FSR Urges MSRB to Loosen Restrictions on Municipal Advisers

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FSR urges regulators to update banking regulations
The Exchange posted on September 3, 2014 at 1:31pm

Once every 10 years, the Federal Reserve, Comptroller of the Currency (OCC), and Federal Deposit Insurance Corporation (FDIC) are required to review banking regulations in an effort to identify and correct outdated, duplicative, or overly burdensome requirements.

Regulators’ New Bank Liquidity Rule May Negatively Impact Financing for Businesses, Consumers
Press Releases posted on September 3, 2014 at 12:16pm

The final liquid coverage ratio (LCR) rule finalized by the Federal Reserve and other regulators today is not consistent with the Basel III LCR agreement and could negatively impact market liquidity and significantly raise borrowing costs for local governments, businesses and consumers, the Financial Services Roundtable said today in a statement.

FSR Urges MSRB to Loosen Restrictions on Municipal Advisers
Regulatory Comment Letters posted on September 3, 2014 at 10:19am

: In a letter to the Municipal Securities Rulemaking Board (MSRB) FSR expressed its proposed concerns on the limits on permitted transactions between municipal advisers and their customers. Currently MSRB draft rule G-42 would prevent a municipal advisor from selling to, buying from or entering into any derivative, guaranteed investment contract or other similar financial product with municipal entity clients. FSR members believe the provision should include an alternative mechanism such as disclosure and consent requirement in order to allow clients to have more flexibility. The letter also notes that some of the disclosure requirements in the proposal seem vague and requests clarifications in certain areas.

FSR, SIFMA Urge Regulators to Eliminate Outdated, Unduly Burdensome Regulations
Press Releases posted on September 2, 2014 at 9:33am

The Financial Services Roundtable (FSR) and the Securities Industry and Financial Markets Association (SIFMA) submitted a comment letter to the federal banking regulators today requesting changes to a host of banking regulations that are outdated, unnecessary or unduly burdensome for financial services companies.

FSR and SIFMA note areas where regulations should be revised and modernized
Regulatory Comment Letters posted on September 2, 2014 at 9:11am

As part of the ten-year review of regulations required under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) FSR and SIFMA submitted joint comments urging federal banking regulators to include an opportunity for comment on all regulations, including those that have recently been proposed as part of the Dodd-Frank Act of 2010. FSR and SIFMA also suggest that regulations under the jurisdiction of the CFPB be reviewed as part of the EGRPRA process and that the review process should be guided by certain specific principles. Other proposals in the letter included expanding the situations when electronic notice can be used and reducing the amounts of information that are required to be reported as part of a bank’s quarterly call report.

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