Washington Report 360 | December 2, 2022

ESG, Sanctions, P2P, Virtual Currency, FCPA, and Mortgage Limits

Key Highlights

ESG. DOL final rule under ERISA allowing consideration of ESG factors in selecting retirement investments and exercising shareholder rights while reiterating maintenance of fiduciary standards.
Sanctions. DOJ prosecutors denote shift in focus to service providers sanctions compliance.
P2P. Participating platform US Banks collaborating on reimbursement processes for scam victims.
Virtual Currency. NY DFS proposed new rule on virtual currency assessment regulation. CFTC testifies at Senate AG committee hearing on the need to protect digital commodities investors.
FCPA. DOJ’s Criminal Fraud section signals upcoming updates to FCPA corporate enforcement policy.
Mortgage Limits. FHA sets 2023 national loan limits, exceeding $1MM.

Financial services regulatory news
SEC	FY22-26 Strategic Plan Administrative proceedings to stop the registration of misleading crypto asset offerings Enforcement action relating to ESG investment policies and procedures
CFTC	Speech: Protecting against emerging global fintech threats in cyberspace and cryptocurrencies
FINRA	Adopted amendments to TRACE Reporting for U.S. Treasury Securities Update on sweep of option account opening, supervision, and related areas Regulatory notice on fraud trends in small-capitalization IPOs Proposed changes to TRACE reporting for delayed treasury spot trades New office of Regulatory Economics and Market Analysis (REMA)
Interagency	FRB and FDIC review results of largest banks’ resolution plan; related OCC results CFPB and FTC amicus brief relating to the Military Lending Act FDIC Statement on Dodd–Frank Act Title I feedback letters for domestic GSIBs
FRB	Indexing of reserve requirements exemption amounts Speeches: Why bank capital matters Lessons learned from war and the pandemic: supply, inflation, and monetary policy Inflation and the labor market
OCC	Revised civil money penalties manual Reduced assessment rates for 2023
CFPB	Enforcement action against FS company for misleading customers on offered high-yield bank accounts
Treasury	Guidance on Inflation Reduction Act’s labor protections Discussion on investment opportunities of the Inflation Reduction Act Remarks on regulatory clarity and public-private engagement on digital assets Blog: Racial Differences in Economic Security: Housing
FTC	Updated DNC Registry Data Book highlighting impersonator fraud consumer complaints
NY DFS	Proposed new rule on virtual currency assessment regulation
HUD	FHA 2023 national loan limits, exceeding $1MM
FHFA	Issued conforming loan limit values for 2023 Announced Deemed-Issuance Ratio for 2023
DOL	Final rule for plan fiduciaries to consider ESG factors in retirement investment selections
FSB	2022 G-SIB list noting no changes
FATF	Report on Consolidated assessment ratings
BIS	CPMI and IOSCO report on financial market infrastructures' cyber resilience BIS Working papers: Systemic Risk in Markets with Multiple Central Counterparties How abundant are reserves? Evidence from the wholesale payment system Inflation risk and the labor market: beneath the surface of a flat Phillips curve BCBS: Bank exposures to non-bank financial intermediaries Speech: International cooperation in a world of digitalisation

Financial services policy news
Senate	Hearing: Fairness in Financial Services-Racism and Discrimination in Banking Agriculture subcommittee hearing on lessons learned from collapsed digital asset exchange; CFTC testimony
House	Hearing: The Need for Bold Investments in Fair and Affordable Housing to Combat Inflation