FINRA requested comment on a proposal to require market participants to submit reports disclosing order executions in National Market System stocks to FINRA. Submitted reports would then be published in a centralized location on the FINRA website.
FINRA reported that it collected $48.1 million in fines, but had $111.4 million in fines-eligible expenditures. FINRA said that the balance between the monies collected and the expenditures was funded from reserves and excess operating results.
The new SEC rule on enhanced issuer repurchase disclosures was published in the Federal Register with an effective date set for July 31, 2023.
Enforcement and supervisory policy guidance on a new CFPB rule on the collection of small business lending data was published in the Federal Register. The effective date is August 29, 2023.
Federal Reserve Board Governor Philip N. Jefferson concluded that U.S. financial markets remain resilient, but that economic growth will likely remain slow for the rest of 2023 due to increased uncertainty, and interest rates putting greater stress on banking organizations that have a high amount of uninsured deposits.