Financial Regulation News

Financial Regulation News, brought to you by Macallan Communications, is your go-to daily news platform for updates on regulations affecting both global and regional financial institutions and their clients. Our dedicated team of seasoned journalists stays closely connected to the happenings in Washington, delivering essential financial policy news each day along with exclusive features in a clear and concise manner. We aim to provide valuable insights into the latest actions from Congress, updates about federal and state regulators that oversee financial markets and the banking sector, and the responses these developments elicit from both Wall Street and Main Street.

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Banking committee Republicans issue principles for market structure legislation

2 days ago | financialregnews.com | Dave Kovaleski

A group of Republicans on the Senate Banking Committee released a set of principles for the development of comprehensive market structure legislation. The principles will be used to guide discussions and negotiations as the committee engages with industry participants, legal and academic experts, and government stakeholders on the bill text. “Since taking over as Chairman, I’ve led a new approach to digital assets regulation, and we’ve delivered results for the industry and the American people.
Federal Housing Administration proposes to eliminate green housing mandate

2 days ago | financialregnews.com | Dave Kovaleski

The Federal Housing Administration (FHA) is proposing to level its upfront capitalized and annual mortgage insurance premiums (MIPs) to 25 basis points across the board for all multifamily program categories. This action would effectively eliminate the green energy category. U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner said the change would lower costs for lenders and developers and accelerate the supply of affordable housing stock.
SIFMA, ISDA provide feedback to Fed on stress capital buffer revisions

3 days ago | financialregnews.com | Dave Kovaleski

The Securities Industry and Financial Markets Association (SIFMA) along with the International Swaps and Derivatives Association (ISDA) offered feedback to the Federal Reserve Board of Governors on its revised capital plan rule and stress capital buffer (SCB) requirement. In a letter to the Fed Board, SIFMA and ISDA commended the Fed for addressing the longstanding and unwarranted volatility of the SCB, mainly by averaging the results over a two-year period.
House passes bills to protect homebuyers, expand access to capital

3 days ago | financialregnews.com | Dave Kovaleski

The U.S. House of Representatives passed 10 bills from the House Financial Services Committee on June 23, legislation that collectively supports small businesses, expands access to capital, protects homebuyers, and more. The Fair Investment Opportunities for Professional Experts Act, H.R. 3394, sponsored by House Financial Services Committee Chairman French Hill (R-AR), passed the House by a bipartisan vote of 397-12.
FINRA approves new rules, appoints advisory committee members

4 days ago | financialregnews.com | Dave Kovaleski

The Financial Industry Regulatory Authority (FINRA) recently approved two rule proposals and appointed members to its advisory committees. Specifically, the FINRA board approved issuing a Regulatory Notice to solicit comment on proposed amendments to Rule 4311, which governs requirements when member firms enter into agreements for the carrying of customer accounts. The amendments would provide greater clarity around tri-party arrangements.
Industry leaders launch effort to protect tax-exempt status of credit unions

4 days ago | financialregnews.com | Dave Kovaleski

As the tax-exempt status of credit unions is currently being debated in Washington, credit unions are working together to amplify the collective voice of credit unions and preserve their tax-exempt status. Credit unions have been exempt from taxes for nearly 100 years due to their not-for-profit, member-owned structure. However, recent discussions on Capitol Hill have sparked concern that their tax exemption could be on the chopping block.
Social Security, Medicare programs financed through at least 2033

5 days ago | financialregnews.com | Melina Druga

The Social Security and Medicare Boards of Trustees and the U.S. Department of the Treasury recently released its annual Social Security and Medicare Trustees Reports. “Hardworking Americans shouldn’t have to worry about receiving the retirement benefits they’ve earned,” Secretary of Labor Lori Chavez-DeRemer said.
U.S. Attorney’s Office files complaint over cryptocurrency 'confidence scams'

5 days ago | financialregnews.com | Dave Kovaleski

The U.S. Attorney’s Office filed a complaint in U.S. District Court for the District of Columbia over more than $225.3 million in cryptocurrency “confidence scams.”According to the complaint, the U.S. Secret Service and the FBI used blockchain analysis and other investigative techniques to determine that the cryptocurrency is connected to the theft and laundering of funds from victims of cryptocurrency investment fraud schemes.
Former financial regulators urge Congress not to cut Office of Financial Research in budget bill

5 days ago | financialregnews.com | Dave Kovaleski

A group of prominent former financial regulators are urging Congress not to eliminate the Office of Financial Research (OFR) in the proposed budget bill. The regulators, including former Treasury Secretary Janet Yellen, former Federal Reserve Chair Ben Bernanke, and former FDIC Chair Sheila Bair, said the elimination of this key independent research arm would also hurt the Financial Stability Oversight Council (FSOC).
Senate Finance Committee releases legislative text of budget reconciliation bill

1 week ago | financialregnews.com | Dave Kovaleski

U.S. Sen. Mike Crapo (R-ID), chairman of the Senate Finance Committee, this week released the legislative text within the committee’s jurisdiction for inclusion in the budget reconciliation bill. The bill would extend the 2017 tax cuts and make them permanent. It would also enhance the child tax credit and the standard deduction. In addition, it would make permanent the small business deduction.