Washington Report 360 | July 15, 2022

SEC amendments to proxy rules; OCC and CFPB consent orders related to UDAAP/UDAP

Key Highlights

  • FRB. The Federal Reserve Board of Governors now has all seven seats filled, following the Senate confirmation of Michael Barr as vice chair of supervision; he is expected to focus on areas of safety and soundness regulation such as capital, stress testing, and merger activity.
  • Industry News. Financial services companies reported second quarter earnings with some indicating a fall in profits, increases to loan reserves, and efforts to buffer capital by suspending buybacks and/or dividends.
  • SEC. Final amendments to the rules governing proxy voting advice; Proposed amendments to Shareholder Proposal Rule (see KPMG Regulatory Alert, here)
  • OCC and CFPB. Issued separate hundred-million-plus-dollar consent orders (including consumer redress) against a large bank; allegations included UDAAP/UDAP related to fraud model flags, account freezes, and claims and complaints management.
Financial services regulatory news
SEC
CFTC
  • Addition of 34 unregistered foreign entities to RED list
FINRA
Interagency
  • Joint statement on the risk-based approach to assessing customer relationships and conducting customer due diligence (FRB, FDIC, OCC, and FinCen)
  • Extended deadline for U.S. GSIB resolution plan feedback (FRB and FDIC)
  • List of distressed or underserved nonmetropolitan middle-income geographies (FRB,FDIC, OCC)
FRB
OCC
FDIC
CFPB
Treasury
NY DFS
HUD
FSB
BIS

 

Financial services policy news
Senate
House


Industry news headlines

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Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100