Washington Report 360 | January 14, 2022

FRB confirmation hearing topics; Climate scenario analysis; Identity fraud/cybersecurity; AML/CFT priorities.

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100

Key highlights:

  • FRB confirmation hearing topics. Topics raised during the FRB confirmation hearings included economic issues (i.e., monetary policy, inflation, supply chains, and employment), ESG issues (i.e., climate risk, DE&I, racial equity, and industries such as guns and oil & gas), and supervisory issues (including financial stability, large bank capital and liquidity, CRA, cryptocurrency, and M&A activity).
  • Climate scenario analysis. FRB reiterated the importance of climate scenario analysis. See KPMG Regulatory Alert
  • Identity fraud/cybersecurity. FDIC is partnering with FinCEN to launch a tech sprint focused on increasing the efficiency and effectiveness of digital identity proofing and reducing identity-related crime.
  • AML/CFT priorities. Regulators intend to offer further guidance on incorporating the AML/CFT priorities into compliance programs; FinCEN expects to propose a framework in April

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