Federal Reserve Board Governor Lael Brainard proposed an approach to Community Reinvestment Act oversight that would use metrics on retail banking services and community development to evaluate banks in low- and moderate-income neighborhoods.
Regulation Best Interest significantly expands the obligations that broker-dealers owe to retail investors. To assist in navigating these new requirements, the Cabinet produced four new Retail Best Interest Topic Pages.
The CFTC voted to (i) approve a final rule amending regulations governing derivatives clearing organizations, (ii) propose a prohibition on "post-trade name give-up" at swap execution facilities and (iii) propose new cross-border rules governing registration requirements applicable to swap dealers and major swap participants.
The SEC final rule establishing recordkeeping and financial reporting requirements applicable to broker-dealers and security-based swap dealers was published in the Federal Register. The final rule becomes effective on February 14, 2020.
A broker-dealer and a registered representative settled FINRA charges for failing to establish and enforce procedures to record and review phone calls between the firm and existing or potential customers.