Insight

Washington Report 360 | October 29, 2021

PWGFM expected to expand SEC authority over stablecoins; FATF guidance on virtual assets; CFPB focus on large companies

Amy S. Matsuo

Amy S. Matsuo

ESG and Regulatory Insights Lead, KPMG LLP

Key Highlights

  • 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

Banking

Capital Markets

Other

  • Senate:
  • Banking Committee conducted a hearing on the CFPB semiannual report to Congress
  • Agricultural Committee conducted a confirmation hearing for the CFTC Chair
  • House:
  • 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
  • Treasury:
  • FinCEN forwarded FATF-identified jurisdictions with strategic AML/CFT/CPF deficiencies

Insurance

  • IAIS:
  • Issued a statement on climate change risk ahead of COP26

Industry news headlines

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