- Enforcement activity across regulatory agencies, including areas of expanding regulatory supervision such as cryptocurrencies and digital assets, decentralized finance, cyber risks, debt collection, and consumer data privacy.
- Focus on technology by regulators and standards-setters seen in multiple issuances and applications to strengthen risk management mitigation, reporting, and access:
- FFIEC guidance on authentication and access
- FINRA and COSO guidance on cloud computing
- SEC release of APIs to enhance public access to financial disclosure data
- FDIC, CFPB tech sprints on operational resilience and housing insecurity, respectively.
- FHFA 2022-2024 goals to promote equitable access to affordable housing include two new single-family home purchase goals, one targeting minority communities and another targeting low-income neighborhoods.
Financial services regulatory and policy news
Banking
- OCC:
- Released an update to the Bank Accounting Advisory Series, including amortization of premiums and evaluating goodwill impairment
- Issued the new "Model Risk Management" booklet of the Comptroller's Handbook
- FDIC:
- Issued an RFI regarding its supervisory approach to examinations during the pandemic
- Launched a new tech sprint to measure and test bank operational resiliency
- CFPB:
- Published a report on mortgage market activity and trends based on HMDA data
- Announced it is partnering with HUD to lead a tech sprint on post-pandemic housing insecurity
Capital Markets
- SEC:
- Enhanced public access to financial disclosure data made by public companies; access available through APIs
- Entered into an MOU with European Central Bank regarding cooperation with respect to security-based swaps
- FINRA:
- Released a report on cloud computing in the securities industry
Other
- SBA:
- Announced it received 340,000 direct submissions from PPP loan borrowers of less than $150,000 in less than two weeks through its loan forgiveness portal
- FHFA:
- Proposed its 2022-2024 housing goals for Fannie Mae and Freddie Mac including new sub-goals
- Announced results of Fannie Mae and Freddie Mac Dodd-Frank Act stress tests
- BIS:
- Published a Bulletin titled “Could corporate credit losses turn out higher than expected?”
- FSB:
- Published responses to its consultation on policy proposals to enhance money market fund resilience
Insurance
- NAIC:
- Awarded accreditation to five departments of insurance for meeting financial solvency oversight standards
Industry news headlines
(Some links may require subscription)
- New York enacts law to curb overdraft fees (American Banker)
- New York's top finance watchdog to resign (Bloomberg)
- Did FinTech Lenders Facilitate PPP Fraud? (SSRN)
- Treasury seeks to quell fears crypto tax rules are too broad (Accounting Today)
- Crypto’s “DeFi” Projects Aren’t Immune to Regulation, SEC’s Gensler Says (WSJ)
- CFTC Commissioner Quintez to Step Down (WSJ)
- From Florida to California, bank startups are surging (American Banker)
- Flush with capital, CDFIs need to start thinking bigger (American Banker)
- U.S. to Eliminate Student Debt for Borrowers With Permanent Disabilities (WSJ)
