On November 21, 2017, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency “finalized a rule for certain banking organizations by extending the existing capital requirements for mortgage servicing assets and certain other items.” These changes will be put into effect on January 1, 2018. FDIC Release. Federal Reserve Release. OCC release.
On November 20, 2017, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency each modified their respective regulations in large part to align with “changes made by the Consumer Financial Protection Bureau [] to Regulation C, which implements the Home Mortgage Disclosure Act[] (“HMDA“).” These changes will be put into effect on January 1, 2018. FDIC Release. Federal Reserve Release. OCC release.
On November 20, 2017, the Commodity Futures Trading Commission (“CFTC“) provided “no-action relief to swap execution facilities [] from the timing requirement within CFTC regulation 37.1501(f)(2), which requires a chief compliance officer” to provide a yearly compliance document to the CFTC in a specific timeframe, in addition to other relief. The relief “expire[s] on November 30, 2020 at 11:59 pm (EST)”. Release.
On November 17, 2017, the Federal Reserve Board (“FRB“) continued the comment period for two proposals – one relating to boards of directors and the other relating to a proposed ratings program for certain types of organizations – from November 30, 2017 to February 15, 2018. Release.
On November 21, 2017, Fitch issued a report entitled: Fitch Updates Commercial Real Estate Loans Securing Covered Bonds Rating Criteria. Release
On November 21, 2017, Fitch issued a report entitled: Fitch Updates Criteria for U.S. Public Finance Prerefunded Bonds. Release
On November 20, 2017, Fitch issued a report entitled: Fitch Publishes Digital ABCP Scorecard.
On November 20, 2017, Fitch issued a report entitled: Fitch Updates Global Money Market Fund Ratings Criteria. Release
On November 17, 2017, DBRS issued a report entitled: Rating U.S. Structured Finance Transactions – Request for Comments. Release
On November 17, 2017, DBRS issued a report entitled: Operational Risk Assessment for U.S. ABS Originators – Request for Comments. Release
On November 17, 2017, DBRS issued a report entitled: Operational Risk Assessment for U.S. ABS Servicers – Request for Comments. Release
On November 17, 2017, DBRS issued a report entitled: DBRS Master U.S. ABS Surveillance Methodology – Request for Comments. Release
On November 16, 2017, Fitch issued a report entitled: Fitch Publishes Latest U.S. Auto ABS Quarterly Index Report. Release
On September 27, 2017, the Federal Housing Finance Agency requested comment on its proposed strategic plan, which “…reflects the Agency’s priorities as regulator of the Federal Home Loan Bank System and as regulator and conservator of Fannie Mae and Freddie Mac[.]” Release.
On September 27, 2017, the Federal Deposit Insurance Corporation finalized a rule, similar to the rule approved by the Federal Reserve Board, relating to termination and cancellation rights for specified contracts and specified institutions. Applicable types of agreements include “derivatives, securities lending, and short-term funding transactions, such as repurchase agreements.” FDIC Release.
On September 27, 2017, the Federal Deposit Insurance Corporation, the Federal Reserve Board and the Office of the Comptroller of the Currency announced a proposed rule intended to decrease regulation under these entities’ “regulatory capital rule.” The proposed rule “would apply only to banking organizations that are not subject to the ‘advanced approaches’ in the capital rule, which are generally firms with less than $250 billion in total consolidated assets and less than $10 billion in total foreign exposure.” FDIC Release. Federal Reserve Release. OCC Release.
On September 25, 2017, the Division of Market Oversight of the U.S. Commodity Futures Trading Commission “issued a no-action letter (CFTC Staff Letter 17-45) that extends current relief and provides additional relief to reporting parties from [certain] reporting obligations[ under a 2013 final rule relating to ownership and control in futures and swap markets.]” Release.
On September 26, 2017, Moody’s issued a report entitled Proposed Update to the Banks Rating Methodology. Release.
On September 26, 2017, Moody’s issued a report entitled Banks. Release.
On September 25, 2017, DBRS issued a report entitled Global Methodology for Rating Secured Obligations of Finance Companies – Request for Comment. Release.
