Key Highlights
- OCC released its Semiannual Risk Perspectives Report for Fall 2021, highlighting elevated operational risks stemming from increasing complexity and evolving cyber risks, and heightened compliance risks related to BSA/AML, CRA, and fair lending.
- CFPB Supervisory Highlights spotlights enforcement actions across mortgage servicing, fair lending, and remittance transfers activities; a separate report covers mortgage servicing “red flags”
- CFPB issued a public statement confirming it will prioritize examinations of banks that are heavily reliant on overdraft fees, take action against large institutions whose overdraft practices violate the law, and consider additional policy guidance outlining unlawful practices; OCC issued a related statement. (See KPMG Regulatory Alert)
- FinCEN issued two rule proposals including an NPR on beneficial ownership reporting and an ANPR on reporting of non-financed real estate transactions.
Financial services regulatory and policy news
Banking
- FRB:
- Published supervisory expectations for large bank risk management of investment funds
- Issued a report on why credit card balances declined during the COVID-19 pandemic
- OCC:
- Provided remarks on reforming overdraft programs
- Released its Semiannual Risk Perspective for Fall 2021
- FDIC:
- Launched its new Office of Supervisory Appeals to consider and decide appeals of material supervisory determinations
- CFPB:
- Issued a final rule and FAQs facilitating the LIBOR transition for consumer loans; Related statement; consumer blog post
- Issued Supervisory Highlights for the first half of 2021
- Released reports on:
- Bank’s dependence on overdraft fees; Remarks here
- Unfair acts and practices by mortgage servicers
- Spoke about:
- Issued a final rule and FAQs facilitating the LIBOR transition for consumer loans; Related statement; consumer blog post
Capital Markets
- SEC:
- Released a staff statement on market participants’ obligations related to the LIBOR transition
Other
- White House:
- Released its strategy on combating corruption, including money laundering and other illicit financial activity
- U.S. Senate
- Members sent a bipartisan letter to banking agencies urging action on FSOC’s Climate Report
- U.S. House of Representatives
- Passed H.R. 4616 on the LIBOR transition
- FS Committee held hearings on:
- Digital assets and the future of finance
- Diversity and inclusion performance at large investment firms; Related staff report
- Treasury:
- FinCEN rule releases:
- ANPR on reporting of non-financed real estate transactions
- NPR on reporting of beneficial ownership information; Related fact sheet
- FinCEN rule releases:
- FTC:
- Released joint statements with DOJ and UK on the G7 Competition Enforcers Summit and launch of EU-US Joint Technology Competition Policy Dialogue
- HUD:
- Released guidance clarifying the compliance of ECOA and Reg B special purpose credit programs; Related statements from CFPB and OCC
- FSB:
- Released reports on:
- Progress implementing reforms to over-the-counter derivatives markets
- Results of the sixth NBFI monitoring exercise for the Americas
- Progress implementing the Key Attributes of Effective Resolution Regimes
- Released reports on:
- BIS:
- Issued the BIS Quarterly Review featuring an article on widening the regulatory circle for non-bank financial firms
- Announced the conclusion of a cross-border wholesale CBDC experiment
Industry news headlines
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