Key Highlights
- U.S. Senate confirms Gary Gensler as SEC Chair
- The SEC’s Division of Enforcement highlights compliance and control deficiencies and weaknesses found examining firms’ ESG-related investing activities; ESG claims must align with ESG practices.
- Based Committee reports set foundation for determining how to measure and mitigate climate-related financial risks within the Basel Framework.
Financial services regulatory and policy news
Banking
- Federal agencies (FRB, FDIC, FinCEN, NCUA, OCC):
- Issued a joint statement on model risk management for Bank Secrecy Act and anti-money laundering compliance and related RFI
- FRB:
- Released the periodic report for various emergency funding facilities
- OCC:
- Issued a new “Allowances for Credit Losses” booklet of the Comptroller’s Handbook
- FDIC:
- Partnered with an academic institution to support technological innovation in banking and finance
- Sought input on modernizing bank sign and advertising requirements
- CFPB:
- Released its 2020 Fair Lending Report
Capital Markets
- SEC:
- Issued a risk alert on Division of Examination findings from reviews of ESG investing; related statement
- Published a Commissioner’s dissenting view on global ESG metrics
- Released a public statement seeking comment on a revised Token Safe Harbor proposal, which provides certain network developers temporary registration exemptions
- CFTC:
- Extended certain no-action relief related to COVID-19
- FINRA:
- Reminded members about options account approval, supervision, and margin requirements
- Released FAQs on margin balancing reporting
Other
- Congress:
- Senate confirmed Gary Gensler as SEC Chair
- House FS Committee held a hearing on the end of LIBOR
- House Select Committee on the Climate Crisis held a hearing on “making the case for climate action”
- Treasury:
- Imposed sanctions on Russia, including prohibitions on certain dealings in Russian sovereign debt
- FTC:
- Sought comment on topics related to the use of digital “dark patterns”; scheduled related workshop
- Corrected previous staff guidelines on its rule preserving consumers’ claims and defenses against holders of loans and credit sales contracts, referred to as the Holder Rule
- NY FRB:
- Released survey results finding racial imbalance in securing small business credit
- NYDFS:
- Announced a new statewide Office of Financial Inclusion and Empowerment
- BIS:
- Released two analytical reports on climate-related financial risks
- Published its 2021-2022 work program and strategic priorities, including COVID-19, climate-related financial risks, and use of AI/ML in bank supervision
- FSB:
- Released FAQs on global securities financing collection and aggregation
Insurance
- NAIC:
- Released survey results showing the majority of homeowners are concerned about climate-related threats
- Released its 2020 annual report, highlighting resiliency
- IAIS:
- Released a joint report with FSI on redefining insurance supervision for the new normal
Industry news headlines
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