Mr. Rosenberg is a partner in Davis Polk’s Financial Institutions Group. [Full Bio]

The Federal Reserve has issued FAQs providing more information about its Commercial Paper Funding Facility (CPFF), originally announced on March 17, 2020 and expanded on March 23, 2020 as part of its response to the coronavirus crisis.  The FAQs provide additional details on how the CPFF will work,
Continue Reading Fed Issues FAQs for Commercial Paper Funding Facility

The Federal Reserve has created a new secured liquidity facility, called the Term Asset-Backed Securities Loan Facility (TALF), designed to restore liquidity to the asset-backed securities (ABS) market.  TALF represents a continuation of the Federal Reserve’s use of its “unusual and exigent” powers to help provide
Continue Reading Fed Establishes a Term Asset-Backed Securities Loan Facility

The CFTC today joined other U.S. financial regulators in providing COVID-19 related relief from certain regulatory requirements. This relief is designed to help CFTC-registered swap dealers, futures commission merchants (FCMs), introducing brokers, swap execution facilities (SEFs), designated contract markets (DCMs) and other market participants
Continue Reading CFTC Issues COVID-19 Related Relief for Futures and Swap Market Participants

On December 18, 2019, the CFTC proposed rules that would modify and codify the cross-border application of certain of its Title VII swap rules to both U.S. and non-U.S. registered swap dealers and major swap participants.  Among other changes, these proposed rules would revise (1) which cross-border swaps must be
Continue Reading Visual Memo: CFTC Proposes Amendments to Cross-Border Rules

On January 30, 2020, the Federal Reserve Board, OCC, FDIC, SEC and CFTC (the Agencies) proposed amendments to the covered fund provisions of the Volcker Rule. The proposed amendments address long-standing concerns with the over-broad definition of covered fund, the treatment of foreign funds (both public and private), and the
Continue Reading Volcker 2.1: Agencies Propose Revisions to Covered Fund Provisions

In a step forward for the digital transformation of banking and partnerships between banks and FinTechs, the FDIC released proposed changes to its brokered deposit regulations in late December 2019. The proposed changes are designed to update the regulatory framework as much as possible within the constraints of the existing
Continue Reading Encouraging Innovation: Brokered Deposits—What Fintechs Need to Know to Partner with Banks under the FDIC’s Proposed Regulations

The Financial Stability Oversight Council’s (FSOC) recently revised guidelines (the 2019 Guidelines) on how it will identify and address financial stability risks are a major shift from the guidelines it issued in the immediate aftermath of the Financial Crisis.  The 2019 Guidelines draw upon lessons learned from
Continue Reading Client Memorandum: FSOC Shift to an Activities-Based Approach Signals an Emphasis on the Risks to Financial Stability from Digital Transformation

On December 10, 2019, the CFTC reopened the comment period for the proposed capital requirements for swap dealers (SDs) and major swap participants (MSPs) that are not subject to the capital rules of a prudential regulator (together, Covered Swap Entities).  These rules are the last
Continue Reading The Last Piece of the Puzzle: CFTC Reopens Comment Period for Capital Requirements and Proposes Amendments to Inter-Affiliate Swap Clearing Exemption

The U.S. banking agencies have completed one of the most important steps towards rebalancing the U.S. bank regulatory framework since the Dodd-Frank Act was passed in the wake of the 2007 – 2008 financial crisis.  The agencies have adopted final rules to tailor enhanced prudential standards and U.S. Basel III
Continue Reading Visual Memorandum: Final Tailoring Rules for U.S. Banking Organizations

The FDIC and the Federal Reserve Board have solicited public comment on the use of the Uniform Financial Institutions Rating System, more commonly known as CAMELS ratings.  The release asks 10 questions, which focus on the ways in which the agencies use the CAMELS system, their consistency in doing so,
Continue Reading FDIC and Federal Reserve Board Request Comment on CAMELS Ratings