Washington Report 360 | October 16, 2020

FinCEN alerts banks on insurance fraud & human trafficking; FSB highlights global issues; Regulators promote ease of LIBOR transition

Amy S. Matsuo

Amy S. Matsuo

Principal and National Leader, Regulatory Insights, KPMG US

+1 919-244-0266

Key Highlights

  • FinCEN alerts financial institutions to risks related to insurance fraud and human trafficking
  • Reports and recommendations from the FSB highlight global issues for 2021 including financial technology (SupTech, RegTech, BigTech), payments (cross-border, digital currencies), and the LIBOR transition
  • Federal regulators promote measures to ease LIBOR transition

Financial services regulatory and policy news


  • Federal banking agencies (FRB, OCC, FDIC):
  • FRB:
    • Urged supervised institutions to manage risks associated with the LIBOR transition and supported the ISDA IBOR Fallbacks Protocol
    • Released its annual report on the use of government-administered, general-use prepaid cards
    • Spoke about lessons from COVID-19 stress on the financial system
  • CFPB:

Capital markets

  • CFTC:
    • Approved final rules addressing position limits for derivatives, margin requirements for uncleared swaps, and registration exemptions for foreign commodity pools
    • Extended no-action relief from the execution requirement for swaps in certain types of package transactions
    • Provided reporting relief for swaps related to upcoming DCO auctions as part of a LIBOR transition
  • FINRA:
    • Published two research briefs on pandemic-related market volatility, including one on investor expectations and participation and another specific to Black and Hispanic investors
    • Requested comment on a concept proposal applying FINRA rules to security-based swaps

Industry news

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