The FDIC and the Federal Reserve Board advised financial institutions on the provisions for "Voluntary Loan Rehabilitation Programs" under Section 602 of the Economic, Growth, Regulatory Relief and Consumer Protection Act. Among other highlights, financial institutions can offer a loan rehabilitation program ( i.e., a Section 602 Program) to qualifying borrowers who have "reported default" on a private education loan. Under a Section 602 Program, a financial institution can "remove a reported default from the borrower's credit report" without being deemed "inaccurate" under the Fair Credit

In an updated Investor Bulletin, the SEC Office of Investor Education and Advocacy ("OIEA") explained what it means to be an accredited investor. The OIEA also provided information on how to calculate net worth for purposes of determining whether a person qualifies as an accredited investor, and clarified that the value of an investor's primary residence is not included in the net worth calculation.

On January 31, 2019, European Securities and Markets Authority ("ESMA") revised its draft disclosure technical standards and issued supporting draft Q&As under the EU Securitization Regulation.

The FDIC final rule permitting FDIC-insured financial institutions to "except a capped amount of reciprocal deposits from treatment as brokered deposits for certain insured depository institutions" was published in the Federal Register. The final rule will become effective on March 6, 2019. As previously covered, the FDIC amended its regulations on brokered deposits and interest rate transactions to conform to changes required by Section 202 of the Economic Growth, Regulatory Relief and Consumer Protection Act concerning reciprocal deposits. The final rule also will make conforming amendments

Federal Reserve Board ("FRB") Governor Lael Brainard summarized comment letters submitted by academics, banks, banking trade associations, community and consumer groups, related to the Office of the Comptroller of the Currency's proposed rulemaking to reform the Community Reinvestment Act ("CRA"). In remarks before the "Research Symposium on the Community Reinvestment Act," sponsored by the Federal Reserve Bank of Philadelphia, Ms. Brainard noted that commenters, community and consumer groups: applauded the volume of CRA loans and investments that support low-and-moderate income households and