Washington Report 360 | June 18, 2021

FHFA head replaced after Supreme Court ruling; SEC considering mandatory climate risk disclosures; House repealed “True Lender” Rule

Amy S. Matsuo

Amy S. Matsuo

Principal and National Leader, Regulatory Insights, KPMG US

+1 919-244-0266

Key Highlights

  • CFPB’s Spring 2021 Regulatory Agenda includes rulemakings related to business lending data collection under Regulation B, amendments to Regulation Z to facilitate the transition from LIBOR, and mortgage servicing early intervention and loss mitigation under Regulation X.
  • SEC’s Spring 2021 Regulatory Agenda included near term rulemakings related to disclosure requirements for climate risk, human capital (including workforce and corporate board diversity), and cybersecurity risk governance as well as market structure modernization (including payment for order flow, best execution, and market concentration).
  • CFPB hosted a virtual event on Home Appraisal Bias, that looked at the impact of racial bias in housing appraisals and automated valuation models; OCC reiterated that regulators expect vendors, such as third-party appraisers, to treat customers fairly.
  • The U.S. House of Representatives narrowly passed (vote of 215-214) a package of five bills that would increase required ESG-related disclosures, including those for climate change risk and gender and racial pay disparities. The package of bills now moves to the Senate for consideration.
  • The U.S. Senate confirmed the nomination of Lina Khan to serve as a commissioner of the FTC.

In this issue: CFPB and SEC Spring 2021 Regulatory Agendas; CFPB virtual event on Home Appraisal Bias; ESG-related legislation passed in House; Lina Khan Senate confirmation.

Financial services regulatory and policy news


Capital Markets


  • House:
  • Passed a package of five bills addressing ESG including a bill that would mandate climate risk disclosure; the bills now moves to the Senate for consideration.
  • Passed three financial services bills; the bills now move to the Senate for consideration.
  • Financial Services Committee conducted a hearing on digital assets and CBDCs, and established a digital assets working group.
  • FTC:
  • Announced Lina Khan has been sworn in as Chair
  • FHFA:
  • Issued its 2020 Report to Congress.
  • FSB:
  • Published an overview of comments received on outsourcing and third-party risk.

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