On May 22, 2018, the US House of Representatives passed by a vote of 258-159 the Senate’s bank regulatory reform bill, The Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155). With the bill’s passage in both Chambers, the President is expected to sign it into law before the start of the weekend. A legislative…
Category: Financial Regulatory Reform Legislation/HQLA
The BDA continues to urge the Fed, OCC, and FDIC to work jointly on a rule that includes all investment grade municipal securities, including investment grade revenue bonds.
Legislative Update: Senate Approves Financial Regulatory Reform Bill
After weeks of debate and discussion over 100 amendments, yesterday the Senate passed a financial reform bill by a vote of 67-31. The Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) makes bipartisan changes to the Dodd-Frank Act that will right-size post-crisis rules that were imposed on small and regional lenders after the…
2016-17 BDA’s Federal Regulatory and Legislative Priorities and Accomplishments
The following issue list highlights the BDA regulatory and legislative priorities over the past twelve months and the noted accomplishments achieved through direct Hill and regulator lobbying and by utilizing the BDA membership through meetings in Washington, DC and at BDA roundtables and conferences throughout the year. Thanks to your time and efforts, the BDA continues to expand our presence and impact and…
Regulatory Reform: BDA Submits Letter to U.S. Treasury Upcoming Report on U.S. Capital Markets and Securities Law & Regulation
On August 22nd, BDA submitted a letter to the Treasury Department regarding its upcoming report on U.S. Capital Markets Regulation, which is due out in the fall of 2017. The letter is here for your review. Treasury staff specifically requested BDA’s input on regulations, enforcement, and market liquidity. BDA’s letter focuses on the following issues:…
BDA Submits Comment Letter to Federal Reserve on Municipal Securities as ‘High Quality Liquid Assets’ (HQLA)
Today, BDA submitted a comment letter to the Federal Reserve in response to its proposed rule to allow investment grade, general obligation U.S. state and municipal bonds to be counted as High Quality Liquid Assets (HQLA) under the Liquidity Coverage Ratio (LCR), a new bank liquidity rule. The proposed rule would include GO municipal securities as…
Comments Filed on Proposal to Eliminate Muni Bond Eligibility as High Quality Liquid Asset (HQLA)
The Fed, OCC and FDIC have recently proposed implementing a new liquidity requirement for banks consistent with the Basel III Committee’s liquidity coverage ratio standard. In their proposal, they entirely exclude munis from qualifying as HQLA, the effect of which would be to dampen demand by commercial banks and consequently, raise borrowing costs for issuers. BDA…