CFTC Commissioner Summer K. Mersinger asserted that the Basel III Endgame Proposal, if adopted, would have a significant negative impact on derivatives markets.
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Republican members of the House Financial Services Committee urged banking regulators to withdraw their Basel III Endgame proposal. The legislators argued that, as issued, the proposal "lacks justification, lacks rigorous quantitative analysis, and is procedurally flawed."
In a partially redacted Order in a "Supervisory Designation Proceeding," the CFPB determined that it has supervisory authority over an installment lender after concluding that the lender met the legal standard for supervision under the Consumer Financial Protection Act.
The House Financial Services Committee, Subcommittee on Financial Institutions and Monetary Policy, considered testimony on whether the Federal Reserve should limit or expand its function as lender of last resort.
In the annual report to Congress of the Financial Stability Oversight Council, Treasury Secretary Janet Yellin touted the resilience of the U.S. financial system in the face of "a wide range of risks, including risks stemming from the commercial and residential real estate sectors and from global geopolitical conflicts and technological developments."