- The President’s Working Group on Financial Markets is expected to expand the authority of the SEC over stablecoins in its soon to be released report; CFTC has asked Congress to expand its authority over cryptocurrency markets, noting that CFTC and SEC are working together on crypto issues.
- FATF issued updated guidance on virtual assets (crypto and digital assets), including application of FATF standards to stablecoins.
- SEC Risk Alert highlighted exam observations for registered investment companies noting deficiencies related to disclosures for fees, investment strategies, and fund performance and other compliance deficiencies, such as conflicts of interest.
- CFPB highlighted its supervisory and enforcement focus on large companies, including Big Tech, “blackbox” algorithms, and upcoming regulations for data portability and small business data collection.
Financial services regulatory and policy news
- Federal banking agencies (FRB, OCC, FDIC):
- Released revised interagency examination procedures for TILA
- Highlighted the lack of bank formations as a significant issue in the banking industry
- Announced a series of diversity and inclusion conferences in November
- Spoke about cessation from and replacement of LIBOR
- Released FAQs regarding the proposed recission of the 2020 CRA rule
- Updated the “Retail Lending” booklet of the Comptroller’s Handbook
- Selected three teams in the TechSprint helping banks measure and test resiliency
- Adopted a final rule to amend guidelines incorporating consideration of the capital framework established in the CBLR rule
- Spoke about regulatory innovation and cryptoassets
- Spoke about the role of community banks
- Convened the Asset Management Advisory Committee; related statement on digital engagement practices
- Published a Risk Alert on Observations from examinations of registered investment advisers
- Banking Committee conducted a hearing on the CFPB semiannual report to Congress
- Agricultural Committee conducted a confirmation hearing for the CFTC Chair
- Passed financial services bills, covering sovereign debt contracts, data standards for federal financial regulators, and elder financial protection
- FS Committee conducted a hearing on CFPB oversight; Related testimony here
- FinCEN forwarded FATF-identified jurisdictions with strategic AML/CFT/CPF deficiencies
- Announced it is restoring routine restrictions on future acquisitions for those pursuing anticompetitive mergers
- Updated the Safeguards Rule to require non-bank financial institutions to implement a comprehensive security system for customers’ financial information
- Proposed new public disclosures of regulatory capital for Fannie Mae and Freddie Mac
- Updated guidance on virtual assets
- Announced the winners of its G20 TechSprint
- Sought comment on margining practices during the March 2020 market turmoil
- 2021 annual report on global financial stability
- Report on COVID-19 lessons learned from a financial stability perspective; Related letter here
- Issued a statement on climate change risk ahead of COP26
Industry news headlines
(Some links may require subscription)
- CFTC Chief Says Recent Crypto Cases Are ‘Tip of the Iceberg’ (WSJ)
- Global Regulators Back Tougher Rules to Prevent Criminals From Using Crypto (WSJ)
- Fed said no new Libor exposures, and ‘we mean it,’ says OCC’s Hsu (Practice Insight)
- CFPB Director Chopra: I Want To Zero In On Wide-Scale Harm From Big Businesses (Forbes)
Get the latest thinking from KPMG
Quick hitting summaries of specific regulatory developments and their impact on financial services firms.
Points of View
Insights and analyses of emerging regulatory issues impacting financial services firms.