The Federal Reserve Board, the FDIC, the OCC, the National Credit Union Administration and state financial regulators provided guidance to examiners for assessing the "safety and soundness" of a financial institution during the COVID-19 pandemic.
Federal Reserve Board Vice Chair for Supervision Randal K. Quarles and OCC Comptroller Joseph M. Otting described supervisory and regulatory actions to support "consumers, households and businesses" and ongoing efforts to strengthen the banking system.
The Consumer Financial Protection Bureau and the Federal Housing Finance Agency introduced a new program to enable the agencies "to share servicing information to protect borrowers during the coronavirus national emergency."
In its Annual Economic Report, dated June 23, 2019, the Bank for International Settlements urged regulators to implement policies and regulations that address the emergence of "big tech" in financial markets.
The House Financial Services Committee considered (i) testimony from federal banking regulators on a broad range of concerns and (ii) several proposed bills imposing additional requirements on financial institutions.
New York State Department of Financial Services Superintendent Linda A. Lacewell proposed regulation designed to streamline the disclosure processes of confidential supervisory information to legal counsel and independent auditors.
The FDIC and Federal Reserve Board notice and request for feedback on the use and effectiveness of ratings assigned under the Uniform Financial Institutions Rating System was published in the Federal Register.
The CFTC voted to propose amending its uncleared swap margin regulations to (i) extend the implementation date of initial margin requirements, and (ii) exempt certain transactions from uncleared margin requirements.