Washington Report 360 | October 22, 2021

CFPB action settlement of a fair lending enforcement action; FSOC issued Report on Climate-Related Financial Risk; Focus on the end of LIBOR

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100

Key Highlights

  • Signaling a new and coordinated focus, CFPB, OCC, and DOJ announced settlement of a fair lending enforcement action. As part of the enforcement announcement, CFPB stated that “black box” algorithms are not creating a more level playing field but perpetuating systemic discrimination and that this “robo-discrimination” must not be allowed.
  • Financial Stability Oversight Council published its Report on Climate-Related Financial Risk, including recommendations for forming a new Climate Committee, filling data gaps, enhancing disclosures, and developing scenario analyses.
  • Focus on the end of LIBOR seen in joint agency statement on managing the transition, OCC designation of LIBOR as a strategic priority, and OCC preparedness self-assessment.
  • CFPB issued orders to six Big Tech companies seeking consumer protection-related information (including data capture, use and restrictions) on their payment products, plans, and practices.
  • OCC released its bank supervision operating plan for FY2022, naming 11 strategic priority areas including “climate change risk management,” “payment systems products and services,” and “third-party oversight and related concentrations.”
  • SEC released a report on equity and options market structure, which gave a detailed review of the trading irregularities that occurred in early 2021.

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