Insight

Washington Report 360 | August 20, 2021

Enforcement activity across regulatory agencies; Focus on technology by regulators; FHFA 2022-2024 goals to promote equitable access to affordable housing

Amy S. Matsuo

Amy S. Matsuo

ESG and Regulatory Insights Lead, KPMG LLP

  • 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

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

Industry news headlines
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