Washington Report 360 | January 15, 2021

SEC, CFTC, OCC, CFPB await leadership nominations; PPP reopening; Regulation S-K amendments; OCC fair access final rule;

Amy S. Matsuo

Amy S. Matsuo

Principal and National Leader, Regulatory Insights, KPMG US

+1 919-244-0266

Key Highlights

  • Agencies awaiting leadership nominations/confirmations from the incoming Administration include the SEC, CFTC, OCC, and CFPB; speculation on potential nominees for these positions implies likely “reinvigoration” of supervision and enforcement
  • Final rules completed after August 21, 2020 may be subject to review and rescission under the Congressional Review Act; final rules not yet published or effective as of the inauguration date may be halted or delayed.
  • SBA and Treasury have staggered the reopening of the PPP, beginning first with community financial institution lenders on January 11, followed by financial institutions with no more than $1 billion in assets on January 15, and all other lenders on January 19.
  • Amendments to the SEC’s Regulation S-K disclosure rule, including human capital disclosures, will go into effect February 10, 2021.
  • OCC finalized a rule that requires large banking organizations to provide fair access to financial services; the rule, which does not become effective until April 1, 2021, has sparked controversy within the industry and may be halted or reassessed by the new Administration

Financial services regulatory and policy news


  • Federal banking agencies (FRB, OCC, FDIC):
    • Hosted a webinar for bankers to discuss recent changes to the PPP
  • FRB:

Capital Markets


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