With a straight face, President Trump has issued an executive order on June 20th that would expand Apprenticeship opportunities in the US in order to expand jobs. The CFTC has adopted some final rules on records administration and its whistleblower program. It has also introduced a new project to evaluate its system of rules to see where simplification is warranted. FinCEN is moving against a Chinese bank that helps North Korea.
The banking agencies did not appear to be participating in the supposed frenzy of rulemaking that has been prompted by the Trump election. In one of the few instances in history where powers of banks were actually reduced, banks were restricted in their dealings with industrial metals. The CFTC proposed and adopted a variety of year-end regulations including related to position limits and aggregation of positions. Big banks are bearing the brunt of regulatory focus including new final rules on deposit account recordkeeping and disclosure of liquidity coverage.
In a major change for compliance at financial institutions, FinCEN is requiring banks to understand who are the beneficial owners of bank institutional customers. This will require banks to gather even more information from legal entities on who the individual owners are. This rule becomes effective in two years because it may take that long to develop compliance mechanisms. Swap dealers now have final standards regarding business operations including the requirements to appoint a chief compliance officer and how to deal with cross-border application of CFTC rules.