Insight

Washington Report 360 | February 19, 2021

First of three hearings on market volatility; FRB speech on climate change; Other ESG developments; NAIC 2021 priorities

Amy S. Matsuo

Amy S. Matsuo

National Leader, Regulatory Insights, KPMG US

Key Highlights

  • House FS Committee conducted the first of three hearings planned to review short selling, social media influence, and market volatility highlighted by the “GameStop trading frenzy” in January; topics included retail investor disclosure and protection, payment for order flow, off-exchange trading and “dark pools,” capital requirements, and options trading.
  • FRB speech on climate change challenges highlights the role of scenario testing as distinguished from stress testing, as well as the FRB’s new Supervision Climate Committee and coordination with international groups.
  • Other ESG developments include FDIC leadership appointments to Office of Minority and Women Inclusion, and NY FRB webinar on Diversity, Equity, and Inclusion.
  • NAIC outlined 2021 regulatory priorities including COVID-19, long-term care insurance, race and insurance, climate risk and resiliency, consumer data privacy, and big data/AI.

Financial services regulatory and policy news

Banking

Other

  • House FS Committee:
    • Conducted the first of several hearings on short selling, social media, and market volatility 
  • FTC:
  • NY FRB:
    • Scheduled a March 1 webinar on diversity, equity and inclusion
  • NY DFS:
    • Issued a fraud alert on a cybercrime campaign to steal consumers’ nonpublic information
Insurance

Industry news headlines

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