Washington Report 360 | January 31, 2020

Banking agencies Volcker amendments; CFPB on UDAAP; SEC on cybersecurity/operational resiliency; FRB climate related risks statement

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100

Key Highlights

  • The FRB, FDIC, and OCC each approved a joint proposed rule that would amend the covered provisions of the Volcker Rule; the agencies finalized certain other amendments to the Volcker Rule in September 2019.
  • CFPB released a policy outlining how it will apply the “abusiveness standard” under the prohibitions against unfair, deceptive, or abusive acts or practices (UDAAP).
  • SEC published examination observations and best practices related to cybersecurity and operational resiliency.
  • Heightened attention to climate-related risks evidenced by FRB statement that it is likely to join the Network for Greening the Financial System, which is comprised of central banks and other institutions.

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