Insight

Washington Report 360 | December 10, 2021

Regulator statements signal heightened supervisory attention; Proposals on reporting of beneficial ownership and of non-financed real estate transactions

Amy S. Matsuo

Amy S. Matsuo

ESG and Regulatory Insights Lead, KPMG LLP

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

Capital Markets

  • SEC:
    • Released a staff statement on market participants’ obligations related to the LIBOR transition

Other

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