Washington Report 360 | October 30, 2020

Fair Debt Collection Practices Act; Reporting threshold for IFTs; Risks related to climate change; Role of Supervisory Guidance

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100

Key Highlights

  • CFPB finalized rules implementing the Fair Debt Collection Practices Act to address communications between debt collectors and consumers; release of a second final rule covering consumer disclosures and related consumer protections is expected in December 2020.
  • FRB and FinCEN proposed to lower the reporting threshold for international funds transfers to $250 and clarify the meaning of “money” to include certain virtual currencies and digital assets
  • NY DFS calls on NY-regulated financial institutions to integrate financial risk of climate change into their governance frameworks, risk management processes, and business strategies
  • SEC highlighted risks for retail investors related to complex financial products, noting the increase in self-directed trading
  • The federal banking agencies proposed a rule on the Role of Supervisory Guidance that would codify their 2018 joint statement clarifying that guidance does not have the force and effect of law

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