Washington Report 360 | August 5, 2022

Climate bill, Insurance risks, Carbon credits, Concentration risk

Key Highlights

Climate bill: The Senate’s proposed Inflation Reduction Act would allocate $369 billion toward energy and climate-related programs; amendments/vote upcoming. (See KPMG Regulatory Alert)
Insurance risks: August 15, 2022 compliance date for the NY DFS insurance climate guidance. (see KPMG Regulatory Alert)
Carbon credits: Issuance of proposed standards and proposed trading rules for voluntary carbon credits.
Concentration risk: FDIC intends to increase supervisory and examination focus on commercial real estate loan concentrations

Financial services regulatory news
SEC	Re-proposal of amendments to exemption from National Securities Association membership; related statement Remarks before the Small Business Capital Formation Advisory Committee Enforcement action relating to crypto pyramid scheme
FINRA	Reminder of obligation to supervise digital signature forgery and falsification Proposal to shorten the trade reporting timeframe for transactions in certain TRACE-eligible securities
Interagency	Proposed interagency policy statement on commercial real estate loan accommodations and workouts FDIC, OCC, and National Credit Union
FRB	Individual capital requirements for all large banks Annual report to Congress including topics such as monetary policy, financial stability, and supervision and regulation
FDIC	Fact sheet on FDIC Deposit Insurance and Crypto Companies Supervisory insights journal, featuring CRE concentrations
OCC	Speech on cybersecurity risks facing the financial sector
CFPB	Joint letter with DOJ reminding auto finance companies of key protections under SCRA Report on The Convergence of Payments and Commerce: Implications for Consumers; related blog
Treasury	2021 CFIUS annual report issued to Congress Statement on Q2 2022 economic data OFAC Russia and Iran designations OFAC Russia-related general licenses and FAQs
FTC	Enforcement action against online home buying firm for engaging in misleading and deceptive sales practices; related blog
NYDFS	Enforcement action alleging BSA/AML, cyber security, and consumer protection violations related to crypto activities
HUD	“Economic justice” agenda
BIS	CPMI consultative paper Facilitating increased adoption of payment versus payment CPMI and IOSCO discussion paper on central counterparty’s practices for addressing non-default losses FSI paper on Entity-based vs activity-based regulation: a framework and applications to traditional financial firms and big techs

Financial services policy news
White House	Fact sheet on 10 Ways the Administration is making America resilient to climate change Statement on the Inflation Reduction Act
Senate	Hearings on how renters and communities are impacted by today’s housing market, and economic costs of climate change