Insight

Washington Report 360 | September 24, 2021

SEC and BCBS focus on climate financial risk; Investor protections in crypto markets; Operational risk governance enforcement action

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100

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

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

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