Washington Report 360 | October 1, 2021

CFPB Director confirmation; SEC proxy voting amendments; FINRA rules addressing firms with misconduct history; Regulatory focus on climate risks and digital assets

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100

Key Highlights

  • 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.

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