Key Highlights
- Focus on climate-related financial risk seen in:
- SEC sample letter of comments that a company may receive based on the climate-related disclosure or lack of disclosure in its SEC filings; SEC is reviewing disclosures for compliance with its related 2010 guidance and has sent letters to individual companies reflecting their specific circumstances.
- BCBS announced plan to propose related supervisory practices “later this year” and further consider additional disclosure, supervisory, and regulatory measures.
- OCC and SEC highlighted the need for investor protections in cryptocurrency markets.
- OCC issued an enforcement action to address deficiencies in a bank’s technology and operational risk governance.
Financial services regulatory and policy news
Banking
- FRB:
- NYFRB released a paper on eviction prevention and responses to housing insecurity
- SFFRB released a paper on economic impacts of tipping points in the climate system
- OCC:
- Spoke about cryptocurrencies, decentralized finance, and innovation
- Issued an enforcement action for deficiencies relating to technology and operational risk governance
- Adopted two new booklets to the Comptroller’s Handbook covering “Earnings” and “Regulatory Reporting”
Capital Markets
- SEC:
- Provided remarks on the LIBOR transition and alternative benchmarks
- Division of Corporate Finance published a sample letter to companies on climate change disclosures
Other
- Senate Banking Committee:
- Cleared the nomination for Rohit Chopra to serve as Director of the CFPB; the nomination now progresses to the full Senate
- House FS Committee:
- Conducted a hearing on preserving consumer access to personal financial data
- FHFA:
- Released the 2nd quarter foreclosure prevention report
- NYDFS:
- Proposed new disclosures for small business commercial lending
- BIS:
- BCBS called on banks to improve resilience to cyber threats and stated it will propose supervisory practices for climate-related financial risks
Industry news headlines
(Some links may require subscription)
- SEC Asks Dozens of Companies for More Climate Disclosures (WSJ)
- FASB Seeks More Disclosure on Companies Supply Chain Finance Programs (WSJ)
- Senate closes in on vote to confirm Chopra as CFPB director (American Banker)
- Banks Oppose Strict Basel Rules Targeting Cryptocurrencies (WSJ)
- SEC’s Gensler Doesn’t See Cryptocurrencies Lasting Long (WSJ)
- Banking regulator compares crypto to tools that sparked the financial crisis (Market Insider)
- Even DOJ, FTC recognize debit card payment processing is broken (American Banker)
- Treasury sanctions virtual currency exchange as part of ransomware response (Compliance Week)
- Gensler warns no extension coming to LIBOR's end on Dec. 31 (CFO Dive)
- SEC shows its hand on cryptocurrency (Compliance Week)
