Washington Report 360 | March 3, 2021

FRB finalized guidance for boards; SEC 2021 exam priorities; SEC focus on climate-related risk; SBA new PPP application forms/materials

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100

Key Highlights

  • 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


Capital Markets


  • SBA/Treasury:
    • Issued multiple new forms, FAQs, and an interim final rule all related to the PPP and revised maximum loan amount calculations for certain borrowers
  • Treasury:
  • FTC:
    • Launched and initiative to encourage lower-income communities to report fraud
  • FHFA:
  • NY FRB:


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