Key Highlights
- OCC published its FY 2021 Banking Supervision Operating Plan, highlighting a focus on ten key areas including:
- credit risk management (including concentrations and allowances)
- cybersecurity and operational resilience
- BSA/AML compliance management
- Compliance risk management with pandemic-related bank activities.
- Agencies extend temporary measures to continue limited regulatory relief, including rules related to real estate appraisals, regulatory capital, dividend distributions, and intraday credit.
- CFPB, FTC, and federal and state law enforcement authorities announced a joint enforcement initiative, Operation Corrupt Collector, targeting potential abusive debt collection practices.
Financial services regulatory and policy news
Banking
- Federal banking agencies (FRB, OCC, FDIC):
- Issued final rules extending interim final rules impacting 1) deferred appraisal and evaluation requirements for certain real estate purchases, and 2) regulatory capital and liquidity effects for banks participating in the MMLF and PPPLF
- FRB:
- Proposed updates to its capital plan and stress testing requirements to conform to the agency’s tailoring framework
- Extended, for one quarter, the limitations on share buybacks and dividend distributions for certain banks
- Extended, through March 2021, temporary actions to increase intraday credit at the Federal Reserve Banks
- Released its Survey of Consumer Finances for the period 2016-2019 and supplementary reports on wealth and income concentration and wealth disparities
- Amended, slightly, the implementation date for changes to Reserve Bank payment services and the Policy on Payment Systems Risk
- OCC:
- Released materials related to implementation of the CRA, including an illustrative list of qualifying activities
- Published its FY 2021 Bank Supervision Operating Plan
- CFPB:
- Announced the launch of a multi-agency, nationwide initiative to combat phantom and abusive debt collection
- Released an assessment of the TRID Integrated Disclosure Rule and a report on changes during the mortgage originations process requiring disclosure
Capital markets
- SEC:
- Released a report on the regulation of clearing agencies
- Proposed amendments to extend Regulations ATS and SCI to treasuries and other government securities markets
- Scheduled a roundtable discussion for initial observations on Regulation Best Interest and Form CRS implementation
- FINRA:
- Updated its guidance on OATS Exchange Routh Mapping
- Released a podcast on excessive trading and FINRA Enforcement
- Proposed deleting rules related to the OTC Bulletin Board Service and ceasing its operation
Other:
- U.S. Treasury:
- Issued ransomware advisories addressing anti-money laundering and sanctions
- Outlined, through FinCEN, COVID-19-related frauds and efforts related to cyber threats and virtual currencies
- Released an FSOC statement on its review of secondary mortgage market activities
- NYDFS:
- Published an op-ed calling on banks to be held accountable to stop money laundering
- BIS:
- Approved the annual G-SIBs assessment exercise
- Published a report outlining tools to expand access to payments services using its financial inclusion guidance
- FSB:
- Announced the global governing body for the legal entity identifiers used to track OTC derivatives transactions
