FSOC Annual Report
On May 7th, the Financial Stability Oversight Council published its 2014 annual report to Congress. After recounting the improvements made in the U.S. financial system, the report noted the continued risks posed by weaknesses in the short-term wholesale funding markets and the moral hazard posed by large, interconnected financial institutions. FSOC Annual Report. See also Treasury Department Press Release.
CFPB Reports on Mortgage Debt
On May 7th, the Consumer Financial Protection Bureau released a report on the mortgage debt challenges faced by older residents.
CFPB Proposes Privacy Disclosure Amendment
On May 6th, the Consumer Financial Protection Bureau published for comment a proposed a rule that would promote more effective privacy disclosures from financial institutions to their customers. The rule would allow companies that limit their consumer data-sharing and meet other requirements to post their annual privacy notices online rather than delivering them individually. CFPB Press Release.