SEC

As part of the settlement, Wells Fargo admitted that it collected millions of dollars in fees and interest to which the company was not entitled.

Read on for details, reaction from Wells Fargo, and much more.

Offering feedback on the Securities and Exchange Commission’s (SEC) proposed updates to statistical disclosures which SEC-registered financial institutions provide to investors, some banking industry advocates urged the agency to leave out requirements on current expected credit loss (CECL) disclosures.

Banking trade advocates encouraged SEC officials to hold off on creating CECL-related disclosure requirements until CECL standards are developed fully.

Find out more details about the proposal.

The financial industry has been afforded the first month of 2020 to weigh in on a mandatory review of the risk retention mortgage (QRM) final rule, finalized in 2014 in accordance with the Dodd-Frank Act.

Stakeholders also are encouraged to suggest potential changes to the Consumer Financial Protection Bureau’s Qualified Mortgages definition, which is aligned with the QRM standard.

Learn more details about what the review will entail.

Numerous federal financial agencies likely will be operational to begin 2020 thanks to the adoption of a $13.06 billion appropriations package outlined in the House’s FY 2020 spending bill.

The spending package provides more federal funding than the FY 2019 enacted level and more than the Trump administration’s budget request.

Find out more details about the spending package.

The five federal financial regulatory agencies recently published a final rule intended to simplify implementing regulations of Section 13 of the Bank Holding Company (BHC) Act, commonly known as the Volcker Rule.

The final rule revises numerous provisions of the Volcker Rule, intended to provide clarity and streamline compliance obligations based on trading assets and liabilities.

Learn more about changes enacted by the rule.

The Federal Financial Institutions Examination Council recently issued an updated version of its Business Continuity Management booklet.

The updated manual highlights points of note for regulatory examiners with regard to enterprise-wide approaches that address technology, business operations, testing and communication strategies critical to the continuity of the business, according to a press release.

Find out what changes the council made to the booklet.

The Securities and Exchange Commission (SEC) has requested public feedback on the agency’s asset-level disclosure requirements for residential mortgage-backed securities (RMBS).

The Treasury Department’s housing reform plan recommends that the SEC undertake such a review to determine potential improvements. 

Find out more details about the goal of such a review.

Four federal regulatory agencies have announced plans to join the Global Financial Innovation Network (GFIN), which was established to facilitate dialogue between regulators and innovators regarding technological developments.

With the move, the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, the Securities and Exchange Commission and the Commodity Futures Trading Commission will become part of GFIN.

Learn more about the network and its purpose.

The fact that financial institutions increasingly are engaging in transactions involving digital assets has spurred federal agencies to speak up regarding additional compliance obligations that come with the territory.

The agencies detailed those obligations and the circumstances that trigger their applicability in a recent joint statement.

Find out more details about the new guidance on digital assets.

In one of its first settlements between federal regulators and a Blockchain provider, the Securities and Exchange Commission (SEC) recently reached a $24 million settlement with Block.one over allegations that the company conducted an unregistered initial coin offering (ICO), which raised the equivalent of several billion dollars in digital assets in about a year. 

The settlement shines a light on the question as to whether digital assets should be treated as securities, rather than currency.

Learn more about the nuances involved in this matter.