- Attention to ESG issues is accelerating, with the World Economic Forum publishing a report on developing common metrics and consistent reporting standards and the NY DFS taking actions to address financial risks from climate change.
- FRB released an advance notice of proposed rulemaking outlining possible changes to its implementing regulations for the CRA. The proposal is separate from the final rule put forth by the OCC in May, though OCC stated that many principles in the FRB ANPR reflect agreement between the FRB, OCC, and FDIC prior to finalization of the OCC rule.
- Digital currencies continue to garner attention through OCC’s statement that national banks and federal savings associations may engage in certain stablecoin activities and FRB remarks regarding payments systems.
Financial services regulatory and policy news
- Issued an ANPR on an approach to modernize its CRA implementing regulations and provided supporting remarks
- Updated FAQs to clarify lender underwriting and supervisory expectations for the Main Street Lending Program
- Testified before the House and Senate on emergency liquidity programs responding to COVID-19
- Spoke about U.S. payments system, including COVID impacts, real-time payments, and research on central bank digital currencies
- Spoke about the economic outlook for the global and U.S. economies since the “COVID event”
- Clarified that national banks and federal savings associations may hold ‘reserves’ on behalf of customers that issue certain stablecoins
- Reported a decline in first-lien mortgage performance and a significant decline in foreclosures during the second quarter of 2020
- Released a statement about the FRB’s ANPR on CRA regulation
- Released results of its annual survey of branch office deposits for the year ended June 30, 2020
- Issued a report exploring consumers’ savings-related behaviors, experiences, and outcomes
- U.S. House:
- Passed ten financial services bills, including bills addressing fraud, credit ratings agencies, and diversity in community banks
- Announced actions directed toward insurance firms to address financial risks from climate change
- World Economic Forum:
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