The Financial Stability Oversight Council proposed interpretive guidance to implement an "activities-based approach" that would improve the transparency of the process for designating nonbank financial companies.
In a Report to the House Committee on Small Business, the Government Accountability Office found that changes in the regulatory environment had a modest impact on community banks and credit unions, despite limitations in the data collected by regulators.
The Secretary of the Treasury extended the compliance dates for regulations implementing qualified financial contract recordkeeping requirements for certain non-bank financial companies that may pose systemic risk.
The Government Accountability Office identified deficiencies in rule reviews conducted by U.S. financial regulators pursuant to the Regulatory Flexibility Act and the Economic Growth and Regulatory Paperwork Reduction Act.
The Secretary of the Treasury proposed extending the compliance date for regulations implementing qualified financial contract recordkeeping requirements of certain non-bank financial companies that may pose systemic risk.
The Financial Stability Oversight council will meet on July 28, 2017 to discuss the Volcker Rule, the designation of nonbank financial companies, and pending litigation concerning a "systemically important" designation.
The Government Accountability Office (i) evaluated efforts by regulatory agencies to coordinate and analyze Dodd Frank Act rules that became effective between July 2015 and July 2016, and (ii) examined the impact of the rules on financial market stability.
The Secretary of the Treasury, as Chair of the Financial Stability Oversight Council, adopted final rules to implement the qualified financial contract recordkeeping requirements of the Dodd-Frank Act.
Treasury Secretary Jacob Lew testified that "the financial system [is] safer, more resilient, and supportive of long-term economic growth" as a result of the creation of the Financial Stability Oversight Council.
The GAO determined that the CFPB completed the necessary steps for soliciting, considering and incorporating input from small business review panels as to "rulemaking efforts that are expected to have a significant economic impact on a substantial number of small entities."
GAO encouraged Congress to consider whether additional changes to the financial regulatory structure are needed to improve (i) the efficiency and effectiveness of oversight, (ii) the parity between consumer and investor protections, and (iii) the consistency of financial oversight for similar institutions, products, risks and services.