- Cybersecurity. SEC denoted key areas of upcoming focus on cybersecurity that address strengthening the “cyber hygiene” of SEC registrants (practices to maintain the security of devices, networks, and data) and improving the timing and content of cyber incident notifications and disclosures. Proposals to amend Reg SCI would extend requirements intended to protect the resiliency of technology infrastructures (including business continuity plans, testing protocols, data backups, incident reporting) to reach an expanded number of registrants. (See KPMG Regulatory Alert.)
- Digital assets. Congressional statements support the FRB’s paper on CBDCs released last week. The Biden Administration may issue an executive order on cryptocurrencies and digital assets as early as next month.
- Private fund reporting. SEC is proposing amendments to Form PF to expand reporting requirements for “significant events” experienced by large private equity advisers and large liquidity fund advisers to provide more transparency related to financial stability. The proposal would also lower the reporting threshold for “large” funds.
- Fees on consumer products and services. CFPB is seeking public input on experience with fees associated with a variety of products and services, such as credit card, overdrafts, payment transfers, and mortgages. The responses will inform future guidance and supervision.
- Complaints. CFPB published its annual list of consumer reporting companies, including specialty reporting companies, and reminded consumers of their right to dispute inaccuracies and the consumer reporting companies’ obligation to conduct a reasonable investigation. (See related KPMG Regulatory Alert.)
Financial services regulatory and policy news
- Issued a final rule regarding deposit insurance simplification
- Announced a collaboration to expand financial education and minority/women-owned business opportunities
- Remarked on advancing diversity and inclusion across financial services
- Released an RFI on consumer fees on bank accounts, credit cards, and other financial products; Related statement here
- Released its annual list of consumer reporting companies; related blog post here
- Reopened the comment period for pay versus performance
- Gave speech highlighting the SEC’s priorities related to cybersecurity and cyber risks
- Proposed rule amendments to:
- Trading and Markets Division released FAQs on CCO annual reports submitted by swap dealers or participants
- Examinations Division released observations from examinations of private fund advisers
- Treasury (FinCEN):
- Issued a proposed rule for a SAR-sharing pilot program to combat illicit finance risks
- U.S. Congress:
- House Financial Services Committee:
- Released Consumer Protection Data Spotlight, reporting a surge in social media scams and losses
- Published a research paper, Virtual banking and beyond
- Announced that its Innovation Hub will focus on CBDCs, payments, DeFi (decentralized finance), and green finance throughout 2022
Industry news headlines
(Some links may require subscription)
- FINRA focuses on sales of complex products, crypto (Investment News)
- White House Is Set to Put Itself at Center of U.S. Crypto Policy (BNN Bloomberg)
- Treasury Wants Banks to Loop In Foreign Affiliates on Suspicious Transactions (WSJ)
- Chuck, small banks' answer to Zelle, goes live (American Banker)
- Banks back plan to share SARs with foreign units. For now. (American Banker)
- Banks design vertical credit cards for customers with disabilities (American Banker)
- Enthusiasm about commercial lending spreads among bank chiefs (American Banker)
Get the latest thinking from KPMG
Quick hitting summaries of specific regulatory developments and their impact on financial services firms.
Points of View
Insights and analyses of emerging regulatory issues impacting financial services firms.