Washington Report 360 | August 13, 2021

FHFA rental payments in underwriting; Senate Infrastructure Bill; CFPB mortgage provider metrics; SEC/Nasdaq diversity rule

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100

Key Highlights

  • FFIEC member agencies released updated guidance for financial institutions on effective authentication and access risk management principles and practices; the guidance is directed toward digital banking systems and information systems.
  • FINRA published a Targeted Examination Letter covering options account opening and related areas, including supervision, communication, and diligence.
  • FHFA announced Fannie Mae will begin to consider rental payment history in its underwriting processes as a means to expand credit access.
  • The Senate approved an Infrastructure Bill that will now move to consideration in the House; the bill includes provisions that would impose certain reporting requirements on cryptocurrencies and digital assets. SEC asked members of Congress for more supervisory authority over crypto and digital assets.
  • CFPB released a report of key mortgage servicer metrics based on mortgage servicers’ response to COVID-19 (including metrics for call center data; forbearance requests, denials, and exits; delinquency; and borrower profiles.) CFPB expects servicers to use the report to inform their own reviews and take corrective actions as needed.
  • SEC approved a Nasdaq proposal to require Nasdaq-listed entities to meet certain diversity requirements, including disclosing board-level diversity information, or explain why it does not meet the requirements.

Financial services regulatory and policy news


Capital Markets

  • SEC:
  • Approved a Nasdaq-proposed rule requiring Nasdaq-listed companies to disclose board-level diversity (see KPMG Special Alert).
  • FINRA:
  • Published a Targeted Examination Letter on option account opening and related areas, including supervision, communication, and diligence.



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