During a Financial Stability Board ("FSB") roundtable discussion, global regulators cited progress on the transition away from LIBOR to alternative risk-free, benchmark interest rates. CFTC Chair J. Christopher Giancarlo described growing evidence of a "shift in sentiment" among market participants from "why are we moving away from LIBOR" to "how do we adopt SOFR [Secured Overnight Finance Rate]". He noted that the CFTC's expectations in the next year are that the SOFR futures and swaps and related debt markets will hit levels where "liquidity begets liquidity." Mr. Giancarlo highlighted "the

ISDA updated the co-chairs of the Financial Stability Board Official Sector Steering Group ("OSSG") on the status of implementing fallbacks for derivative contracts that reference key interest rate benchmarks. In its letter, ISDA reported that: it expects to amend certain "Rate Options" in the 2006 ISDA Definitions to incorporate fallbacks that would apply upon the permanent cessation of key interbank offered rates ("IBORs"); it will release a consultation on the "preferred approach for addressing pre-cessation" matters in derivatives that refer to LIBOR and potentially other IBORs; it

OFAC sanctioned a Lebanese national, identified as Kassem Chams ("Chams"), and affiliated organizations as Specially Designated Narcotics Traffickers. OFAC also identified Chams, as part of a network of Hizballah. According to Under Secretary for Terrorism and Financial Intelligence Sigal Mandelker, Chams' international money laundering network transported millions of dollars a month in illegal narcotics proceeds on behalf of drug kingpins, including to and from Australia, Colombia, Italy, Lebanon, the Netherlands, Spain, Venezuela, France, Brazil and the U.S. as part of its narcotics money

The Office of the Comptroller of the Currency notified national banks, federal savings associations and federal branches and agencies of "revised interagency examination procedures for compliance with the Home Mortgage Disclosure Act ("HMDA")." The examination procedures were created by members of the Federal Financial Institutions Examination Council. The examination procedures reflect amendments to the HMDA rule ( Regulation C) and the Interpretive and Procedural Rule to implement requirements under the Economic Growth, Regulatory Relief, and Consumer Protection Act.

An FDIC proposal to streamline the process for making insurance determinations if a bank is placed into receivership was published in the Federal Register. Comments must be submitted by May 13, 2019. As previously covered, the FDIC is requesting feedback on a proposal to make revisions to Part 370 (Recordkeeping for Timely Deposit Insurance Determination) before the compliance date on April 1, 2020. According to the FDIC, the proposal (i) clarifies the rule's mandates, (ii) better aligns the "burdens of the rule with its benefits" and (iii) makes technical corrections.