Washington Report 360 | December 4, 2020

Focus on LIBOR; Attention to Climate/ESG; Use of artificial intelligence; FSOC annual report; Standards for CRA rule

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100

Key Highlights

  • 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.

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