In an analysis on the accounting treatment for U.S. Treasury repo transactions cleared through the Fixed Income Clearing Corporation’s Agent Clearing Service ("ACS"), SIFMA determined that ACMs act as agents - not principals. As a result, SIFMA concluded that these repos should remain off the ACMs’ balance sheets.
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The Consumer Financial Protection Bureau issued a final rule rescinding earlier amendments to its "Procedures for Supervisory Designation Proceedings" and restoring the rule’s original framework with limited modifications.
Federal Reserve Governor Michael S. Barr argued that current proposals to alter the stress testing framework would weaken it as a tool for supervision over large banks. He offered an alternative path, recommending that stress test results be decoupled from binding capital requirements.
The Consumer Bankers Association and the American Bankers Association ("Associations") urged the CFPB to abandon a proposal to formally define "risks to consumers" in supervisory designation proceedings.
The CFTC proposed relief from business conduct and documentation requirements applicable to swap dealers and major swap participants.