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In remarks earlier this week at an American Bankers Association conference, CFPB Acting Director Mick Mulvaney is reported to have strongly criticized the CFPB’s policy of publicly disclosing consumer complaint information and suggested that the policy is likely to discontinued. As initially adopted, the CFPB’s policy statement on the disclosure of consumer complaints limited  the complaint data fields the CFPB would publicly disclose in its database to non-narrative fields such as the name of the company that is the subject of the complaint, the date the complaint was submitted to the CFPB and the date it was submitted to the company, the consumer’s zip code, the product type, the issue the consumer is complaining about by category, and whether or not the company provided relief.  View Full Post
On April 13, 2018, U.S. Senator Cory Gardner, a Republican representing Colorado, announced that he was assured by President Trump that the Trump administration would not be taking any actions that would negatively interfere with Colorado’s legal cannabis industry. Additionally, Senator Gardner stated that President Trump pledged to support a federalism-based legislation solution that would give Colorado ultimate authority to create its own policies on the issue. View Full Post
On 24 April 2018, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item announcing that it has launched a consultation on good practices for controlling outsourcing risks. According to DNB, insurers outsource various activities for various reasons (for example, to make use of the knowledge and scale of a service provider or to reduce costs). View Full Post
On 24 April 2018, the European Commission published a speech given by Vice-President Valdis Dombrovskis at City Week in London. Key points in the speech include: the Commission is working at “full speed” to deepen and integrate capital markets across the EU, as part of its flagship project, the Capital Markets Union (CMU); for the CMU the Commission’s goal is to have the building blocks in place by 2019, ahead of the next European elections; the EU and UK have reached agreement on a joint legal text that covers large parts of the Withdrawal Agreement but important issues still remain to be dealt with (for example the Irish border and the governance of the Withdrawal Agreement). View Full Post
On 24 April 2018, the FCA published a speech given by its CEO, Andrew Bailey. The speech is entitled Brexit: what does it mean for financial markets to be open? Highlights in the speech include: now is the time for the UK and EU authorities to come together and work on the solutions to reduce the risks to financial stability that Brexit could pose; the FCA wants to work closely with ESMA and national EU regulators to continue to enhance the stability and effectiveness of global markets; and this has global implications, not just for the UK and EU, so it is important to get it right. View Full Post
On 23 April 2018, the Basel Committee on Banking Supervision published its latest progress report providing a high-level view of its members’ progress in adopting the Basel III standards as of end-March 2018. The report focuses on the status of adoption of all the Basel III standards to ensure they are transformed into national law or regulation according to the internationally agreed time frames. View Full Post
On 20 April 2018, the European Banking Authority (EBA) published: consultation paper on guidelines on STS criteria for non-asset-backed commercial paper (ABCP) securitisation. The draft guidelines have been developed in accordance with Article 19(2) of the Securitisation Regulation which requests the EBA to provide a harmonised interpretation and application of the criteria on simplicity, transparency and standardisation (STS) applicable to non-ABCP securitisation, as set out in Articles 20, 21 and 22 of the Regulation; and consultation paper on guidelines on STS criteria for ABCP securitisation. View Full Post