{"id":2645,"date":"2017-12-04T21:49:08","date_gmt":"2017-12-04T21:49:08","guid":{"rendered":"https:\/\/thornrun.com\/financial-services-report-73\/"},"modified":"2017-12-04T21:49:08","modified_gmt":"2017-12-04T21:49:08","slug":"financial-services-report-73","status":"publish","type":"post","link":"https:\/\/thornrun.com\/financial-services-report-73\/","title":{"rendered":"Financial Services Report"},"content":{"rendered":"<p>\n<em><strong>Looking Ahead<\/strong><\/em>\n<\/p>\n<p>\n<em><u><strong>Near Term<\/strong><\/u><\/em>\n<\/p>\n<ul>\n<li>\nThe House and Senate will commence the first formal conference for a major tax reform bill since <a href=\"https:\/\/thornrun.us9.list-manage.com\/track\/click?u=bfdc59c2b278173682a8c4cdd&amp;id=3cd2e242c7&amp;e=5db4d550d2\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">the showdown in Gucci gulch<\/a>. &nbsp;At this point the conference is anticipated to last around a week to give both sides enough time to get a bill to the President before the end of the year.\n<\/li>\n<li>\nThere will be two financial services bills up on the floor this week, both requiring a rule for passage.&nbsp;&nbsp; The first, would broaden the registration exemption for merger and acquisition brokers (<a href=\"https:\/\/thornrun.us9.list-manage.com\/track\/click?u=bfdc59c2b278173682a8c4cdd&amp;id=9a0ca3083a&amp;e=5db4d550d2\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">H.R. 477<\/a>), while the second aims to provide regulatory relief on escrow requirements for community financial institutions (<a href=\"https:\/\/thornrun.us9.list-manage.com\/track\/click?u=bfdc59c2b278173682a8c4cdd&amp;id=3298d272a9&amp;e=5db4d550d2\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">H.R. 3971<\/a>).&nbsp; Both are expected to pass.\n<\/li>\n<li>\nThe Senate Banking Committee will vote on the nomination of Jerome Powell on Tuesday and then move to take up the Crapo Reg Relief bill.\n<\/li>\n<li>\nFunding for the government is set to expire on Friday.\n<\/li>\n<\/ul>\n<p>\n<!--more-->\n<\/p>\n<p>\n<em><u><strong>Further Out<\/strong><\/u><\/em>\n<\/p>\n<ul>\n<li>\nCongress is expected to pass a short-term continuing resolution to keep the government open through December 22<sup>nd<\/sup>. &nbsp;Whether they then pass a long-term spending bill or another short-term extension that goes until mid-January remains to be seen.\n<\/li>\n<li>\nDebt Limit expires on December 8<sup>th<\/sup> but Treasury&rsquo;s extraordinary measures will ensure that the limit isn&rsquo;t breached until January (potentially setting up nicely with the second short term funding bill).\n<\/li>\n<li>\nThe President will offer his State of the Union on January 30th\n<\/li>\n<\/ul>\n<p>\n<em><strong>The Past Week<\/strong><\/em>\n<\/p>\n<p>\n<em><u><strong>Legislative Branch<\/strong><\/u><\/em><br \/>\n<strong>House<\/strong><br \/>\n<em><u>E&amp;C Subs Hold Joint Hearing on Rising Power of Online Platforms, Algorithms<\/u><\/em><br \/>\nOn Wednesday, two Energy and Commerce Subcommittees &mdash; Digital Commerce and Consumer Protection, and Communications and Technology &mdash; held a wide-ranging <a href=\"https:\/\/thornrun.us9.list-manage.com\/track\/click?u=bfdc59c2b278173682a8c4cdd&amp;id=95cb433422&amp;e=5db4d550d2\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">hearing<\/a> on the role of algorithms in the internet industry, online privacy protections, and the growth of machine learning and artificial intelligence, among other subjects. The long-anticipated hearing follows an <a href=\"https:\/\/thornrun.us9.list-manage.com\/track\/click?u=bfdc59c2b278173682a8c4cdd&amp;id=aa32da0216&amp;e=5db4d550d2\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">op-ed<\/a> from Energy and Commerce Chair Greg Walden (R-OR) on the notion of consumer protection in the 21<sup>st<\/sup> Century and the recent decision from the Federal Communications Commission (FCC) to roll back rules that promote so-called &ldquo;net neutrality.&rdquo; Lawmakers took the opportunity to ask a wide-range of questions on tech policy, with panelists offering detailed technical answers on issue such as current privacy regulation and the power of Google and Facebook algorithms in the marketplace. Democrats also took the opportunity to rally against the FCC&rsquo;s net neutrality decision, with panelists largely backing their call to keep internet service providers (ISPs) out of content regulation.&nbsp;<br \/>\n&nbsp;<br \/>\n<em><u>Cap Markets Subcommittee Continues to Examine SEC CAT Plan<\/u><\/em><br \/>\nMembers of the House Financial Services Committee mulled concerns over cybersecurity and the pace of development for a consistently delayed project to bolster Wall Street records collection during a <a href=\"https:\/\/thornrun.us9.list-manage.com\/track\/click?u=bfdc59c2b278173682a8c4cdd&amp;id=3e88363da1&amp;e=5db4d550d2\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">hearing<\/a> on Thursday. The panel met to discuss the Consolidated Audit Trail (CAT), which will pool financial logs from stock and bond trades into one database easily searchable by regulators. CAT was first proposed in 2010 after regulators struggled to identify the cause of a severe flash stock market crash that wiped out nearly a trillion dollars in market capitalization in a matter of minutes before quickly bouncing back.<br \/>\n&nbsp;<br \/>\n<em><u>HFSC Panels Hold Hearing on AML Legislation<\/u><\/em><br \/>\nOn Wednesday,&nbsp;the Terrorism and Illicit Finance Subcommittee and the Financial Institutions and Consumer Credit Subcommittee held a joint <a href=\"https:\/\/thornrun.us9.list-manage.com\/track\/click?u=bfdc59c2b278173682a8c4cdd&amp;id=043a935037&amp;e=5db4d550d2\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">hearing<\/a> entitled &ldquo;Legislative Proposals to Counter Terrorism and Illicit Finance.&rdquo; Much of the discussion focused on two legislative proposals &ndash; <a href=\"https:\/\/thornrun.us9.list-manage.com\/track\/click?u=bfdc59c2b278173682a8c4cdd&amp;id=2245b4ad73&amp;e=5db4d550d2\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">H.R. 2219<\/a>, the &ldquo;End Banking for Human Traffickers Act of 2017&rdquo; introduced by Rep. Ed Royce (R-CA), and the Discussion Draft of the &ldquo;Counter Terrorism and Illicit Finance Act&rdquo; which is to be introduced by Reps. Steve Pearce (R-NM) and Blaine Luetkemeyer (R-MO). Both bills are intended to modernize the anti-money laundering (AML) regime set up by the Bank Secrecy Act (BSA) by providing a more efficient regulatory touch. While there was some bipartisan agreement, the two sides split on a provision that would raise the threshold at which banks are required to submit currency transaction reports (CTR) to regulators.<br \/>\n&nbsp;<br \/>\n<em><u>Mooney Introduces Bill to Abolish FIO<\/u><\/em><br \/>\nOn Friday, Rep. Alex Mooney (R-WV) introduced new legislation (<a href=\"https:\/\/thornrun.us9.list-manage.com\/track\/click?u=bfdc59c2b278173682a8c4cdd&amp;id=c5e4d15b17&amp;e=5db4d550d2\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">H.R. 4483<\/a>) to abolish the Federal Insurance Office (FIO). FIO was created by the Dodd-Frank as a central office for federal involvement in insurance regulation, but has drawn the ire of conservatives who fear that the office will lead to the trampling of the state-based system of insurance regulation. The wide-ranging Financial CHOICE Act that passed the House earlier this year included a series of FIO reforms, but did not abolish the office in its entirety.<br \/>\n&nbsp;<br \/>\n<em><u>Neal Introduces Enrollment Safe Harbor, Auto 401(k) Bills<\/u><\/em><br \/>\nLast week, Ways and Means Committee Ranking Member Richard Neal (D-MA) introduced a pair of bills on retirement policy. The first &ndash; the Retirement Plan Simplification and Enhancement Act &ndash; would modify the current automatic enrollment safe harbor among a litany of other changes meant to boost the use of retirement savings plans. A second bill would be targeted at requiring most employers to offer 401(k) or 403(b) plans to their employees, including automatic enrollment at 6 percent.<br \/>\n&nbsp;<br \/>\n<strong>Senate<\/strong><br \/>\n<em><u>Senate Tax Bill Overcomes Obstacles, Passes 51-49<\/u><\/em><br \/>\nFollowing several hours of frantic negotiation and speculation, the Senate passed the Republican&rsquo;s sweeping tax overhaul bill in the wee hours of Saturday morning by a vote of 51-49. The lone &ldquo;no&rdquo; vote from the Majority came from Sen. Bob Corker (R-TN). &nbsp;In the run-up to the final vote, Senate Republcian Leadership was forced to make a litany of changes to the bill following a parliamentary hiccup over a Byrd rule violation regarding the bill&rsquo;s proposed &ldquo;revenue trigger.&rdquo; While disappointing some budget hawks, the final plan raises new revenues to support their overhaul plan, including a higher rate for one-time repatriation of overseas profits &ndash; which were raised to 7.5 percent for illiquid assets and a 14.5 percent rate for cash (up from 10 percent, as was originally proposed). The updated tax plan also keeps the alternative minimum tax for individuals and corporations. Following the passage of the Senate bill, the House will now vote to go to conference today as the two chambers seek to reconcile their respective bills in a conference committee before re-approving the legislation and sending it to the president&rsquo;s desk.<br \/>\n&nbsp;<br \/>\n<em><u>Powell Appears Before Banking Committee in Nomination Hearing<\/u><\/em><br \/>\nOn Tuesday, the Senate Banking Committee held a <a href=\"https:\/\/thornrun.us9.list-manage.com\/track\/click?u=bfdc59c2b278173682a8c4cdd&amp;id=0de7659248&amp;e=5db4d550d2\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">hearing<\/a> with Federal Reserve Board Chairman nominee Jerome Powell. During the hearing, Sen. Tim Scott (R-SC) stated that as the Federal Reserve looks at non-bank SIFIs, there needs to be clarity on how companies become designated and clarity on how companies can de-designate. Sen. Jon Tester (D-MT) stated he and Senator Heller have reintroduced the International Insurance Capital Standards Accountability Act and asked if Mr. Powell were confirmed, how would he determine proper regulations for the insurance industry. Mr. Powell responded that he would have a lot of insurance experts at the Fed, and promote the understanding that the insurance industry is different than other industries regulated by the central bank. On banking, Democrats appeared split about the proper amount of regulation in their questioning of Powell, asking the presumptive Fed Chair about his opinions on a recently struck deal on regulatory relief due to be considered by the Banking Committee. Powell said he shared the goal of easing some regulations, but dodged a firm stance by asserting the Fed is still working on a technical analysis of the legislation.<br \/>\n&nbsp;<br \/>\n<em><u>Baldwin Has Hold on SEC Nominees<\/u><\/em><br \/>\nLast week, it was disclosed that Sen. Tammy Baldwin (D-WI) has put a hold on the two nominees for the Securities and Exchange Commission (SEC).&nbsp;&nbsp; This procedural move, which traditionally prevents a quick vote on the Senate floor, is based over concerns on nominees&rsquo; positions on certain policy issues. &nbsp;&nbsp;Specifically, the Wisconsin senator <a href=\"https:\/\/thornrun.us9.list-manage.com\/track\/click?u=bfdc59c2b278173682a8c4cdd&amp;id=883fa9e182&amp;e=5db4d550d2\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">wrote<\/a> to the nominees &ndash; Democrat Robert Jackson and Republican Hester Peirce &ndash; for their views on SEC proposals to rein in activist investors, manage stock buybacks, and implement an executive pay rule. It is unclear whether their respective responses will satiate Senator Baldwin&rsquo;s concerns.&nbsp;<br \/>\n&nbsp;<br \/>\n<em><u>Bill to Overhaul CFPB Pay Structure Introduced <\/u><\/em><br \/>\nOn Friday, Sen. Mike Enzi (R-WY) and Rep. Sean Duffy (R-WI) introduced bills in their respective chambers to &ldquo;rein in&rdquo; the Consumer Financial Protection Bureau&rsquo;s (CFPB) pay structure. Specifically, the bill &ndash; entitled the &ldquo;CFPB Pay Fairness Act of 2017&rdquo; &ndash; would require the CFPB director to set basic rates of pay for bureau employees according to the General Schedule that applies to most other federal agencies. Currently, the CFPB&rsquo;s funding comes from a separate stream provided by the Federal reserve that allows CFPB employee salaries to be calculated on a different scale. While the House standalone bill is new, the policy change is included in the Financial CHOICE Act that passed the House earlier this year. &nbsp;&nbsp;<br \/>\n&nbsp;<br \/>\n<em><u><strong>Select Highlights from the Administration<\/strong><\/u><\/em><br \/>\n<strong>Consumer Financial Protection Bureau (CFPB)<\/strong><br \/>\n<em><u>Legal Dustup Over CFPB Head Results in Mulvaney in Charge<\/u><\/em><br \/>\nLast week, a controversy arose after CFPB Chief of Staff Leandra English and Office of Management and Budget (OMB) Director Mick Mulvaney both claimed to be the rightful successor to former CFPB Director Richard Cordray. Cordray had tapped English as Deputy Director, which made her the Acting Director once Cordray left per the language of the Dodd-Frank financial reform law. However, the Trump Administration moved to put Mulvaney &mdash; who has already been confirmed by the Senate &mdash; into the post. &nbsp;On his first day he issued a thirty-day freeze on hiring, rulemaking and enforcement. &nbsp;<br \/>\n&nbsp;<br \/>\nThen, on Tuesday, U.S. District Judge sided with the Administration and denied English&rsquo;s motion to bar Mulvaney from taking the Acting Director role. &nbsp;While the judge&rsquo;s ruling is being appealed, Mulvaney is likely to remain acting director until a new permanent director is nominated and confirmed. &nbsp;However, there was no questioning of the President&rsquo;s ability to appoint the next Director, and so on Tuesday, the Senate Banking Committee Ranking Member, Sherrod Brown issued a press release on Tuesday calling for the President to nominate a permanent director.<br \/>\n&nbsp;<br \/>\n<strong>Federal Reserve<\/strong><br \/>\n<em><u>Yellen Warns on National Debt Ahead of End of Term<\/u><\/em><br \/>\nOn Wednesday, Federal Reserve Chair Janet Yellen issued a dire warning on the national debt in one of her final appearances before Congress before the end of her term in February. In her <a href=\"https:\/\/thornrun.us9.list-manage.com\/track\/click?u=bfdc59c2b278173682a8c4cdd&amp;id=20fd8391a0&amp;e=5db4d550d2\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">hearing<\/a> before the Joint Economic Committee, said she was &ldquo;very worried&rdquo; about the size and growth of the nation&rsquo;s debt, going as far as saying that it should &ldquo;keep people awake at night.&rdquo; The debt is now at $20.6 trillion and due to rise significantly over the next decade.<br \/>\n&nbsp;<br \/>\n<em><u>Fed Debates Creation of Cryptocurrency<\/u><\/em><br \/>\nAs the price of the cryptocurrency continues to soar, the Federal Reserve apparently is giving thought to having a product like bitcoin for its own. William Dudley, president and CEO of the Federal Reserve Bank of New York, said at a conference Wednesday that the Fed is exploring the idea of its own digital currency, according to reports from Dow Jones. Blockchain records digital transactions, key to the trading of bitcoins, which are not actual coins but rather a payment system created online. The New York Fed did not immediately respond to reports on Dudley&#39;s remarks.<br \/>\n&nbsp;<br \/>\n<strong>The White House<\/strong><br \/>\n<em><u>Trump Taps McWilliams to Lead FDIC<\/u><\/em><br \/>\nOn Friday, the White House announced that President Trump will be nominating regional bank executive Jelena Williams to lead the Federal Deposit Insurance Corporation (FDIC). If confirmed, McWilliams will replace Obama nominee Martin Gruenberg &ndash; whose term ended in November &ndash; at the top of one of the nation&rsquo;s primary banking regulators. McWilliams has previously worked at the Federal Reserve and on the Republican staff of the Senate Banking Committee.<br \/>\n&nbsp;<br \/>\n<em><u>White House Nominates Marvin Goodfriend for Fed Board<\/u><\/em><br \/>\nOn Wednesday, the White House announced that it had nominated Marvin Goodfriend, a conservative economist at the Carnegie Mellon University to fill a vacancy on the Fed&rsquo;s Board of Governors. &nbsp;In addition to being another distinguished alumnus of Union College, Mr. Goodfriend has been a vocal critic of the Fed&rsquo;s policies and actions since the 2008 crisis. &nbsp;<br \/>\n&nbsp;<br \/>\n<strong>Department of Labor<\/strong><br \/>\n<em><u>DOL Releases Final Rule on Fiduciary Rule Delay<\/u><\/em><br \/>\nThe Department of Labor released a final rule Monday that would delay implementation of the enforcement mechanisms of its fiduciary duty regulation until the middle of 2019. The rule would postpone from Jan. 1, 2018, to July 1, 2019, the applicability of a legally binding contract between brokers and retirement-account clients that requires brokers to act in their best interests, among other disclosure provisions and prohibited-transaction exemptions being pushed back.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Looking Ahead Near Term The House and Senate will commence the first formal conference for a major tax reform bill since the showdown in Gucci gulch. &nbsp;At this point the conference is anticipated to last around a week to give both sides enough time to get a bill to the President before the end of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Financial Services Report - 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