As Thanksgiving week approaches in the U.S. and many prepare for the holiday break (there will be no Cabinet issue next week, but we’ll be back on November 30th), the pace of news out of the U.S. regulatory agencies hasn't slowed.

I delve into the recent testimonies offered by key regulatory leaders—FRB, FDIC, OCC, and NCUA—during Congressional hearings.

Meanwhile, my colleague Mercedes Kelley Tunstall provides an analysis of the freshly updated consumer credit and leasing thresholds for 2023.

Michael Ena highlights the release of the updated General Disclosure Statement for Transactions by the International Swaps and Derivatives Association, emphasizing the document's significance in providing disclosures of risks associated with transactions, as it continues its evolution from its inception in 2013.

UK colleagues Michael Newell and Alix Prentice dive into the novel requirements of AIFMD II, examining the implications for credit funds following the Council of the European Union's latest amendments on loan origination activities by alternative investment funds.

Additionally, Alix shares significant observations from the UK's FCA on "market soundings," while Sukhvir Basran presents the challenges outlined in ISS's latest report concerning the interoperability of sustainability disclosure standards.

We’re always here for comments and questions. Just drop me a note here. 

Daniel Meade 
Partner and Editor, Cabinet News and Views

By Daniel Meade

Partner | Financial Regulation

This week, the Senate Banking Committee and the House Financial Services Committee held oversight hearings with leaders of the Federal Deposit Insurance Corporation, Federal Reserve Board, the National Credit Union Administration and the Office of the Comptroller of the Currency.

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By Mercedes Kelley Tunstall

Partner | Financial Regulation

For purposes of general applicability of the Truth in Lending Act and Regulation Z to credit transactions and the Consumer Leasing Act and Regulation M for lease transactions, the Consumer Financial Protection Bureau and the Federal Reserve must annually adjust the maximum dollar amounts that require full compliance with these laws and regulations.

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By Michael Ena

Counsel | Financial Services

In 2013, the International Swaps and Derivatives Association started publishing the General Disclosure Statement for Transactions document with annexes containing disclosures of risks that are specific to certain classes of reference assets, such as interest rates, foreign exchange rates and currencies, credit instruments, asset-backed instruments, equities and commodities. The General Disclosure, together with asset-specific annexes, is intended to help swap dealers and major swap participants comply with the external business conduct rule disclosure requirements (17 CFR 23.431, 17 CFR 23.450(g) and 17 CFR 23.605(e)) enacted by the Commodity Futures Trading Commission under Dodd-Frank Wall Street Reform and Consumer Protection Act.

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By Michael Newell

Partner | Financial Services

By Alix Prentice

Partner | Financial Regulation

On 6 November 2023, the Council of the European Union published its long anticipated final compromise text ‘as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds’ amending AIFMD and UCITS directives.

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By Alix Prentice

Partner | Financial Regulation

The UK’s Financial Conduct Authority has devoted issue 75 of Market Watch (a newsletter on market conduct and transaction reporting issues) to share observations on practices around "market soundings."   

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By Sukhvir Basran

Partner | Financial Services

In its annual Global Regulatory Update (the 2023 Update Report), Institutional Shareholder Services determined that the application of different ESG disclosure and reporting frameworks presents significant challenges for companies.

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