Washington Report 360 | July 2, 2021

AML/CFT Priorities; FINRA enforcement action; Focus on racial/economic equity; CFPB rules to ease foreclosure requirements

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100

Key Highlights

  • FinCEN published AML/CFT priorities as required by the AML Act; financial institutions will be expected to incorporate the priorities into their risk-based AML/BSA compliance programs until the effective date of forthcoming regulations.
  • An online investment brokerage firm entered into an enforcement action with FINRA over trade order flow and order access; the SEC regulatory agenda released in June focuses on several of the allegations in the consent order. (See KPMG Special Alert here).
  • Focus on racial and economic equity seen in House FS Committee hearings, FDIC financial inclusion conference, CFPB data reports, and FHFA Fair Lending Policy.
  • CFPB finalized rules to temporarily ease foreclosure requirements for certain homeowners economically impacted by COVID-19; FHFA will prohibit Fannie Mae and Freddie Mac to initiate foreclosures until the CFPB rule takes effect at the end of August.

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