- Senate confirmed Rohit Chopra as Director of the CFPB.
- SEC proposed amendments to its proxy voting rules that would require investment managers to disclose votes on executive compensation (“say-on-pay”) as well as to make other changes including categorizing each matter by type and using structured data language in filings.
- FINRA adopted rules that require firms with a significant history of misconduct to meet certain obligations such as depositing cash or qualified securities in a segregated, restricted account; adhering to specified conditions or restrictions; or a combination of both.
- Focus on measuring the impact of climate-related risk seen in the NY FRB staff paper on stress testing and the IAIS report for the insurance industry.
- Continued focus on digital assets, including stablecoins and CBDCs, seen in BIS papers and Congressional testimony.
Financial services regulatory and policy news
- Made remarks on the pandemic recovery
- Spoke about an FRB initiative to investigate how to reflect changes in technology, analytics, and customer preferences in the supervision program
- Published the first of seven annual reports on cybersecurity and financial system resilience
- Published a NY FRB staff paper on stress testing for climate-related risk
- Offered an overview of regulatory requirements for voluntary liquidation of a mutual savings association
- Published its biennial report on the credit card market
- Reported on consumer complaint submission patterns
- Posted blogs on mortgage services and vulnerable borrowers and auto loans for subprime borrowers
- Proposed amendments to Form N-PX related to reporting on their proxy votes; related statement here, here, here, here, and here
- Delivered the recommendations of the Small Business Forum to Congress
- Clarified activities that may trigger the SEF registration requirement
- Adopted rules to address firms with a significant history of misconduct
- Confirmed Rohit Chopra as Director of the CFPB
- Banking Committee held an oversight hearing for Treasury and Federal Reserve; related testimony here and here
- House FS Committee:
- Held an oversight hearing for Treasury and Federal Reserve’s pandemic response; related testimony here and here
- Released a statement on GAO findings changes to the PPP increased lending to the smallest businesses and underserved communities
- Extended the availability of COVID-19 multifamily forbearance
- Launched a new financial stability surveillance framework to be used by the FSB
- Released three reports on various aspects of a retail, “general purpose,” CBDC
- Reported on a multi-CBDC prototype for cross-border payments
- Released its FIO annual report on the insurance industry
- Issued a report on the impact of climate change on insurers’ investments
Industry news headlines
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- Crypto firms beef up hiring as regulatory scrutiny mounts (WSJ)
- Stablecoins in Spotlight as U.S. Begins to Lay Ground for Rules on Cryptocurrencies (WSJ)
- Push to regulate crypto could test limits of CFPB's power (American Banker)
- Reg BI Compliance Requires ‘Tailored’ Policies and Procedures: SEC (ThinkAdvisor)
- Long way to go on Libor transition as key deadline nears (American Banker)
- Do women on boards make banks less risky? It’s too soon to say. (American Banker)
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