Posts Tagged ‘Consumer Financial Protection Bureau (CFPB)’

Posts Tagged ‘Consumer Financial Protection Bureau (CFPB)’

The Financial Services Roundtable (FSR) today testified on the importance of alternative data as a tool for innovation at a Consumer Financial Protection Bureau (CFPB) field hearing in Charleston, WV. Francis Creighton, FSR’s Executive Vice President of Government Affairs, delivered the following opening statement:

On September 8, three federal banking regulators released a joint report to the Congress and the Financial Stability Oversight Council Pursuant to Section 620 of the Dodd-Frank Act. The report analyzed permissible activities of different banking entities the three agencies currently regulate and the risks inherent in such activities. In a surprising development, the Federal Reserve Board (the “Board”) used the report to suggest that Congress curtail certain lending powers and terminate the ability of certain financial holding companies to evade direct supervision at the federal level. The co-authors of the report, the Federal Deposit Insurance Corporation (“FDIC”), and the Office of the Comptroller of the Currency (“OCC”), made no formal recommendations.

On June 29, the Financial Stability Oversight Council (FSOC) announced that it had voted unanimously to withdraw its determination that the failure of GE Capital would pose a threat to the stability of the United States. As a result of this determination, GE Capital will no longer be subject to the enhanced prudential standards or the supervision of the Federal Reserve Board.

FSR today called on the presidential candidates to detail their plans on how they will increase transparency, modernize, and better coordinate the financial regulatory process.

On May 17, the House Committee on Financial Services’ Subcommittee on Capital Markets and Government Sponsored Enterprises held a hearing to obtain input from a panel of experts on three bills that would seek to streamline and modernize the SEC’s regulatory mission.

The Investment Advisers Modernization Act of 2016, would ease SEC reporting and registration requirements for private equity funds and other investment pools involving sophisticated investors. The SEC Regulatory Accountability Act, would require the SEC to conduct a cost-benefit analysis for any new regulations or rules while also providing a longer “notice and comment period” on these regulations and rules. The Proxy Advisory Firm Reform Act of 2016, would bring proxy advisory firms into the SEC’s regulatory framework by requiring these firms to abide by new SEC registration and disclosure requirements.