- Multiple releases about climate-related risks and ESG issues:
- A new Executive Order outlines a “comprehensive, government-wide strategy” to measure, disclose, manage, and mitigate the systemic risks posed by climate change.
- FSB published a status report for adoption of TCFD-aligned climate disclosures and two related reports: final guidance on TCFD metrics, targets, and transition plans; and updates to implementation guidance on its recommendations.
- DOL proposed rule changes that would remove barriers when plan fiduciaries consider climate change and other ESG factors when selecting investments and exercising shareholder rights.
- FRB actions and a House Committee hearing address financial inclusion, and a Treasury study and new NY DFS continuing education requirement focus on climate change.
- The SEC hosted “SEC Speaks 2021,” which included statements from commissioners and staff on a wide variety of topics recently highlighted in speeches and testimony, including digital analytics, digital assets, and gamification and Best Interest.
Financial services regulatory and policy news
- Adopted amendments to modernize filing fee disclosure and payment methods; Related statement here
- Reopened the comment period on proposed rules for listing standards for the recovery of erroneously awarded compensation; Related statement here
- Hosted SEC Speaks, featuring Commission statements on:
- Digital analytics in finance
- Debt and equity securities
- Private markets
- Digital assets securities
- Trust in financial markets
- Gamification and Best Interest
- Access to capital
- Selected November 8th as the date for switching interdealer trading conventions from LIBOR to SOFR for non-linear derivatives
- Released a Roadmap to Build a Climate-Resilient Economy; related Fact Sheet
- Announced an initiative to make climate information more accessible
- Launched a new effort to study the impact of climate change on households and communities
- OFAC released Sanctions Compliance Guidance for the Virtual Currency Industry
- FinCEN released a report on Ransomware Trends in Bank Secrecy Act Data
- House FS Committee:
- Conducted hearings on:
- Artificial intelligence and the digital age
- How a cashless economy could impact disadvantaged communities and peoples
- Published an FSI report on a cross-border crisis simulation exercise
- Issued its progress report on the adoption of the Basel regulatory framework
- Published reports for:
- TCFD 2021 status
- TCFD guidance on metrics, targets, and transition plans
- Cross-border payments challenges (final report)
- Progress on G-20 Roadmap for cross-border payments
- Policies to enhance money market fund resilience (final report)
- Announced multifamily loan purchase caps
- Proposed removing barriers to considering ESG factors in plan management
- NY DFS:
- Announced a continuing education requirement for flood insurance based on flood risk increases due to climate change
Industry news headlines
(Some links may require subscription)
- Biden to Press Climate Agenda on Wall Street (WSJ)
- California cracks down on nonbanks that charge overdraft fees (American Banker)
- White House weighs broader oversight of cryptocurrency market (Reuters)
- Is modernizing National Bank Act the answer to fintech charter woes? (American Banker)
- Banks, government perform triage as software vulnerabilities multiply (American Banker)
- Banks take cross-border payment test to next level (American Banker)
- Reg BI to Be Folded Into Regular SEC Exams (ThinkAdvisor)
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