Washington Report 360 | November 12, 2021

OCC outlined actions boards should take related to climate change; SEC risk alerts investment adviser examinations

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100

Key Highlights

  • OCC outlined five questions it says boards of directors should be asking of senior management to prompt action related to climate change. (See KPMG Regulatory Alert)
  • SEC released two Risk Alerts based on investment adviser examinations, one highlighting fee-related deficiencies and compliance disclosures, and one focused on compliance issues related to digital advisory services (robo-advisers).
  • SEC Chair Gensler asked staff to consider changes to bring “greater transparency” to private fund supervision in the areas of fees, performance metrics, disclosures, and conflicts of interest.
  • Five federal regulators and the CSBS issued joint guidance that makes clear the agencies will now apply their respective supervisory and enforcement authorities regarding the mortgage servicing rules to protect homeowners and address compliance failures.
  • The FRB released its Fall 2021 Financial Stability Report highlighting potential shocks related cryptocurrencies and stablecoins among the top five risks after U.S./China relations, COVID variants, and inflation; additional call outs for volatility in meme stocks and LIBOR transition.

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