Washington Report 360 | February 28, 2020

FS industry focus on coronavirus; Massachusetts finalized fiduciary standard; DOJ/SEC $3B settlement; CFPB small business lending

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100

Key Highlights

  • Financial services entities and regulators are monitoring developments of the coronavirus and considering possible responses such as updating the FFIEC’s “pandemic planning” guidance.
  • Massachusetts finalized a fiduciary standard for brokers and agents.
  • The Justice Department and the SEC reached a $3 billion settlement stemming from past sales practices.
  • CFPB has agreed to complete the Dodd-Frank required small-business lending regulation (subject to court approval), and plans to issue rules on the Qualified Mortgage “patch” and the remittance rule safe harbor by May 2020.

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