- FRB finalized its 2017 proposal on supervisory guidance for board effectiveness.
- SEC 2021 exam priorities will include: retail investor protection and related Regulation Best Interest/fiduciary duty compliance; information security and operational resilience; fintech, innovation, and digital assets; AML programs; LIBOR transition; and select focus areas related to investment advisers/investment companies and market infrastructure.
- SEC announced an enhanced focus on climate-related risks in the context of its 2021 examination priorities as well as a new enforcement task force focused on climate and ESG.
- SBA provided new application forms, FAQs, and an interim final rule addressing changes to the Paycheck Protection Program announced by the Biden Administration
Financial services regulatory and policy news
- Federal banking agencies (FRB, OCC, FDIC):
- Updated sections of the FFIEC BSA/AML Examination Manual
- Revised the “Servicemembers Civil Relief Act” booklet of the Comptroller’s Handbook
- Released a strategic plan to reinforce diversity, equity, and inclusion within the agency and among its supervised banks
- Announced its 2021 examination priorities, including focus on climate-related risks
- Created an enforcement task force focused on climate and ESG
- Published a public statement by two Commissioners addressing the SEC’s multiple climate-related actions
- Issued a Risk Alert on digital assets
- Suspended trading in the securities of 15 companies because of questionable trading and social media activity
- Spoke about the gap between the legacy financial system and technology/innovation
- Issued multiple new forms, FAQs, and an interim final rule all related to the PPP and revised maximum loan amount calculations for certain borrowers
- Invested $9 billion in CDFIs and MDIs through the Emergency Capital Investment Program
- Launched and initiative to encourage lower-income communities to report fraud
- NY FRB:
- Conducted a webinar on Diversity, Equity, & Inclusion as part of its series on culture
- Released its 2020 market share data
Industry news headlines
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