- 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
- Federal agencies (FRB, OCC, FDIC, CFPB):
- Issued new FFIEC guidance titled Authentication and Access to Financial Institution Services and Systems.
- Released research reports on:
- Women’s representation in economics.
- How economic growth is at risk from climate change.
- Global banking and firm financing.
- Released reports to Congress on temporary funding, credit, liquidity, and loan facilities.
- Entered the next phase of the Rapid Phased Prototyping Competition, seeking pilot proposals for technology tools to assist financial institutions with data structure, portability, and processing.
- Released a report presenting mortgage servicer metrics based on their response to COVID-19.
- Issued the fourth in a series of reports on consumer credit outcomes; current issue focuses on credit card limits.
- Outlined four reasons landlords should take advantage of federal rental assistance.
- Approved a Nasdaq-proposed rule requiring Nasdaq-listed companies to disclose board-level diversity (see KPMG Special Alert).
- Published a Targeted Examination Letter on option account opening and related areas, including supervision, communication, and diligence.
- Passed a bi-partisan Infrastructure Bill (see KPMG Special Alert).
- Signed an MOU with HUD to collaborate on enforcement of fair lending and fair housing.
- Announced rental payment history to be considered in Fannie Mae underwriting process.
- Announced it will host a special session on casualty catastrophe risk at its 2021 Summer National Meeting.
Industry news headlines
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- Crypto Industry Seeks to Curb Tax Provision in House After Senate Setback (WSJ)
- Gensler Tells Elizabeth Warren SEC Needs More Authority to Regulate Crypto (CoinDesk)
- Will AML rules be extended to crypto? (American Banker)
- $600 million gone: The biggest crypto theft in history (CNN)
- Building a digital dollar faces Fed hurdles with members on each side (IFLR)
- Executive Stock Sales Are Under Scrutiny. Here’s What Regulators Are Interested In. (WSJ)
- What the child tax credit - a windfall for families - means for banks (American Banker)
- Banks, finance firms brace for recharged U.S. consumer bureau (Reuters).
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