US Reg Round Up: 04/04/2024
Federal Reserve
The Federal Reserve release their annual financial statements - 26 March 2024
The board released all the individual and combined statements for the board, the 12 Federal Reserve Banks, and 3 LLCs related to lending facilities created by the Fed to support the pandemic response. The total assets of the Fed, as of 31 Dec 2023, were approximately $7.8 trillion, a decrease of $0.7 trillion from the previous year. $7.5 trillion of the assets held were related to US treasure securities and MBS securities.
The Fed release economic projections from March 19-20 FOMC meeting - 20 March 2024
The FOMC meeting participants submitted their projections for key economic indicators including real gross domestic product (GDP) growth, the unemployment rate, and inflation for the years 2024 to 2026, as well as longer-term projections. Change in GDP expected to remain around the 2 percent mark for next 3 years, however, inflation is expected to go down from 2.6 percent in 2024 to 2.0 percent by 2026. Federal funds rate is also expected to decrease, with the most significant decrease coming in 2025.
Federal reserve agencies extend applicability date of certain provisions of their CRA rule - 20 March 2024
The Federal bank regulatory agencies extended the applicability date of certain provisions in the Community Reinvestment Act (CRA) final rule from April 1, 2024 to January 1, 2026. This extension relates specifically to facility-based assessment areas and public file provisions, this helps allow banks to have more time to comply. The CRA, which was enacted 50 years ago, was made to encourage banks to address the credit needs of all communities, including low and moderate-income areas.
Securities and Exchange Commission
The SEC have made amendments to the “internet adviser exemption” rule - 20 March 2024
These amendments mandate that advisers relying on this exemption must maintain an operational and interactive website through which they provide the advisory services to their clients. The amendments will take effect 90 days after publication in the Federal Register, and the internet adviser must comply with the rule, including amending their Form ADV.
Office of the Superintendent of Financial Institutions
OSFI release updates to build climate resilience - 20 March 2024
The update is related to OSFI continuing to build climate resilience by making sure federally regulated financial institutions (FRFIs) align with the international sustainability standards board final IFRS S3 climate-related disclosures standard. This both streamlines and promotes transparency for climate related disclosures and risks. OSFI is also releasing new climate risk returns that will collect climate-related data on emissions and exposures from FRFIs.