Insight

Washington Report 360 | January 29, 2021

CFPB priorities; Focus on ESG; Treasury Secretary confirmed; OCC fair access, FinCEN travel rules subject to "midnight regulations"

Amy S. Matsuo

Amy S. Matsuo

National Leader, Regulatory Insights, KPMG US

Key Highlights

  • CFPB outlined new priorities, including an immediate focus on supervision and enforcement of companies responsible for COVID-19 relief (e.g., servicers, PPP lenders) and putting “top priority” on fair lending and elevating and expanding investigations and exams to address racial equity.
  • Focus on ESG issues, including response to Administration’s Climate and Racial Equity priorities, seen in:
    • FRB formation of a new Supervisory Climate Committee
    • New Executive Orders on climate and housing
    • Announcements by large financial institutions to adopt the World Economic Forum ESG metrics and establish new hiring guidelines to promote diversity.
  • Janet Yellen confirmed as Secretary of the Treasury; Commissioner Lee named Acting Chair of the SEC, Commissioner Benham named Acting Chairman of the CFTC, and Dave Uegio, Chief Strategy Office of the CFPB, was named Acting Director.
  • OCC fair access rule and FinCEN proposed travel rule and cryptocurrency reporting requirements have been targeted for review by the new Administration as part of the “midnight regulations”.

Financial services regulatory and policy news

Banking

  • FRB:
    • Announced a new supervision climate committee within the Division of Supervision and Regulation to build understanding of potential implications of climate change for financial institutions
  • OCC:
  • CFPB:

Capital Markets

Other

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