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.
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.
House Agriculture Committee leadership urged federal banking regulators and the CFTC to work with the European Commission to: (i) adhere to the agreed upon timetable for implementation of rules on margin for uncleared swaps, or if that effort is unsuccessful, (ii) to coordinate a new global implementation timeline.
FDIC Chair Mark J. Gruenberg boasted of the FDIC's "impressive and somewhat underappreciated" progress in developing a framework for "the orderly failure of a large, complex, systemically important financial institution". In remarks to the FDIC Banking Research Conference, Chair Gruenberg argued...