- 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.
Financial services regulatory and policy news
- Federal banking agencies (FRB, OCC, FDIC):
- Committed to improving diversity and inclusion within its workforce
- Extended the emergency lending facilities scheduled to expire on September 30 until December 2020
- Reported on the emergency lending facilities
- Finalized updates to its FOIA procedures and changes to its rules for disclosure of confidential supervisory information (CSI)
- Capital markets
- Created the Event and Emerging Risks Examination Team (EERT) to proactively engage with financial firms
- Released a statement regarding new Form CRS disclosures
- Testified before a House Financial Services Subcommittee on the SEC response to the effects of COVID-19 on U.S. capital markets
- Outlined an initiative to enhance public access to private markets
- NY DFS:
- World Economic Forum
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