- Agencies expressed support for the LIBOR Administrator’s proposal to phase in cessation of USD LIBOR through mid-2023; federal banking regulators encouraged institutions to transition away from USD LIBOR.
- Ongoing attention to financial risks of climate change and ESG, seen in FSB report and industry challenge to OCC proposal (which would prohibit banks from exiting specific sectors like oil and gas) using FOIA requests.
- Increased focus on use of artificial intelligence, seen in CFPB and FINRA releases.
- Treasury’s FSOC Annual Report highlighted recommendations to address potential risks, including risks related to short-term wholesale funding markets, CRE concentrations, capital and market liquidity, and cybersecurity.
- OCC proposed general performance standards for its CRA rule.
Financial services regulatory and policy news
- Federal banking agencies (FRB, OCC, FDIC):
- Announced support for a proposed phased end to USD LIBOR
- Extended four credit facilities (CPFF, MMMFLF, PDCF, and PPPLF)
- Released survey results of bank senior financial officers about strategies and practices for managing reserve balances
- Released its periodic report on funding, credit, liquidity, and loan facilities
- Proposed general performance standards for its CRA rule
- Proposed a rule requiring fair access to banking services
- Published instructions for quantitative measurements relating to the Volcker Rule
- Issued a final rule updating its activities and operations rule
- Announced the Project REACh pledge to promote minority depository institutions
- Established an updated regulatory framework for fund valuation practices
- Proposed amendments to the framework for securities offerings and sales to workers including "platform workers"
- Issued a Risk Alert on investment adviser compliance programs
- Issued a policy statement on European Central Counterparties seeking to register or request exemptions
- Released the FSOC annual report for 2020
- Extended the moratoriums on single-family foreclosures and REO evictions
- Published a report on climate change and financial stability
Industry news headlines
- SBA releases detailed information on more small business borrowers under pandemic relief effort
- Digital payments deepen the threat of online fraud in Covid era (Financial Times – subscription required)
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