Key Highlights
Climate risk. NAIC Task Force adopted a new standard for insurance companies to report their climate-related risks; the standard aligns with the TCFD. SEC reiterated in a speech that the climate-related disclosure proposal is meant to provide “consistent, comparable, and decision-useful information” for investors and “consistent and clear reporting obligations for issuers.”
Data privacy. FTC outlined the agency’s efforts to address “unlawful data practices” and considerations for potential changes to, or rulemakings addressing, its enforcement framework.
Financial services regulatory and policy news
Banking
- Interagency:
- CFPB:
- Published blog posts on NSF fees, bankruptcy and student loans, and consumer rights regarding medical bills and collections
- Initiated a UDAAP-related lawsuit against a credit reporting company for alleged repeat violations of a 2017 enforcement order
Capital Markets
- SEC:
- Spoke at the Ceres Investor Briefing about climate disclosures
Other
- Administration:
- Published a Fact Sheet outlining steps to lessen burdens of medical debt, including eliminating medical debt as a factor for underwriting in credit programs
- Treasury:
- Provided remarks on the way forward for the global economy
- Outlined efforts to promote equitable recovery and equitable economic growth
- OFAC:
- Issued Russia- related General License 26
- FTC:
- Provided remarks at the 2022 IAPP Global Privacy Summit
- HUD:
- Announced first-ever HUD-held single family note sale available exclusively for mission-driven non-profits and units of state and local governments.
- FSB:
- Discussed potential risks to financial stability from rising commodity prices
- Invited submission of papers for a conference on the financial stability risks arising from liquidity mismatch in open-ended funds (OEFs)
- BIS:
- Published an FSI Insights paper on Central bank digital currencies: a new tool in the financial inclusion toolkit?
Insurance
- NAIC:
- Announced the NAIC Climate Risk and Resiliency Task Force has adopted a new standard requiring insurance companies to report climate-related risks in alignment with TCFD
Industry news headlines
(Some links may require subscription)
- U.S. Inflation Accelerated to 8.5% in March, Hitting Four-Decade High (WSJ)
- TREASURIES-10-year yield hits 3-year high with inflation data on deck (Reuters)
- Bankers fear CFPB will lower cap on credit card late fees (American Banker)
- U.S. banks pandemic hot streak is coming to an end (WSJ)
- Scammers are targeting Gen Z and dealing a blow to banks (American Banker)
- Millions of student loan borrowers in default will get a fresh start (CNBC)
- White House in no hurry to confirm top bank regulators (American Banker)
- Investors turn cautious on consumer debt (WSJ)
- Banks may face competition from CBDCs, study suggests (CoinDesk)
