- A new Executive Order directs federal financial agencies to quantify, disclose, and mitigate the financial risk of climate change on public and private assets; FSOC members are directed to report on incorporating climate-related financial risk mitigation into regulatory and supervisory practices.
- OCC is reconsidering its June 2020 final rule amending its CRA regulations and will not finalize its related proposed rule issued in December 2020; importantly, OCC will continue to implement provisions of the June 2020 rule that became effective October 1, 2020.
- Increasing focus on crypto and digital assets seen in FRB remarks, FDIC request for information, FTC scams report, and Senate letter to OCC.
Financial services regulatory and policy news
- Federal agencies (FRB, FDIC, OCC, CFPB, NCUA):
- Extended the comment period for information on financial institutions’ use of AI.
- Federal agencies (FRB, FDIC, OCC):
- Proposed requirements for tax allocation agreements between institutions and their holding companies in a consolidated tax filing group.
- Outlined the FRB’s response to technological advances in payments, anticipated release of a discussion paper, and consideration of a central bank digital currency.
- Released survey results about bank senior financial officers’ strategies and practices for managing reserve balances.
- Extended its rule permitting certain bank directors and shareholders to apply to their bank for SBA PPP funds.
- Announced it is reconsidering its June 2020 rule implementing the CRA and does not plan to finalize its related December 2020 proposal.
- Published its Spring 2021 Semiannual Risk Perspective.
- Sought comment on insured depository institutions’ current and potential digital asset activities.
- Spoke about data gaps and data-driven regulation.
- Released a podcast discussing tips for practitioners using its dispute and resolution services in a virtual setting.
- Signed an Executive Order on Climate-Related Financial Risk.
- Passed seven financial services-related bills.
- FS Committee held a hearing on ensuring safety, soundness, diversity, and accountability of depository institutions; Related FRB, OCC, and FDIC testimony.
- Banking Committee held first hearing in a series on reauthorization of the National Flood Insurance Program.
- Banking Committee asked OCC to review cryptocurrency bank charters.
- Released data showing a more than ten-fold increase in reported cryptocurrency investment scams.
- Published a report on the performance of its single-family credit risk transfer programs.
- Published its proposed 2022-2024 Underserved Markets Plans under the Duty to Serve program.
Industry news headlines
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- Facebook Loses Bid to Block Ruling on EU-U.S. Data Flows (WSJ).
- SPAC Selloff Bruises Individual Investors (WSJ).
- Bank regulators are considering an 'interagency sprint team' for crypto regulation (The Block).
- Say goodbye to Libor, or risk the ire of your regulator (American Banker).
- A new way for banks to think about supporting CDFIs (American Banker).
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