Insight

Washington Report 360 | January 22, 2021

New Administration priorities; Agency nominations; Day 1 executive orders; Climate at FHFA; PPP guidance/forms; Supervisory guidance

Amy S. Matsuo

Amy S. Matsuo

ESG and Regulatory Insights Lead, KPMG LLP

Key Highlights

  • The new Administration has set immediate priorities that include climate change, racial equity, COVID-19, and economic recovery.
  • Nominees for leadership positions in financial services departments and agencies include Treasury (Janet Yellen), CFPB (Rohit Chopra), SEC (Gary Gensler) and OCC (Michael Barr).
  • Executive Orders completed on January 20, 2021 include some that prioritize climate risks, freeze certain regulations pending review, modernize regulatory review, and address racial equity.
  • Added attention to climate risks seen in FHFA request for information, FSB 2021 workplan, NY DFS op-ed.
  • SBA and Treasury published an interim final rule, loan forgiveness applications, and additional guidance implementing provisions of the Paycheck Protection Program; large institutions began processing applications on January 19.
  • OCC, FDIC, and CFPB finalized rules codifying a 2018 interagency statement clarifying that guidance does not have the force and effect of law.

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