Washington Report 360 | December 9, 2022

Key Highlights

Climate Risk. FRB proposes principles for climate-related financial risk management (see KPMG Regulatory Alert, here); BCBS FAQs clarify how climate risks may be captured in the existing Basel framework.

SEC. Schedules an open meeting to consider multiple rule proposals, including insider trading, order of execution, order competition, minimum pricing increments, and best execution (scheduled December 14); Reopens comment period for Share Repurchase Disclosure Modernization rule proposal (see KPMG Regulatory Alert, here)

Crypto Risk. SEC issues a sample letter to companies regarding developments in crypto assets markets (see KPMG Regulatory Alert, here).

Supervisory Authority. CFPB issues a notice of intent to make multi-state preemption determinations with respect to Truth-in-Lending Act provisions.

Financial services regulatory news
SEC	Reopened comment period for Share Repurchase Disclosure Modernization rule proposal Scheduled open meeting to consider multiple rule proposals, including insider trading, order of execution, order competition, minimum pricing increments, and best execution Sample letter to companies regarding developments in crypto asset markets
FRB	Proposed principles for climate-related financial risk management Finalized clarifying and technical updates to policy on intraday credit
OCC	Semiannual Risk Perspective for Fall 2022, highlighting climate-related financial risk and crypto assets Speech on importance of credit risk management and D&I
CFPB	Notice of Intent to Make a Preemption Determination under TILA, comment requested Report on credit protections under SCRA Blog: Changes to HMDA’s closed-end loan reporting threshold
Treasury	Speeches discussing: The importance and implications of economic sanctions AML/CFT policies, and sanctions compliance Fact Sheet: G7 and EU adopt a Price Cap on Russian Oil (see KPMG Regulatory Alert here) FinCen remarks on beneficial ownership reporting, AML Act, and virtual currency regulation G7 reports on ransomware and third-party risk
NY DFS	Report on redlining and other forms of housing discrimination (second in a series)
FSB	2022 Resolution Report, noting urgency in challenges to nonbank cross-border resolutions Endorsement of IAIS framework to assess and mitigate systemic risk in insurance industry
BIS	BCBS FAQs clarifying on capturing climate-related financial risks in existing Basel framework BIS Working paper: The role of non-bank financial institutions in cross-border spillovers Working paper: The pandemic, cash and retail payment behaviour: insights from the future of payments database BIS paper: Pricing of climate risks in financial markets, summary of academic papers

Financial services policy news
House	Financial Services Subcommittee hearings: E, S, G and W: Examining Private Sector Disclosure of Workforce Management, Investment, and Diversity Data The Role of Financial Institutions in the Horrors of Slavery and the Need for Atonement, Part Two Unfinished Business: A Review of Progress Made and a Plan to Achieve Full Economic Inclusion for Every American