- OCC Acting Comptroller stated that the agency is working with “interagency peers” to develop guidance for large banks that focuses on effective climate risk management.
- SEC highlighted future actions related to investor protection and regulatory frameworks in the areas of crypto assets, digital engagement practices, and ESG-related disclosures as part of Congressional testimony. (See KPMG Regulatory Alert here)
- CSBS released the Money Transmission Modernization Act for adoption by individual states with the goal of establishing a single set of nationwide standards for state-regulated financial services entities; “money transmission” includes stored value, sales of payment instruments, and transmission of fiat and virtual currency.
- FTC approved resolutions that authorize staff to investigate and initiate enforcement activity in eight specific areas of consumer protection, including service members and veterans; children; and algorithmic bias. (See KPMG Regulatory Alert here).
Financial services regulatory and policy news
- Released a discussion paper on financial stability governance and central bank communications
- Spoke about safeguarding trust in banking; covering inequality, digitalization, climate change, and “complacency”
- Issued a new "Problem Bank Supervision" booklet of the Comptroller's Handbook
- Reported Q2 2021 trading revenue of U.S. banks and savings associations, down 22.9 percent from Q1
- Launched a new Mission-Driven Bank Fund, a capital investment vehicle developed to support insured MDIs and CDFIs
- Announced the winners of a ‘tech sprint’ for new technologies and techniques to meet the needs of unbanked consumers
- Spoke about the derivatives market, carbon emissions, and climate change
- Senate Banking Committee:
- Held a hearing on the oversight of the SEC; related testimony
- House FS Committee:
- Passed bills to expedite emergency rental assistance and reauthorize the Native American Housing Assistance and Self-Determination Act and also to provide investment in housing resources
- Approved resolutions to expedite investigations in eight consumer protection and competition priority enforcement areas
- Approved changes to open the rulemaking petition process to the public
- Withdrew its approval of the Vertical Merger Guidelines and Commentary; FTC to work with DOJ to update the merger guidelines
- Suspended certain portions of the 2021 Preferred Stock Purchase Agreements
- Proposed rulemaking that would amend the Enterprise Regulatory Capital Framework
- Published the inaugural issue of a newsletter about its Community Development team
- CSBS (Conference of State Bank Supervisors):
- Released the Money Transmitter Modernization Act for adoption by the states
Industry news headlines
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- Why some backers of student lending product welcome CFPB crackdown (American Banker)
- CFPB small-business data plan scares banks. Activists say it should. (American Banker)
- Item No. 1 on CFPB's packed agenda: Get a director (American Banker)
- Candidate to head FHFA favors turning Fannie, Freddie into utilities (American Banker)
- The Rise Of Community Fintechs And How They’re Redefining Community Banking (Forbes)
- Community banks are getting too little credit for PPP loans (American Banker)
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