- 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
- 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
- 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
- Released a statement clarifying its regulatory authority applicable to digital assets
- 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
- Initiated a project through its Innovation Hub to investigated how tokenized green bonds can improve sustainable investment
- Updated and streamlined the questionnaire on continuity of access to FMIs for firms in resolution
Industry news headlines
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- U.S. Authorities Probing Asset Manager's Sustainability Claims (WSJ)
- White House Summit on Cybersecurity, includes tech giants, energy companies, and banks (Forbes)
- Supreme Court Blocks New Eviction Moratorium (WSJ)
- Fintechs can help narrow racial gaps: San Francisco Fed president (American Banker)
- Libor, pot top bankers' fall wish list in Congress (American Banker)
- Tech vendors endorse Fed's caution on central bank digital currency (American Banker)
- Crypto watchers eager for signals on Fed's digital dollar plans (American Banker)
- Cryptocurrency’s Surge Leaves Global Watchdogs Trying to Catch Up (WSJ)
- New Appetite for Mortgage Bonds That Sidestep Fannie and Freddie (WSJ)
- CFPB initiates new credit card agreement technical specs (Financial Regulation News)
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