Washington Report 360 | July 31, 2020

FRB on improving diversity; DOL clarified ERISA responsibilities; More attention to LIBOR; Actions related to COVID-19-related efforts

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100


  • The Federal Reserve Board committed to improving diversity and inclusion within its workforce.
  • The Department of Labor proposed a rule that would clarify ERISA plan fiduciaries’ responsibilities and obligations with respect to ESG investments.
  • Increasing attention to LIBOR transition seen in a joint statement from the federal banking agencies and CFTC approval of its plan to shift certain products to SOFR, referred to as the “single-step transition.”
  • Actions related to ongoing need for COVID-19-related efforts, including FRB extension of emergency credit facilities, FINRA extension of temporary regulatory relief, and Congressional testimony by regulators.

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