest in marketplace lending

Companies involved in marketplace lending will be quite interested in the attendee list for the American Banker’s Marketplace Lending + Investing conference taking place this week in New York City. It indicates that 22...more

Bridging the Week - November 2015

SEC to Permit Capital Raising Through Crowdfunding: The Securities and Exchange Commission finalized rules that will permit eligible companies to raise money through Internet offerings of their securities—a practice known as...more


Las reformas legislativas de los u´ltimos meses han modificado las normas que rigen la ejecucio´n judicial y extrajudicial de las garanti´as reales. La Ley 15/2015, de 2 de julio, de la Jurisdiccio´n Voluntaria (LJV), ha...more

Looking Back: Delaware's Comprehensive Unclaimed Property Program Reform

The recent reforms have not impacted the power and authority of the Office of the State Bank Commissioner to examine Delaware financial institutions for compliance with the escheat laws, but the shortened look-back period...more

European Commission Launches Call for Evidence on Financial Services Regulation

On September 30, simultaneously to its publication of the Capital Markets Union (CMU) Action Plan (see the October 9 edition of Corporate & Financial Weekly Digest for further information on the CMU), the European Commission...more

Director Cordray sends warning to vendors on TRID rule compliance

In remarks yesterday at the Mortgage Bankers Association’s annual convention, CFPB Director Richard Cordray stated that the CFPB may need to look more closely at vendors of software and other tools used by lenders to comply...more

Corporate and Financial Weekly Digest - Volume X, Issue 40

BROKER-DEALER - FINRA Requests Comment on Revised Price Disclosure Information Standards for Corporate and Agency Debt Securities - The Financial Industry Regulatory Authority issued a regulatory notice...more

EP updates on structural reform measures

EP has updated its procedure file on the proposed Regulation on banking structural reform. The indicative date for the plenary session...more

Federal Banking Regulators Schedule EGRPRA Outreach Meeting in Chicago

On September 28, the Federal Reserve, the FDIC, and the OCC announced that the latest outreach meeting under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) will be held on October 10 in Chicago, Illinois....more

CFPB, DOE, Treasury Issue Joint Statement on Student Loan Servicing

A new Joint Statement issued by the Consumer Financial Protection Bureau, Department of Education, and Department of the Treasury presents a framework to standardize student loan servicing practices across the various federal...more

New York City’s RBA Falls to Preemption Challenge

New York City banks are breathing a sigh of relief after a federal judge ruled that they would not have to provide detailed servicing disclosures under a preempted city law. The law, a gloss on top of the federal Community...more

"Evaluating the State of Financial Reform Five Years After Dodd-Frank"

July 21, 2015, marked the fifth anniversary of the signing of the landmark Dodd-Frank Act and provided a natural opportunity to evaluate the progress regulators have made in establishing the new regulatory regime as well as...more

The New EU Benchmark Regulation

There has been increased pressure on the EU to restore confidence in the integrity and accuracy of benchmarks following the LIBOR and EURIBOR market-rigging scandals. Multi-million Euro fines have already been levied against...more

ESMA Speech on Clearing the Way Towards an EU OTC Derivatives Union

On September 22, 2015, the European Securities and Markets Authority (ESMA) published a speech, given by Steven Majoor, ESMA Chair, on the regulation and supervision of the derivatives market. Points of interest in the speech...more

FMLC presents feedback on regulation reform

FMLC has issued an interim feedback statement following responses to its discussion paper on coordination in the reform of international financial regulation. The statement highlights both the comments critiquing FMLC’s...more

Banks Get Big Win in Challenge to New York Ordinance

Many big cities in the United States responded to the fallout from the 2008 financial crisis by passing local laws which pressure banks to invest more in low-income neighborhoods. Between 2010 and 2013, cities such as New...more

NYDFS Reaches Agreements with Four Banks on New Symphony Chat & Messaging Platform

On September 14, the New York State Department of Financial Services (NYDFS) announced that it had reached agreements with four financial institutions on record-keeping requirements and other protections intended to help...more

Scope of banking reform extended

The Financial Services (Banking Reform) Act 2013 (Transitional and Savings Provisions) (Amendment) Order 2015 makes amendments to the original transitional provisions order to include all PRA-authorised firms within its scope...more

Banking Trade Associations Urge Senate Leaders to Pass Regulatory Relief Legislation for Community Institutions

On September 8, four trade associations representing 14,000 financial institutions – the American Bankers Association, the Credit Union National Association, the Independent Community Bankers of America, and the National...more

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