Insight

Washington Report 360 | February 12, 2021

CFPB third set of immediate priorities; HUD enforcing Fair Housing Act enforcement

Amy S. Matsuo

Amy S. Matsuo

National Leader, Regulatory Insights, KPMG US

Key Highlights

  • CFPB Acting Director outlined a third set of immediate priorities under the new Administration focusing on consumer experiences, especially economically vulnerable consumers impacted by COVID-19 such as service members, Black/Brown/Indigenous communities, and individuals at risk of foreclosure or eviction.
  • HUD announced it will enforce the Fair Housing Act to prohibit discrimination on the basis of sexual orientation and gender identity, consistent with the President’s executive order.

Financial services regulatory and policy news

Banking

  • FRB:
    • Released the 2021 bank stress test scenarios
    • Extended its SBA PPP rule allowing certain bank directors and shareholders to apply to their banks for PPP loans
  • OCC:
    • Released a tool for banks to evaluate their preparedness for the transition from LIBOR
  • CFPB:

Capital Markets

Other

  • SBA:
    • Made changes to improve the PPP including changes addressing the speed of resolution for data mismatches and eligibility concerns
  • FTC:
    • Provided the annual update on size-of-transaction thresholds for premerger notification filings and interlocking directorates
  • HUD/FHFA:
  • NY FRB:
    • Announced a new cash investment manager for the SMCCF
  • NY DFS:
    • Alerted regulated entities to the opportunity to receive CRA credit (under the NY CRA) for climate change-related activities that benefit low- to moderate-income communities
    • Announced two new laws providing consumer protections on recurring services and inactive accounts

Industry news headlines

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