Insight

Washington Report 360 | November 5, 2021

IFRS formed a new standards board—ISSB; OCC to issue climate risk management framework; Interagency report on stablecoin regulation

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100

Key Highlights

  • IFRS announced the formation of a new standards board, the ISSB, to develop “comprehensive” global baseline sustainability disclosure standards.
  • An alliance of private financial companies pledged $130 trillion to finance global transition to net-zero emissions.
  • OCC is planning to issue, by year-end, framework guidance on high-level climate risk management expectations for large banks.
  • An interagency report on stablecoins highlights emerging risks and recommendations, including jurisdictional authority for insured depositories, SEC and CFTC, and other regulators.
  • SEC Staff Legal Bulletin says certain shareholder proxy proposals may no longer be excluded, such as some ESG-types (e.g., human capital, climate-related targets).

Financial services regulatory and policy news

Banking

  • FRB:
  • Issued statement supporting the NGFS Glasgow Declaration; Related OCC statement
  • OCC:
  • Stated it is hoping to issue framework guidance on high-level climate risk management expectations for large banks by year end
  • Spoke about modernizing banking regulation to “level up” the playing field for bank and non-bank financial services providers
  • FDIC:
  • Created a new office to support its ongoing engagement with MDIs and CDFIs
  • CFPB:
  • Released a report on consumer credit report disputes

Capital Markets

Other

Insurance

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