Insight

Washington Report 360 | August 27, 2021

White House Cybersecurity Summit; DOJ/SEC probe into asset manager's claims related to ESG investments; Attention to cryptocurrency and digital assets; Growth in mortgage market for private-label mortgage bonds

Amy S. Matsuo

Amy S. Matsuo

ESG and Regulatory Insights Lead, KPMG LLP

Key Highlights

  • The White House convened a Cybersecurity Summit with representatives from the Big Tech, energy, and financial services sectors; multiple companies published pledges to strengthen cybersecurity defenses.
  • DOJ and SEC have initiated a probe into an asset manager’s claims regarding its ESG-related investments. (See KPMG Regulatory Alert covering the SEC Division of Examinations Risk Alert on ESG claims and practices, available here)
  • Continued attention on cryptocurrencies and digital assets with CFTC clarifying its regulatory authority and investors and industry participants anticipating Federal Reserve report on CBDCs.
  • Growth seen in mortgage market for private-label mortgage bonds.

Financial services regulatory and policy news

Banking

  • FRB:
  • Published research papers on:
  • The relationship between local concentration in the small business lending market and the deposit market
  • How banks’ exposure to COVID-19 abroad affects lending in the US
  • Hosted a panel event on racial equity, financial technology, and financial inclusion (FRB SF); published a research journal with related essays
  • CFPB:
  • Announced that credit access declined during the pandemic for credit cards, but increased for mortgages and auto loans
  • Issued new technical specifications for credit card issuers’ compliance with credit card agreements and data submission requirements

Capital Markets

  • CFTC:
  • Released a statement clarifying its regulatory authority applicable to digital assets

Other

  • Treasury:
  • Clarified seven additional policies encouraging state and local governments to expedite emergency rental assistance
  • Released a letter to nonfinancial corporate stakeholders on the transition away from LIBOR
  • BIS:
  • Initiated a project through its Innovation Hub to investigated how tokenized green bonds can improve sustainable investment
  • FSB:
  • Updated and streamlined the questionnaire on continuity of access to FMIs for firms in resolution

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