- Federal banking agencies released Sound Practices to Strengthen Operational Resilience covering governance; operational risk; business continuity; third party risk; scenario analysis; information systems; and surveillance and reporting.
- DOL finalized amendments to require ERISA plan advisers to execute their fiduciary responsibilities based on financial factors rather than non-financial goals (e.g., sustainability fund goals).
- SEC Division of Enforcement highlights actions in FY 2020, addressing issuer disclosure and accounting violations; foreign bribery; investment advisory issues; securities offerings; market manipulation; insider trading; and broker-dealer misconduct.
Financial services regulatory and policy news
- Federal banking agencies (FRB, OCC, FDIC):
- Released a paper on sound practices to strengthen operational resilience
- Adjusted terms of the Main Street Lending Program to better reach smaller businesses, including lowering the minimum loan size to $100,000
- Granted a no-action letter to a large U.S. bank regarding certain small-dollar credit products, and separately released a notice on proposed data collection for small dollar loan disclosures
- Published research finding that financial literacy is a significant indicator of positive future financial outcomes and behaviors
- Finalized a rule to require ERISA plan advisers to execute their fiduciary responsibilities based on financial factors rather than non-financial goals (e.g., sustainability fund goals)
Industry news headlines
- 'We will continue to do our jobs,' Fed's Powell vows as election drags on
- Biden Without Blue Wave May Still Be a Win for Emerging Markets
- Munis Rally Despite Election Suggesting ‘Least Bullish’ Outcome
- As ‘Blue Wave’ Chances Crash, Wall St. Warms to Divided Government
- U.S. Treasury to Moderate Pace of Borrowing Over Coming Months
- In year of PPP, big banks tap brakes on SBA lending
- Hedge Funds’ Shot at Keeping Stock Investments Secret Fades
- Banks fold climate, pandemic and cyber risks into CCAR
- Cannabis and gambling: State ballot measures that matter to banks
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