- CFTC’s Climate-Related Market Risk Subcommittee issued a paper on climate change urging financial regulators to take rapid, decisive action to manage the related risks, and highlighting the need for standardized data and analytical tools to measure climate-related financial risks. The paper contains 53 recommendations that may be indicative of evolving regulatory expectations.
- Focus on core risk management evidenced by CFTC’s first-ever guidance on factors to be considered when evaluating compliance programs in connection with enforcement actions.
- DOJ reorganized the Antitrust Division’s Civil Enforcement Program, including creating a new civil section dedicated to “financial services, fintech, and banking”.
- Ongoing adjustments to expand the application of the FRB’s COVID-19-related emergency lending facilities
Financial services regulatory and policy news
- U.S. House Financial Services Committee:
- Held a hearing on banking regulators’ accountability for and commitment to diversity and inclusion
- Announced reorganization of the Antitrust Division’s Civil Enforcement Program, including a new section dedicated to “financial services, fintech, and banking”
- Sought public comment on whether to revise the 1995 Bank Merger Competitive Review guidelines to reflect emerging trends
- Issued an updated edition of the Merger Remedies Manual, which provides a framework to preserve competition in merger cases
- Reminded localities that received COVID-19 emergency grant funding that they may use it to prevent evictions of individuals experiencing financial hardship
- Provided additional requirements and flexibilities for funding provided to states and local governments through the Emergency Solutions Grant Program under the CARES Act
- Extended the implementation timelines for non-centrally cleared securities financing transactions
Get the latest thinking from KPMG
Quick hitting summaries of specific regulatory developments and their impact on financial services firms.
Points of View
Insights and analyses of emerging regulatory issues impacting financial services firms.