Washington Report 360 | November 19, 2021

Fintech and cryptocurrency; SEC proxy voting; Focus on climate-related financial risk

Amy S. Matsuo

Amy S. Matsuo

Principal and National Leader, Regulatory Insights, KPMG US

+1 919-244-0266

Key Highlights

  • The President is expected to name the nominee for FRB Chair by next week; the Senate Banking Committee conducted a confirmation hearing for the President’s nominee for Comptroller of the Currency.
  • OCC says that federal and state banking regulators need to work together to address the growth of fintech and cryptocurrency firms; the federal banking regulators will soon release a statement on their “crypto sprint”.
  • SEC says it will consider new regulatory requirements for principal trading firms, including registration, capital rules, record-keeping rules, and periodic examinations; staff will also consider registration requirements for trading platforms.
  • SEC took actions to address proxy voting, including final rules related to contested elections, and proposed amendments to the rules governing proxy voting advice.
  • Focus on climate-related financial risk seen in a BCBS consultative document on management and supervision, NYDFS guidance to insurers, and NAIC report.
  • The infrastructure bill was signed into law containing provisions for new funding avenues to support ESG initiatives and new IRS reporting requirements for digital assets. (See KPMG Regulatory Alert)
  • DOJ announced immediate changes to its corporate criminal enforcement policies and practices intended to strengthen its ability to hold individuals and corporations accountable for violations related to inadequate or deficient compliance programs and misconduct. (See KPMG Regulatory Alert)
  • Federal agencies issued a final rule requiring banks to notify regulators of cyber incidents. (See KPMG Regulatory Alert)

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