proposed rulemaking

CFTC Finalizes Rules to Improve Swap Data Reporting

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On September 17, the Commodity Futures Trading Commission (CFTC) approved three final rules to revise CFTC regulations for swap data reporting, dissemination and public reporting requirements for market participants. The CFTC also approved a final rule that will permit derivatives clearing organizations organized outside of the U.S. to be registered with the CFTC. The CFTC also approved a supplemental notice of proposed rulemaking regarding amendments to the CFTC’s regulations that govern bankruptcy proceedings for commodity brokers. Release.

CFPB Issues Proposals to Amend Qualified Mortgage Definition and Extend GSE Patch

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On June 22, the CFPB issued two notices of proposed rulemaking (NPRMs) regarding the Qualified Mortgage (QM) exemption from the ability-to-repay requirements of Regulation Z. The first proposal would, among other changes, revise the general QM loan definition by replacing the QM borrower debt-to-income ratio limit with a price-based approach to determining loan eligibility. The second proposal would extend the current January 2021 sunset date in the provision granting QM status to mortgages eligible for purchase by Fannie Mae or Freddie Mac (the “GSE Patch”) to the date on which the amendments to the general QM loan definition become effective. Comments on the NPRM to revise the general QM loan definition are due 60 days following publication in the Federal Register. Comments on the NPRM to extend the GSE Patch are due 30 days following publication. Release. NPRM (General QM Loan Definition). NPRM (GSE Patch Extension).

Agencies Request for Comment on Market Risk Capital Rules

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On December 7, the OCC, Fed, and FDIC released a notice of proposed rulemaking to seek comment on an amendment to a December 2010 notice of proposed rulemaking to modify the agencies’ market risk capital rules for banks with significant trading activities. The new notice of proposed rulemaking proposes to replace the use of credit ratings with new methodologies to determine risk-specific capital requirements for debt and securitization positions. Comments must be submitted by February 3, 2012. Joint Release. Proposed Rule.