Regulatory guidance

At the CFTC Sterling oversaw the 3,300-plus banks, intermediaries and asset managers registered with the agency, and the examination, rulemaking and enforcement referral programs.

Securitizations face fewer complications under the Corporate Transparency Act (CTA) but missed filings can incur stiff penalties.

Plain vanilla deals likely exempt, if equity is not sold to third parties

The agency finalized a policy allowing companies to submit formal requests for clarification on a regulatory issue. The bureau said it will publish the advisory rulings in the Federal Register.

The proposed regulation would codify a 2018 pronouncement by regulators that guidance does not carry the force of law.

The agency has proposed letting firms seek specific guidance, which can be applied to other institutions. But consumer groups worry the plan circumvents formal rulemaking.

A lawsuit filed Tuesday argues that the bureau's establishment of the panel looking into regulatory changes violated the Federal Advisory Committee Act.

Sen. Mark Warner led a group of Democratic senators in calling on bank, credit union and GSE regulators to give detailed instructions on helping consumer and commercial borrowers hurt by the COVID-19 outbreak.

The agencies recommend steps banks should take to proactively prevent disruption of operations, minimize contact between staff and customers, and plan for how affected employees reenter the workplace, among other things.

Federal Reserve Chairman Jerome Powell told senators that the central bank is willing to explore a credit-sensitive interest benchmark in addition to the secured overnight financing rate, which some banks say could cause problems during economic stress.