- The Administration intends to expand foreclosure prevention assistance programs to mortgage borrowers with FHA and other federally insured loans. The new programs would expand on rules established in June by the CFPB to help ease foreclosures in 2021.
- Federal banking agencies committed to jointly develop an updated Community Reinvestment Act rulemaking; separately, OCC rescinded its May 2020 CRA rule.
- The President’s Working Group on Financial Markets met to discuss the risks related to the rapid growth and use of stablecoins; it will develop recommendations to address gaps in the U.S. regulatory framework for these digital assets. Treasury Secretary Yellen urged swift action on rules.
- SEC will renew efforts to write rules for the registration and regulation of security-based swap execution facilities; SEC also clarified that crypto tokens or similar product priced off the value of securities must adhere to securities laws.
Financial services regulatory and policy news
- Federal banking agencies (FRB, OCC, FDIC):
- Committed to jointly modernize the rules implementing the CRA
- Rescinded its May 2020 rule implementing the CRA
- Proposed a rule to simplify aspects of its deposit insurance coverage rules related to trust accounts and mortgage servicing accounts
- Released the public sections of the resolution plans for eight large banks
- Marked 10 years of consumer protection
- Spoke about synthetic tokens and coverage by the U.S. securities laws
- Outlined multiple theses regarding ESG rulemaking and disclosures (Commissioner remarks)
- And the Presidents Working Group expressed the need for an appropriate regulatory framework governing stablecoins
- Rescinded its Policy Statement on Prior Approval and Prior Notice Provisions concerning certain mergers
- Released its agenda for the July 27 PrivacyCon 2021 event, which will include risks associated with algorithms, online advertising, and Internet of Things
- Published public responses to a consultation on challenges of cross-border payments
- Proposed an amendment to the process for reviewing the G-SIB methodology
- Published a CPMI/IOCO report on financial market infrastructures' business continuity planning
- Eliminated the Adverse Market Refinance Fee for loan deliveries
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