- 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.
Financial services regulatory and policy news
- Federal banking agencies (FRB, OCC, FDIC):
- Released FAQs regarding SARs and other AML considerations
- Finalized a rule tailoring capital planning and stress testing requirements based on risk
- Approved the reappointment of all Federal Reserve Bank presidents and first vice presidents to five-year terms
- Issued final rules on:
- Announced partnerships with seven communities to promote financial resiliency
- Released a Supervisory Highlights special edition detailing COVID-19 prioritized assessments
- Released its Semi-Annual Report to Congress Capital Markets
- Acknowledged the UK ICO analysis that the UK GDPR does not impose legal barriers to transfers of personal data directly to the SEC for regulatory purposes
- Provided limited continuation of certain no-action relief to market participants in response to COVID-19
- White House:
- SBA and Treasury:
- Issued an interim final rule on PPP loan forgiveness requirements and review procedures
- Released a variety of application forms and guidance for PPP borrowers and lenders
- Approved approximately 60,000 PPP loan applications in first week
- Published its work program for 2021 including climate change, interest rate benchmarks, and cyber and operational resilience
- Extended its temporary order halting residential evictions until at least March 31, 2021
- Published an op-ed highlighting ways financial regulators could prioritize climate risk Industry news headlines
Industry news headlines
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- California's DFPI issues subpoenas to debt collectors (American Banker)
- Democrats' sweep helps pot banking's cause, but battle is far from over (American Banker)
- Yellen's banking agenda: Confront climate risks, launch AML registry (American Banker)
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