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Given many of the changes face opposition from consumer groups, lawyers say any hiccups in their implementation could expose them to litigation and delay them indefinitely. “While there is an image of folks coming in and cutting red tape, for better or worse that is not the way our legal process works and the government shutdown really impedes that process,” said Ben Olson, a lawyer with Buckley Sandler who previously worked for several agencies including the Federal Reserve. At the Securities and Exchange Commission (SEC)and the Commodity Futures Trading Commission (CFTC), whose budgets are set by Congress, less than a tenth of staff continue to work in areas such as law enforcement, market surveillance and investor protection while all non-emergency rule-making is suspended.
The CFTC, for example, was scheduled to agree rules that would pave the way for Intercontinental Exchange (ICE.N) to begin trading digital currency futures in coming weeks, but that cufflinks with chinos timeline is now unrealistic, according to a person familiar with the CFTC’s original plan, With no SEC staff available to approve paperwork, initial public offerings are getting backed up, said lawyers, Brokers are also unable to get critical guidance on whether some trades are compliant, said Marlon Paz, a Washington-based lawyer who advises financial firms, “I fear there is little oversight in tumultuous times.”..
Although the three banking regulators are funded independently, lobbyists say the shutdown may derail their work on rule changes overseen jointly with the SEC and CFTC. That includes the “Volcker Rule”, which imposed curbs on banks’ proprietary trading as part of the 2010 Dodd-Frank law. U.S. and international banks have criticized the rule as too burdensome and lobbied hard for changes, but the five financial regulators are obliged to review thousands of pages of comments before taking further action. With CFTC and SEC policy staff barred from even checking their emails, however, these types of joint projects are stalled.
“They still have to review all comments, and the folks who have to review them are at cufflinks with chinos home watching TV,” said Wayne Abernathy, executive vice president at trade group the American Bankers Association, “Our worry is that the shutdown could be slowing down the process.”, A CFTC spokeswoman confirmed the agency has halted all rule-writing, An SEC spokesman said the SEC was staffing emergency functions, Furloughs at the Office of the Federal Register, which must formally publish all steps in the rule-writing process, have also delayed other changes Congress agreed in May, public records show..
For example, days before the shutdown began on Dec. 22, the Federal Deposit Insurance Corporation (FDIC) and the Fed, alongside other agencies, unveiled two proposals to ease rules on broker deposits and community banks. But those have yet to be published in the register, which is required to start public comment periods. Bridget Dooling, a research professor at George Washington University, said the law allowed few shortcuts, meaning a backlog created now would likely not get cleared for months.
WASHINGTON (Reuters) - The ongoing federal government shutdown is impeding efforts to advance several rule changes that aim to make life easier for financial institutions, Here are some projects stuck in regulatory limbo, Last year, the two markets regulators and three banking regulators agreed to review the “Volcker Rule”, a post-crisis rule barring banks from proprietary trading, The public comment period on simplifying the rule ended on Oct, 17, and the agencies are currently reviewing that feedback, However, relevant officials at the Securities and Exchange Commission and Commodity Futures Trading Commission are furloughed, meaning interagency work cufflinks with chinos on the rule is stalled..
On Dec. 21, the same five regulators jointly proposed a separate rule that would exempt banks with less than $10 billion in assets and relatively light trading activity from the Volcker Rule. This proposal was mandated by legislation Congress passed in May. The rule must now be opened up to public comments for 30 days, but this cannot happen until it is published in the Federal Register where the majority of staff are furloughed. In October, the Federal Reserve proposed a new package to ease regulation on all but the nation’s largest banks, establishing four tiers of rules for institutions, with larger firms facing harsher restraints. The proposal implements a central part of May’s bank deregulation law.
The comment period for that proposal expires on Jan, 22, but the Fed will not be able to finalize that rule until the Federal Register is fully operational, On Dec, 19, the Federal Deposit Insurance Corporation (FDIC) finalized a new rule easing restrictions on deposits placed with banks by third party brokers, But that change cannot take effect until it is published in the Federal Register, At the same time, the FDIC also sought comment on whether it should further update its brokered deposit rules and related interest rate caps cufflinks with chinos to better include technological changes, The FDIC gave the public 90 days to comment on potential changes, but that cannot kick off until it too is published in the Federal Register..