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
Financial services regulatory and policy news
Banking
- FRB:
- OCC:
- Discussed crypto-assets and regulation
- CFPB:
- Published a bulletin on the No Surprise Act regarding medical debt collection and credit reporting
- Published blogs on:
Other
- Government Accountability Office (GAO):
- Released a study highlighting the use and regulation of cryptocurrency ATMs
- Treasury:
- FinCEN spoke about new threats, new innovations, and new partnerships in AML/CFT
- U.S. Senate Banking Committee:
- Conducted nomination hearings for FRB Chair and Vice Chair
- U.S. House Oversight Committee:
- Conducted hearing on cybersecurity and reforming the Federal Information Security Management Act
Insurance
- FSB:
- Published papers on funding and interconnectedness practices to aid resolution planning
Industry news headlines
(some links may require subscription)
- Big Banks Band Together to Measure and Manage Climate Risk (WSJ)
- Powell says the Fed is prepared to raise rates to tame inflation (New York Times)
- Brainard questioned on inflation, climate risk as part of nomination (MSN)
- Experts urge OCC to include climate risk in bank exams (Risk.net)
- Innovation, Communication Needed to Address Emerging Illicit Finance Threats, Say Regulators (WSJ)
- SEC Pushes for More Transparency from Private Companies (WSJ)
- Powell says new rules for financial trades will be in place 'imminently' (The Hill)
- The gap in credit access is growing along racial lines (MarketWatch)
- Proposed framework seeks to better define liability for chief compliance officers (WSJ)
