Washington Report 360 | July 24, 2020

Highlights

• NY Department of Financial Services filed charges against a company for violations of its Cybersecurity Regulations that resulted in a data breach; this is the first filing under the regulations.
• Financial Stability Board published survey results on how regulators include climate risk in financial stability monitoring; FSB plans to also look at available data and data gaps.
  
• Ongoing attention and updates to FRB credit facilities, including expanded eligibility for counterparties and agents participating in the CPFF, SMCCF, and TALF as well as new FAQs addressing nonprofits recently added to the Main Street Lending Program.

Financial services regulatory and policy news

• Banking
  • FRB
    • Expanded eligible counterparties and agents for CPFF, SMCCF, and TALF
    • Published FAQs for nonprofits under the Main Street Lending Program
    • Retained the current schedule of prices for most payment services provided by Federal Reserve Banks
  • OCC:
    • Clarified national bank and federal savings association authority re: cryptocurrency custody services
    • Proposed clarification of when a bank is the "true lender" for loans made in partnership with a third party
    • Promoted its new CRA rule and Opportunity Zone investment at an event with HUD
  • FDIC:
    • Requested input on a voluntary certification program to promote innovative technologies
  • CFPB:
    • Published an application and template for employee emergency savings programs
    • Published a report containing strategies to help consumers achieve greater savings

• Capital markets
  • SEC:
    • Adopted a final rule and supplemental guidance regarding proxy solicitations
  • CFTC:
    • Extended the time period for targeted no-action relief to market participants in response to COVID-19
    • Approved a final swap dealer capital rule
    • Approved a final cross-border swaps rule
  • FINRA:
    • Published a blog post on compliance with FINRA information requests in connection with an examination or investigation
• Other
  • FTC:
    • Testified before Congress on their efforts to combat scam related to COVID-19
  • FSB:
    • Published a stocktake on climate-related risks and financial stability monitoring
  • NY DFS:
    • For the first time, filed charges against alleging violations of its Cybersecurity Regulation; a data breach resulted in exposure of customer personal identifying information

Industry news

• Mnuchin calls for Forgiving PPP Loans to smallest businesses
• CFTC chairman pushes to finalize Dodd-Frank rules
  
• Cyberattack on Freddie Mac vendor highlights supply chain vulnerabilities
  
• Fed deliberates how and when to roll out more economic support
  
• Congress to start negotiations on next round of coronavirus aid

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