The Economy

  • “Semiannual Monetary Policy Report” issued by Federal Reserve Board, available here.

Capital

  • Speech by Federal Reserve Governor Sarah Bloom Raskin, "Beyond Capital: The Case for a Harmonized Response to Asset Bubbles" (July 17, 2013), available here.

Community Banking

  • Federal Reserve System, Community Banking Connections (Second Quarter 2013), available here.
    • “Confronting ‘This Time It Will Be Different' in 2013"
    • “Home Equity Lending: A HELOC Hangover Helper"
    • “Contingency Funding Plan: Banking Busywork or Essential Management Tool?”
    • “Investing in Securities Without Relying External Credit Ratings”
    • “Loan Participations: Lessons Learned During a Period of Economic Malaise”

CFPB

  • Senate confirms Richard Cordray as Director of CFPB.

Debt Collection

  • OCC Statement Regarding Oversight of Debt Collection and Debt Sales (July 17, 2013), available here.
    • Focus on debt sales
    • Detailed description of best practices in Appendix 1.

Housing/GSE Reform

  • Sen. Banking Comm. leaders release discussion draft of "FHA Solvency Act of 2013." Draft and related material are available here.
    • Hearing on legislation scheduled for July 24
  • House Fin. Serv. Comm. Hearing, "A Legislative Proposal to Protect American Taxpayers and Homeowners by Creating a Sustainable Housing Finance System," July 18, 2013. Testimony and other materials available here.
    • Discussion draft of proposal available here.
  • For comparison purposes, Corker-Warner bill, S. 1217, available here.  
  • Melvin Watt nomination to head FHFA approved by Sen. Banking Comm., July 18.

Bank Closings

  • None

Too Big to Fail

  • Nonbank SIFI designations: FSOC releases July 8 notational votes and minutes of June 3 meeting, both available here.
    • FSOC hearing on a third institution, reported to be Prudential
    • MetLife also under consideration, according to media reports.
  • Financial Stability Board actions, all available here.
    • Guidance papers on recovery and resolution planning (July 16, 2013).
    • Proposed "Principles for an Effective Risk Appetite Framework" (July 17, 2013). Comments due Sept. 30, 2013.
    • Initial list of global systemically important insurers (July 18, 2013).
  • “Stress Tests to Promote Financial Stability: Assessing Progress and Looking to the Future,” Office of Financial Research, Working Paper No. 0010 (July 18, 2013), available here.

Basel

  • Liquidity Coverage Ratio: BCBS issues "Consultative paper: Liquidity coverage ratio disclosure standards" (July 19, 2013), available here.
    • Reporting of LCR and underlying information to begin in 2015; requirement to take full effect in 2019.

Securities

  • "SEC removes ban on general solicitations and advertising for Rule 506 and 144A offerings," Nelson Mullins client alert (July 11, 2013), available here.  
  • "SEC disqualifies felons and other 'bad actors' from participating in Rule 506 offerings," Nelson Mullins client alert (July 17, 2013), available here.

Congressional Activity

  • July 17
    • Hearing, "Monetary Policy and the State of the Economy," House Fin. Serv. Comm.
  • July 18
    • Hearing, "A Legislative Proposal to Protect American Taxpayers and Homeowners by Creating a Sustainable Housing Finance System," House Fin. Serv. Comm.
    • Sen. Banking Comm. Executive Session followed by hearing on Federal Reserve Semiannual Report. See link above.

Upcoming Events

  • July 23
    • Sen. Banking Comm. Hearing, "Examining Financial Holding Companies: Should Banks Control Power Plants, Warehouses, and Oil Refineries?"
    • Sen. Banking Comm. Hearing, "Creating a Housing Finance System Built to Last: Ensuring Access fro Community Institutions
    • Markup of H.R. ___, the Protecting American Taxpayers and Homeowners (PATH) Act of 2013
  • July 24
    • Sen. Banking Comm. Hearing, "The FHA Solvency Act of 2012"

Regulatory Comment Deadlines

  • July 22 – SEC: all Dodd-Frank Title VII proposed rules on security-based swaps and security-based swap market participants have been reopened for comment.
    • Includes S7-43-10: End-User Exception to Mandatory Clearing of Security-Based Swaps FHFA: Removal of references to credit rating CFPB: Modifications to 2013 mortgage rule
  • Aug. 4 – Federal Reserve: Application of swaps push-out rule to uninsured branches and agencies of foreign banks.
  • Aug. 12 – CFTC: Exemptive Order relating to cross-border swap activities.
  • Aug. 21 – SEC: Cross-border security-based swap transactions.
  • Aug. 27 – Federal Reserve: data collection requirements for certain money market instruments
  • Sept. 9 – CFTC, other agencies: Exemptions from appraisal requirements for certain high-priced mortgage loans.
  • Sept. 17 – SEC: Money market reforms.
  • Sept. 27 – BCBS: Capital treatment of bank exposures to central counterparties
  • Sept. 30 – FSB: Principles for an Effective Risk Appetite Framework
  • 60 days after publication – FRB, FDIC, OCC: Market risk capital rules
  • Oct. 4 – BCBS: Capital requirements for banks' equity investments in funds.
  • Oct. 11 – BCBS: Discussion paper, "Balancing risk sensitivity, simplicity and comparability."