Regulations come under review as memories fade

Aug 20

From: Pensions & Investments

BY HAZEL BRADFORD

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Finalizing updates

Five agencies are finalizing updates to the Volcker rule provision of Dodd-Frank, which prohibits federally backed financial institutions from engaging in proprietary trading or having interests in private equity or hedge funds. In June, the three Republican SEC commissioners, including Chairman Jay Clayton, voted to proceed with changes that include tailoring rules to a bank’s size, instead of using a one-size-fits-all approach, and clarifying exemptions for banks’ proprietary trading activity.

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Treasury Releases Report on Nonbank Institutions, Fintech, and Innovation

Aug 03

From: National Law Review

ARTICLE BY Weiss Nusraty David A. Stein | Covington & Burling LLP

On July 31, 2018, the U.S. Department of the Treasury released a reportidentifying numerous recommendations intended to promote constructive activities by nonbank financial institutions, embrace financial technology (“fintech”), and encourage innovation.

This is the fourth and final report issued by Treasury pursuant to Executive Order 13772, which established certain Core Principles designed to inform the manner in which the Trump Administration regulates the U.S. financial system.  Among other things, the Core Principles include:  (i) empower Americans to make independent financial decisions and informed choices; (ii) prevent taxpayer-funded bailouts; (iii) foster economic growth and vibrant financial markets through more rigorous regulatory impact analysis; (iv) make regulation efficient, effective, and appropriately tailored; and (v) restore public accountability within federal financial regulatory agencies and rationalize the federal financial regulatory framework.

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