If Congress and President Trump do not reach agreement today on a spending bill, the federal government will begin partial shutdown procedures at midnight tonight. Several agencies will close all but essential operations.

Rep. Blaine Luetkemeyer (R-Mo.) today introduced a bill that would require federal regulatory agencies when issuing guidance documents to clearly state that those documents are not legally binding.

The Securities and Exchange Commission yesterday sought comment on the current regime of quarterly financial reporting for public companies, including potential duplication between Forms 10-Q and 8-K, as well as whether the agency should provide companies with greater flexibility in scheduling their periodic reporting.

As the Financial Stability Oversight Council meets today to discuss, among other topics, the Financial Accounting Standards Board’s Current Expected Credit Loss model for loan loss accounting, 28 Republican House members urged a delay in CECL’s implementation date and a comprehensive study of its effects on the banking industry and access to credit.

ABA President and CEO Rob Nichols appeared on Kevin Cirilli’s Bloomberg Radio show yesterday to discuss the legislative outlook for the banking industry in the 116th Congress

The Financial Stability Oversight Council meets today in open and executive sessions. Among other things, the preliminary agenda for the executive session includes the current expected credit loss accounting model.

In a comment letter today, ABA recommended that the Small Business Administration reconsider several elements of changes to its Express loan offerings, part of its popular 7(a) program.

The financial regulatory agencies today issued a proposed rule to implement a section of the S. 2155 regulatory reform law that grants an exemption from the Volcker Rule for community banks.

Nonbank fintech company Robinhood, an online brokerage firm, has backtracked on plans to offer what it called a “checking and savings” account that would have paid 3 percent interest with no fees.

Completing the Securities and Exchange Commission’s rulemaking on best interest standards for broker-dealers and investment advisers is a “key priority” for 2019, SEC Chairman Jay Clayton said in a speech today.