Insight

Washington Report 360 | August 6, 2021

Juneteenth federal holiday; Tenant evictions/mortgage foreclosures; OCC issued risk management principles for SBA loans; Cryptocurrency framework

Amy S. Matsuo

Amy S. Matsuo

ESG and Regulatory Insights Lead, KPMG LLP

Key Highlights

  • Juneteenth (June 19) introduces federal holiday operational and systems changes for financial services companies; CFPB issued an Interpretive Rule providing guidance on Regulation Z timing requirements related to the TRID rule.
  • Heightened attention to tenant evictions and mortgage foreclosures seen across multiple agencies including CFPB, Treasury, CDC, and FHFA.
  • OCC issued risk management principles for OCC-supervised institutions participating, directly or indirectly, in SBA lending programs; OCC states a bank’s SBA lending activities, including purchasing investments backed by SBA-guaranteed loans, should be consistent with the bank’s overall business plans, strategies, risk appetite, and sound risk management.
  • Increasing calls for a regulatory framework around cryptocurrencies and digital assets: SEC said the agency needs more authority to cover “significant gaps” in investor protections; FRB laid out considerations for CBDCs; and bills have been introduced in Congress to define, regulate, and tax cryptocurrencies and digital assets.

Financial services regulatory and policy news

Banking

  • CFPB:
  • Issued an Interpretive Rule on the certain mortgage requirements impacted and the Juneteenth Holiday
  • Released a blog post on the CDC eviction moratorium, and another for renters and homeowners facing foreclosure or eviction
  • Confirmed two final debt collection rules (FDCPA) will take effect November 30, 2021

Capital Markets

Other

Industry news headlines
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