- OCC is seeking feedback on climate-related financial risk management across six areas of risk, inclusive of credit, operational, and legal/compliance risks; specific questions address current practices; data, disclosure, and reporting issues; and scenario analysis.
- Proposed amendments to money market fund rules to reduce the likelihood of runs during periods of market stress.
- Proposed amendments to help ensure that a corporate insider does not have material nonpublic information at the time they make a trade in their corporation’s securities (i.e., affirmative defense).
- Released its Fall 2021 Regulatory Agenda projecting climate and human capital disclosures are forthcoming and will be followed by cyber risk and board diversity disclosures in April 2022.
- Released its Fall 2021 Regulatory Agenda highlights small business data collection (section 1071), availability of electronic consumer financial account data (section 1033), and standards for automated valuation models.
- Announced inquiries into BNPL (“buy now pay later”) practices.
Financial services regulatory and policy news
- Reiterated supervisory expectations for large banks’ risk management with investment funds
- ARRC, through NY FRB, released LIBOR transition progress report
- With FDIC, released annual asset-size thresholds under CRA
- Issued draft principles for large bank climate-related financial risk management
- Finalized a rule rescinding the 2020 CRA rule
- Issued revised Comptroller’s licensing manual booklets, including Charters, Conversions to Federal Charters, and Capital and Dividends
- Reported an improvement in mortgage performance in Q3 2021
- Market Risk Advisory Committee approved its SOFR First Initiative and issued a SOFR First user guide
- U.S. Senate Banking Committee:
- Proposed a rule requiring Fannie and Freddie to develop and submit annual capital plans to FHFA
- Published a report on the execution of bail-in
- Research on interoperability between payment systems across borders
- A report highlighting development of retail fast payments and implications for real-time gross settlement systems
- Data showing correspondent banking trends persisted in 2020 amidst a changing payment environment
- Proposed amendments to protect consumers from predatory debt collection
- Released its first DE&I Report
- Approved the creation of an Innovation, Cybersecurity, and Technology (H) Committee
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