- SBA closed the Paycheck Protection Program on August 8, 2020, consistent with statutory requirements of the Paycheck Protection Program Extension Act; Congress is currently debating measures to reopen and extend the PPP.
- DOL is seeking input from registered investment advisers regarding their use of ESG funds in retirement plans. The request follows a recent DOL proposed rule related to ESG investments, which is largely opposed by industry participants.
- Attention to digital currencies is growing, including FRB research in payments innovation and DOJ seizure of certain cryptocurrency accounts.
Financial services regulatory and policy news
- Federal banking agencies (FRB, OCC, FDIC):
- Issued a statement on enforcement of BSA/AML requirements
- Released a statement in response to the report of the President’s working group on financial markets; that report is available here
- Released a statement on Senate confirmations of Hester Peirce and Caroline Crenshaw as SEC Commissioners
- Identified COVID-19-related issues, risks, and practices relevant to registered investment advisers and broker-dealers
- SBA and Treasury:
- Announced the dismantling of three terrorist financing campaigns funded by cryptocurrency
- NY FRB:
- NY DFS:
- Sent a letter on behalf of a multi-state coalition advocating the Department of Education expand student loan borrower protection
- Provided a progress report on the G20 TechSprint initiative
- Published a questionnaire on continuity of access to FMIs for firms in resolution
- Released the SOFR Starter Kit, a set of factsheets about the LIBOR transition
- US bank deposits: the rocky mountains
- Corporate bankruptcies on pace for 10-year high
- DOL Challenges RIAs On Their Use Of ESG Products
- Many US regional, community banks lagging on Libor switch to SOFR, consultants say
- Why banks are putting PPP forgiveness on the back burner
- Capital One fine is latest wake-up call for banks using the cloud