The CFTC approved four Orders "granting conditional substituted compliance in connection with the CFTC's capital and financial reporting requirements to certain CFTC-registered nonbank swap dealers organized and domiciled in Japan, Mexico, the European Union (France and Germany), or the United Kingdom."

The Bank Policy Institute, The Clearing House Association, the New York Bankers Association and the American Bankers Association challenged the CFPB's assertion that "the originating portions of consumer wire transfers do not fall within the Electronic Fund Transfer Act wire-transfer exemptions."

The OCC proposed rule changes to current recovery planning guidelines, which would (i) lower the "covered bank threshold," (ii) include a testing requirement and (iii) require the consideration of non-financial risk.

In another article in the AI regulation series, we briefly report on events in Canada where there has been increased interest in the applications of AI technologies and cybersecurity within the public sector in Ontario.

The CFPB extended the compliance deadlines on a 2023 rule requiring financial institutions to collect and report data regarding applications for credit for women-owned, minority-owned and small businesses.