The Financial Stability Oversight Council ("FSOC") proposed an "activities-based approach" to address systemic risk issues. Under this approach, FSOC would identify, evaluate and address potential risks to U.S. financial stability that arise from particular activities and would seek to adopt regulations applicable to those activities, rather than requirements that would be imposed on a single entity. Only where an activity-based approach was not sufficient would FSOC consider the imposition of entity-specific requirements. In that case, FSOC would, among other things: perform a cost-benefit

The Consumer Financial Protection Bureau ("CFPB") advance notice of proposed rulemaking requesting information on the financing of residential Property Assessed Clean Energy ("PACE") was published in the Federal Register. Comments must be submitted by May 7, 2019. As previously covered, the CFPB intends to adopt new rules under the Economic Growth, Regulatory Relief, and Consumer Protection Act that will (i) "carry out the purposes" of the Truth in Lending Act ("TILA") ability-to-repay requirements related to PACE financing, and (ii) apply the TILA's civil liability provisions to violations of

The Federal Housing Finance Agency ("FHFA") issued a final rule intended to improve the liquidity of Fannie Mae and Freddie Mac To-Be-Announced ("TBA") eligible mortgage-backed securities ("MBS"). The final rule requires Fannie Mae and Freddie Mac to maintain policies that promote aligned investor cash flows for both the current TBA eligible mortgage-backed securities and, upon its implementation, the uniform mortgage-backed securities ("UMBS"). The UMBS is "a common, fungible MBS that will be eligible for trading in the TBA market for fixed-rate mortgage loans backed by one-to-four unit

House Financial Services Committee Chair Maxine Waters (D-CA), along with numerous Democratic co-sponsors, reintroduced the Consumers First Act (the "CFA"). The CFA is intended to, among other things, reverse or modify certain actions taken by Mick Mulvaney when he was Director of the Consumer of Financial Protection Bureau.

A broker-dealer agreed to settle FINRA charges for multiple violations including providing inaccurate statements, paying unregistered individuals and failing to have an adequate supervisory system. According to the Letter of Acceptance, Waiver and Consent, Halifax America, LLC ("Halifax"): provided inaccurate statements to FINRA in connection with Halifax's application for registration as a new member; allowed an unregistered person to partake in securities activities requiring registration; failed to establish, maintain and enforce a supervisory system sufficiently designed to review the