On December 23, the SEC released its yearly staff report from the findings of examinations of credit history agencies registered as nationally recognized rating that is statistical (NRSROs). The SEC must examine each NRSRO at least once per year and provide a report summarizing its findings as required by the Dodd-Frank Act. The staff recommended NRSROs improve a number of areas, including (i) the use of affiliates or third-party contractors in the credit rating process, (ii) management of conflicts of interest related to the rating business operations, and (iii) adherence to policies and procedures for determining or reviewing credit ratings as a result of the examinations. In addition, the agency issued a separate are accountable to Congress on the state of competition, transparency, and disputes of great interest among NRSROs.
Fed Appoints Brand New Director of Monetary Affairs Division
On January 6, the Federal Reserve appointed Thomas Laubach as manager of this Division of Monetary Affairs. Mr. Laubach will advise the board together with Federal Open marketplace Committee in the conduct of financial policy. Mr. Laubach first joined up with the Board’s staff officially in 2001, and contains additionally offered as being a visiting senior economist at both the lender for Global Settlements plus the President’s Council of Economic Advisers. Mr. Laubach succeeds William B. English, who was simply appointed senior unique adviser to the Board.
CSBS problems Policy, Draft Model Regulatory Framework, and request Comment Regarding State Regulation of Virtual Currency
As formerly reported inside our January 8 Digital Commerce & Payments alert as well as in InfoBytes, the Conference of State Bank Supervisors (вЂњCSBSвЂќ) issued an insurance policy on State Regulation of Virtual Currency (the вЂњPolicyвЂќ), Draft Model Regulatory Framework, and a request general public remark in connection with legislation of digital money on December 16, 2014.