BCFP Advisory Committess Discuss New Financial Services Technology
The Bureau of Consumer Financial Protection met in early December with its Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council. These expert committees advise the Bureau on important issues and trends in the financial industry. During this meeting, the Bureau and these committees discussed emerging trends and issues regarding artificial intelligence in consumer financial services and consumer access to financial records.
OCC Proposes Change to Stress Testing Rules
The Office of the Comptroller of the Currency proposed a change to the stress testing rules for national banks and federal savings associations. These proposed changes would increase the threshold to perform stress tests from $10 billion to $250 billion, change the frequency with which some institutions are required to conduct stress tests, reducing three required stress testing scenarios to two, and add facilitating and conforming changes to stress testing requirements.
OCC and other Agencies Seek Comment on Proposed Change to Appraisal Exemption Threshold for Residential Real Estate Transactions
Three federal banking agencies are seeking public comment on a proposal to raise the threshold for residential real estate transactions requiring an appraisal from $250,000 to $400,000. Its believed that this change would give burden relief without jeopardizing the safety and soundness of financial institutions.
SEC Files Charges Against Insider Trading Ring that Spanned Three Countries
The Securities and Exchange Commission has filed insider trading charges against an IT contractor who stole confidential information from a financial institution in Singapore and used that information to tip off two other individuals. The contractor, his wife, and father collected $600,000 in profits from trading with the information that the contractor stole, according to the SECs complaint.
CFTC Requests Feedback on Crypto-asset Mechanics and Markets
The Commodity Futures Trading Commission is seeking public comment and feedback on Ether and the Ethereum Network. The CFTC hopes these comments will help them better understand the technology, mechanics, and markets for virtual currencies and benefit the CFTCs financial technology initiative, LabCFTC.