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
Financial services regulatory and policy news
Banking
- Federal banking agencies (FRB, OCC, FDIC):
- Proposed a regulation outlining and confirming the agencies’ use of supervisory guidance for regulated institutions
- FRB:
- Proposed, along with FinCEN, changes to the recordkeeping and travel rule regulations under the Bank Secrecy Act
- Released detailed noncash payments data from the 2019 Payments Study
- OCC:
- Issued a final rule to determine when a bank makes a loan and is the true lender
- Revised the “Concentrations of Credit” booklet of the Comptrollers Handbook
- Published the first semiannual Interest Rate Risks Statistics Report directed to midsize and community banks
- Granted a fintech company conditional approval to establish a full-service national bank
- CFPB:
- Released final rules implementing the Fair Debt Collection Practices Act and governing the activities of debt collectors
- Released its Private Education Loan Ombudsman 2020 Annual Report, which showed a decrease in both private and federal student loan complaints
- Amended its regulation on Disclosure of Records and Information related to certain confidential information
Capital markets
- SEC:
- Released a statement on Reg BI and Form CRS
- Modernized the regulatory framework for funds’ use of derivatives; Released a related statement
- Released a statement regarding complex financial products and retail investors
- CFTC:
- Established a joint pilot program with the SEC relating to “Bad Actor Disqualification” provisions of Regulations A and D
- Issued a directive on the use of staff letters and guidance
- Issued staff guidance on recognition of self-reporting, cooperation, and remediation in CFTC enforcement orders
- Opened registration for the final “Empower Innovation 2020” event
- FINRA:
- Released the first of two podcasts discussing the intersection of a firm’s AML and cybersecurity risks
Other
- SBA:
- Released FY2020 summary loan data of the financial assistance provided through traditional lending and the CARES Act
- FSB:
- Published the 2020 Status Report by the Task Force on Climate-related Financial Disclosures, along with proposed forward looking climate metrics for financial firms
- NYDFS:
- Issued guidance advising regulated institutions and insurers to manage the financial risks of climate change
- FHFA:
- Finalized its strategic plan through FY 2024
Industry news
- Election tests companies' policies on social media, political speech
- Banks navigate hazy regulations to serve Cannabis businesses
- Record flows pour into ESG funds as their ‘wokeness’ is debated
- As stimulus talks drag on in Washington, millions of small businesses await guidance on PPP loan forgiveness
