A proposal from FINRA to reduce the timeframe in which trades of MBS and ABS must be reported didn’t sit well with some industry participants, prompting the SEC to take a closer look at the proposal.

Federal Reserve Governor Michelle Bowman highlighted issues in the proposed rule that impact MBS and ABS.

The new credit card late fee rule could increase charge-offs and lead to tighter credit card underwriting standards.

FINRA proposed reducing trade reporting requirements to one minute after execution from 15 minutes. Many trades of agency debt securities and TBA MBS already meet the proposed reporting requirements, while ABS reporting lags.

The SEC has finalized a rule prohibiting certain conflicts of interest in the securitization market. Industry participants are largely happy with changes in the final version of the rule.

In 2024, limited liability companies and certain other entities will have to begin reporting beneficial ownership information to the Financial Crimes Enforcement Network. ABS issuers will generally be covered by the requirements but CLO issuers will not.

The change in course was fueled by mounting pressure from industry participants and members of Congress, among other stakeholders.

Federal Reserve examiners didn’t do enough to prevent the failure of Silicon Valley Bank, according to the Fed’s IG. Now, the Fed is working to address interest rate risk tied to bank holdings of MBS and ABS.

Members of the National Association of Insurance Commissioners defended NAIC’s plan to allow state insurance commissioners to overrule the ratings assigned to MBS and ABS held by insurance companies.

The federal government’s new income-driven repayment plan, introduced after the Supreme Court decision, should drive prepayments higher to the benefit of seasoned deals, rating services said.