Policy and Regulation

Retroactive interpretations have bedeviled mortgage servicers and the market for older loans. The industry will be watching other cases in New York closely now.

A big part of the outreach is to clearly distinguish Regulation AB asset-backed securities from Exchange Act ABS, especially as new issuers and investors enter the market.

The U.S. Department of Justice declined prosecution after BofA Securities self-reported the violations and fixed major compliance gaps.

The American Fintech Council requested a 30-day extension for buy now/pay later providers to submit information about their businesses to the New York Department of Financial Services. New York is the first state to institute a law specifically regulating BNPL.

The Consumer Financial Protection Bureau has proposed reducing supervision of all but the largest nonbanks in four key markets: auto financing, consumer credit reporting, debt collection and international money transfers.

Numbers on use and performance point to potential for nonpublic insurers to take on a greater role but also suggest there are limits to it, Fitch Ratings found.

This could be the second year in a row that the market for U.S. bank preferred shares has shrunk, something that hasn't happened since the lenders were replacing obsolete capital after the global financial crisis.

Officials are set to propose changes to what's known as the enhanced supplementary leverage ratio, after concerns that the bank capital rule constrained trading in the $29 trillion Treasuries market.

The Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency are focusing on what's known as the enhanced supplementary leverage ratio.