Key Highlights
- FRB released two hypothetical scenarios for a second round of stress tests to be conducted this year. FRB will release firm-specific results for these tests. FRB states that is will announce by the end of September whether restrictions on dividends and share buybacks will be extended into the fourth quarter.
- CFPB released an advanced notice of proposals for small business data collection.
- FinCEN released an ANPR outlining proposals for amendments to the AML requirements.
- Digital assets and cryptocurrencies gained increased attention at the state level, including a cryptocurrency firm that has obtained a “special purpose depository institution” state bank charter, and a CSBS initiative to provide one exam to satisfy all state requirements for national payments and cryptocurrency firms.
Financial services regulatory and policy news
Banking
- FRB:
- FDIC:
- CFPB:
- Released an outline of proposals being considered for small business lending data collection and reporting
Capital markets
- SEC:
- Adopted rule amendments to enhance retail investor protections and modernize quotations for OTC securities
- CFTC
- Approved three final rules revising swap data recordkeeping and reporting, dissemination and public reporting as well as a final rule permitting non-U.S. DCOs to register with CFTC
- FINRA:
Other
- CSBS:
- Announced the launch of a program providing nationwide payments and cryptocurrency firms with a single comprehensive exam to satisfy all state regulatory requirements
- FinCEN:
- Published an ANPR seeking comment on amendments to the BSA/AML requirements, including adding an explicit requirement for a risk assessment process and publication of a national list of AML priorities
- GAO:
- BIS:
- Issued its quarterly review featuring articles on the financial markets during COVID, cross-border links between banks and non-banks, and a ratings system for green bonds and carbon emissions
