- 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
- Spoke about supporting responsible use of AI and equitable outcomes
- Released its periodic report on outstanding lending facilities
- Announced Brian P. Brooks will step down as Acting Comptroller
- Finalized a rule requiring large banks to provide fair access to bank services, capital, and credit
- Conditionally approved a national trust charter for a state trust company providing services for digital and crypto assets
- Selected 11 companies to compete in the final phase of its Rapid phased prototyping competition
- Released Taskforce recommendations on improvements to consumer protection in the financial marketplace
- Issued a final rule implementing FDCPA requirements regarding certain disclosures for consumers
- Issued an advisory opinion on ECOA/Regulation B and special purpose credit programs
- Published amendments to Regulation S-K, setting the effective date as February 10, 2021
- Approved the National Futures Association’s swap dealer capital model review program
- House Financial Services Committee urged new Administration to suspend “midnight rulemakings”
- Voted to override the President’s veto of the National Defense Authorization Act
- SBA and Treasury:
- Announced the reopening of the PPP
- Announced forgiveness for 1.1 million PPP loans totaling more than $100 billion
- Launched a free e-learning platform to help female entrepreneurs grow and expend their businesses
- Executed agreements permitting the GSEs to retain earnings
- Extended several loan origination flexibilities through February 2021
Industry news headlines
- New Senate Banking Chief sets dramatic change of course (American Banker)
- Are CRE foreclosures on the horizon? (American Banker)
- CFPB, OCC on collision course over who regulates fintechs (American Banker)
- Will PPP's uneven soft launch delay full rollout? (American Banker)
- Surge in digital payments to continue in 2021: CO-OP (American Banker)
- Libor Proving Hard to Kill in $200 Trillion Derivatives Market (Bloomberg)
- Banks, insurers move to shape climate debate as Washington crackdown looms (Politico)
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