Page 4 - August 2018

capital requirement. The risk-based framework would CFPB Requests Comment on Information
provide a granular assessment of credit risk specific Collection.
to different mortgage loan categories, as well as
market risk, operational risk, and going-concern CFPB announced it seeks comment on the
buffer components. The proposed rule would information collection titled Consumer and College
maintain the statutory definitions of core capital and Credit Card Agreements. CFPB also gave notice that
total capital. Comments are due 09/17/2018. The it sent the collection to OMB for review. Comments
notice may be viewed at: are due 08/20/2018. The notice may be viewed at:
https://www.gpo.gov/fdsys/pkg/FR-2018-07- https://www.gpo.gov/fdsys/pkg/FR-2018-07-
17/pdf/2018-14255.pdf. Federal Register, Vol. 83, 20/pdf/2018-15581.pdf. Federal Register, Vol. 83,
No. 137, 07/17/2018, 33312-33430. No. 140, 07/20/2018, 34555.

Agencies Extend Comment Period for FRB Issues Final Rule on Single-
Proposed Amendments to Enterprise Counterparty Credit Limits for Bank
Capital Requirements. Holding Companies and Foreign Banking

The Department of Housing and Urban Development Organizations.
(HUD) and the Federal Housing Finance Agency
(FHFA) proposed a new regulatory capital The Board of Governors of the Federal Reserve
framework for the Federal National Mortgage System (FRB) finalized a rule to establish single-
Association (Fannie Mae) and the Federal Home counterparty credit limits for bank holding companies
Loan Mortgage Corporation (Freddie Mac) in the and foreign banking organizations with $250 billion
Federal Register on 07/17/2018. The Agencies are or more in total consolidated assets, including any
extending the comment period for the proposal from U.S. intermediate holding company of such a foreign
09/17/2018 to 11/16/2018. The notice may be viewed banking organization with $50 billion or more in total
at: https://www.gpo.gov/fdsys/pkg/FR-2018-08- consolidated assets, and any bank holding company
03/pdf/2018-16654.pdf. Federal Register, Vol. 83, identified as a global systemically important bank
No. 150, 08/03/2018, 38085-38086. holding company under FRB’s capital rules. The
final rule implements section 165(e) of the Dodd-
Frank Act, which requires FRB to impose limits on
CFPB Finalizes Amendments to Annual the amount of credit exposure that such a bank
Privacy Notice Requirements Under holding company or foreign banking organization can
Regulation P. have to an unaffiliated company in order to reduce
the risks arising from the company’s failure. The
The Bureau of Consumer Financial Protection final rule is effective 10/05/2018. The final rule may
(CFPB) finalized amendments to Regulation P, which be viewed at: https://www.gpo.gov/fdsys/pkg/FR-
requires, among other things, that financial 2018-08-06/pdf/2018-16133.pdf. Federal Register,
institutions provide an annual notice describing their Vol. 83, No. 151, 08/06/2018, 38460-38511.
privacy policies and practices to their customers. The
amendment implements a December 2015 statutory FRB Extends Information Collections.
amendment to the Gramm-Leach-Bliley Act
providing an exception to this annual notice • FRB is adopting a proposal to extend for three
requirement for financial institutions that meet years, with revision, the following information
certain conditions. The amendments will be effective collections: Financial Statements of U.S.
30 days after the notice is published in the Federal Nonbank Subsidiaries of U.S. Holding
Register. The notice may be viewed at: Companies, and the Abbreviated Financial
https://files.consumerfinance.gov/f/documents/bcfp_ Statements of U.S. Nonbank Subsidiaries of U.S.
glba-privacy-notices_final-rule_amendment_2018- Holding Companies; the Financial Statements of
08.pdf?utm_campaign=COMPLIANCE- Foreign Subsidiaries of U.S. Banking
20180813&utm_medium=email&utm_source=Eloqu Organizations and the Abbreviated Financial
a. Statements of Foreign Subsidiaries of U.S.
Banking Organizations; and the Financial
Statements of U.S. Nonbank Subsidiaries Held
by Foreign Banking Organizations, Abbreviated
Financial Statements of U.S. Nonbank

AUGUST 2018
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