- 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