Key Highlights
- 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.
- SEC:
- 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.
- CFPB:
- 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
Banking
- FRB:
- 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
- OCC:
- 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
- FDIC:
- Hosted a webinar with OCC to support Native American small business CDFIs
- Released statements here and here on the semiannual update of its Deposit Insurance Fund Restoration Plan
- CFPB:
- Published its Fall 2021 Rulemaking Agenda
- Opened an inquiry into “buy now pay later” credit loans
- Called on tech workers to help raise alerts to potential violations of federal consumer financial laws
- Issued a FAQ compliance aid on electronic fund transfers
Capital Markets
- SEC:
- Proposed amendments to:
- Released statements on:
- Its Fall 2021 regulatory agenda
- Comment period lengths for rulemakings
- Spoke about net-zero pledges and private markets
- CFTC:
- Market Risk Advisory Committee approved its SOFR First Initiative and issued a SOFR First user guide
Other
- Treasury:
- FSOC issued its 2021 Annual Report
- FinCEN issued an RFI seeking comments on modernization of AML/CFT regulatory framework
- U.S. Senate Banking Committee:
- Confirmed Rostin Benham as Chairman of CFTC
- Banking Committee held a hearing on stablecoins
- Confirmed Rostin Benham as Chairman of CFTC
- FHFA:
- Proposed a rule requiring Fannie and Freddie to develop and submit annual capital plans to FHFA
- FSB:
- Published a report on the execution of bail-in
- BIS:
- Released:
- 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
- Released:
- NYDFS:
- Proposed amendments to protect consumers from predatory debt collection
Insurance
- NAIC:
- Released its first DE&I Report
- Approved the creation of an Innovation, Cybersecurity, and Technology (H) Committee
Industry news headlines
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