Washington Report 360 | December 3, 2021

Crypto asset guidance for banks; Climate-related financial risk principles; Computer-security incident requirements

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100

Key Highlights

  • The FRB, OCC, and FDIC outlined guidance to be released in 2022 on permissible activities and prudential risk management related to “crypto assets” and activities. OCC said it will require banking organizations to receive agency approval before engaging in cryptocurrency activities. (See KPMG Regulatory Alert)
  • The Basel Committee proposed 18 principles for financial institutions and supervisors to improve management of climate-related financial risks. (See KPMG Regulatory Alert)
  • The federal banking agencies will require supervised banking organizations to provide notification within 36 hours for cyber incidents that meet their definition of a “computer-security incident.” (See KPMG Regulatory Alert)
  • 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.
  • The Senate confirmed the Treasury undersecretary for terrorism and financial crime; it is expected that this confirmation will continue the renewed focus on FinCEN and AML rules.

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