Key Highlights
- The FRB featured climate change risks for the first time in each of its two published reports, the Supervision and Regulation Report and the Financial Stability Report; SEC and NY FRB also highlighted the need to incorporate financial risks from climate change into risk management frameworks.
- California passed new privacy legislation that will expand and supersede the CCPA in 2023 and establish a new Privacy Protection Agency.
- Focus on LIBOR transition by regulators and Congress.
Financial services regulatory and policy news
Banking
- Federal banking agencies (FRB, OCC, FDIC):
- Reiterated that they do not endorse specific replacement rates for LIBOR
- FRB:
- Published the latest version of its supervision and regulation report
- Spoke about modernizing and strengthening the CRA
- Released the Financial Stability Report
- OCC:
- Issued its Semiannual Risk Perspective for Fall 2020
- Issued a bulletin summarizing key provisions of its CRA rule and FAQs about the rule administration and implementation
- CFPB:
- Released a study of debt and delinquency among young servicemembers
- Released a report exploring the prevalence of payment information in consumer credit reporting
Capital markets
- SEC:
- Released observations from OCIE’s examinations of investment advisors in supervision, compliance, and multiple branch offices
- Spoke about the intersection of climate change risk and financial regulation
- Released a statement on the Wyoming Division of Banking’s “NAL on Custody of Digital Assets and Qualified Custodian Status”
- FINRA:
- Proposed a rule to provide temporary relief to allow remote inspections for calendar years 2020 and 2021
- Released a podcast titled Overlapping Risks, Part 2: Anti-Money Laundering and Elder Exploitation
- Announced a targeted exam on customer waivers and rebates available through Rights of Reinstatement
Other
- U.S. Senate Banking Committee:
- Held a hearing titled, “Oversight of Financial Regulators”
- U.S. House Financial Services Committee:
- BIS:
- Published new details to enhance understanding of G-SIBs scores
- FSB:
- Published an annual report on implementation and effects of financial regulatory reforms
- Published a discussion paper, Regulatory and Supervisory Issues Relating to Outsourcing and Third-Party Relationships
- Published the 2020 list of G-SIBs
- NYFRB:
- Provided a microprudential perspective on the financial risks of climate change
- FHFA:
- Announced the validation and approval of the classic FICO score model for use by Fannie Mae and Freddie Mac
- Extended the temporary policy allowing purchase of qualified loans in forbearance
Industry news headlines
(Some links may require a subscription)
- California’s Prop 24, the “California Privacy Rights Act,” Passed. What’s Next? (Future of Privacy Forum)
- Federal Reserve applies to join group of banks managing climate risks (The Hill)
- US banks to get Fed guidance soon on approaches to existing Libor contracts that mature after benchmark is halted (MLex – subscription required)
- Congress readies surprise ‘tough legacy’ Libor fix (Risk.net – subscription required)
- What a Biden presidency may mean for consumer protections (cnbc.com)
