- “Semiannual Monetary Policy Report” issued by Federal Reserve Board, available here.
- Speech by Federal Reserve Governor Sarah Bloom Raskin, "Beyond Capital: The Case for a Harmonized Response to Asset Bubbles" (July 17, 2013), available here.
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”
- Senate confirms Richard Cordray as Director of CFPB.
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.
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.
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.
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.
- "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.
- Hearing, "Monetary Policy and the State of the Economy," House Fin. Serv. Comm.
- 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.
- 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
- 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."