The SEC approved the MSRB proposal to amend Rule G-3 to establish additional qualification requirements for municipal advisor principals. The rule changes will become effective on December 20, 2018. As previously covered, the proposed amendments would (i) establish the Municipal Advisor Principal Qualification Examination (the "Series 54 examination") and (ii) require those persons who meet the definition of a municipal advisor principal to pass the Series 54 examination prior to becoming municipal advisor principals. In addition to passing the Series 54 examination, such persons still would

The Federal Reserve Board ("FRB") rule proposal tailoring the application of prudential standards to U.S. bank holding companies and applying enhanced standards to certain large savings and loan holding companies was published in the Federal Register. Comments on the rule proposal must be received by January 22, 2019. As previously covered, the rule proposal would establish categories of prudential standards in order to align requirements with a firm's risk profile. The FRB-only proposal would tailor prudential standards regarding capital stress testing, risk management, liquidity risk

FDIC Chair Jelena McWilliams stated that the FDIC plans to streamline resolution requirements for U.S. global systemically important banking organizations and regional banks.

On September 30, 2018, the Deposit Insurance Fund Reserve Ratio reached 1.36 percent, exceeding the minimum reserve ratio of 1.35 percent ahead of the September 2020 deadline mandated by Dodd-Frank. In a Financial Institution Letter, the FDIC stated that surpassing the minimum reserve ratio will have the following effects: "surcharges on insured depository institutions with consolidated assets totaling $10 billion or more will cease;" and "small banks will receive assessment credits for their assessments that contributed to the growth in the reserve ratio between 1.15 percent and 1.35 percent

The Federal Reserve Bank ("FRB") of New York Executive Vice President Richard Dzina discussed the current state of cyber resilience and operational security and stability and highlighted several questions intended to "advance the industry discourse and to consider measures to meet the present challenge."