Washington Report 360 | February 04, 2022

SEC focus on Climate risk; FRB confirmation hearings; Insurance supervision; Cybersecurity.

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100

Key Highlights

  • Climate Risk. The Treasury Secretary said regulators need to evaluate the impact of climate change on the firms they supervise before they can contemplate climate-related capital requirements.  
  • Confirmation hearings. FRB nominations hearings continue. Key topics raised have included inflation, climate-related risks, extensions of credit to certain industries, and emergency lending facilities.
  • Insurance supervision. The FRB proposed a new supervisory framework and rating system for depository institution holding companies “significantly” engaged in insurance activities.
  • Cybersecurity. SEC will meet next week to vote on new rules to address cybersecurity risk management for registered investment advisers and investment companies; the proposal follows remarks provided last week on “cyber hygiene” and incident reporting. (See KPMG Regulatory Alert here)

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