Washington Report 360 | August 12, 2022

Inflation Reduction Act, Data Security, Fair Servicing, Small Business, Private Fund Reporting, and Enforcement Actions

Key Highlights

  • Inflation Reduction Act. Senate passed the Inflation Reduction Act, which would allocate more than $370 billion toward energy and climate-related programs; House vote scheduled for Friday, August 12 (See KPMG Regulatory Alert, here)
  • Data Security. FTC issued an ANPR requesting comment on harms stemming from commercial surveillance and whether new rules are needed to protect consumer data privacy; CFPB Circular addresses data security and protection.  
  • Fair Servicing. Updated Fannie Mae/Freddie Mac servicer requirement to obtain and maintain borrower age, race, gender, and preferred language.
  • Small Business. President signed legislation extending the fraud statute of limitations on PPP and COVID–19 EIDL small business loan programs (See KPMG Regulatory Alert, here)
  • Private Fund Reporting. SEC and CFTC Form PF proposal to expand information collection, including hedge fund exposures to digital assets/cryptocurrencies.
  • Enforcement Actions. The SEC, CFPB, and OFAC separately issued enforcement actions against varying entities relating to antifraud, UDAAP, and illicit financing/AML violations.
Financial services regulatory news
SEC
CFTC
FINRA
FRB
CFPB
Treasury
FTC
FHFA
GAO
BIS

 

Financial services policy news
White House
  • Signed legislation extending the statute of limitation for fraud on PPP and COVID-19 EIDL small business loan programs
Senate


Industry news headlines

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Contact us 

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100