Washington Report 360 | July 22, 2022

New executive actions on climate; Enforcement action on crypto-related insider trading

Key Highlights

White House. New executive actions related to climate, including initiatives and new funding intended to improve climate resiliency, protect vulnerable communities and workers, and expand renewable energy opportunities and jobs. (See KPMG Regulatory Alert here)
OFR. Blog post on the impact of rising interest rates and market volatility on insurers.
FDIC. Podcast: “The risks of banking.” FDIC notes that its 2022 Risk Review (a retrospective on banking conditions in 2021) looked at credit and market risks as well as emerging risks from climate-related financial risk, cyber threats, and illicit financial activity.
SEC. Enforcement action alleging crypto-related insider trading “scheme”; associated SEC Complaint suggests that 9 current cryptocurrencies are securities based on their activity.

Financial services regulatory news
SEC	Enforcement action alleging crypto-related insider trading scheme
CFTC	Extension of public comment period on RFI on Climate-Related Financial Risk
FRB	Proposal to establish benchmark replacements for certain contracts referencing U.S. dollar LIBOR Speech on strengthening the CRA Discussion series paper on CRA credit, loan purchases, and mortgage credit in LMI communities NY FRB Economics blog: The Bond Market Selloff in Historical Perspective
FDIC	Statement updating Q&A on brokered deposits Proposal to add updated troubled debt restructuring accounting standards into assessments; related CFPB statement Podcast: The risks of banking
CFPB	RFI seeking consumer input on banking customer service experiences; comment period extended Speech on financial literacy and education Blogs: Protecting servicemembers from costly auto loans and wrongful repossessions Using special purpose credit programs to serve unmet credit needs Banks’ overdraft/NSF fee revenues evolve along with their policies
DOJ	Joint statement with United Kingdom on Data Access agreement
Treasury	Approval of nine additional state plans to support underserved entrepreneurs and small business growth Statement on the EU – U.S. joint financial regulatory forum OFAC Russia-related General Licenses and FAQ FinCen Advisory on Elder Financial Exploitation
NY DFS	Legislation directing DFS to conduct study on overdraft fees
FHFA	Established new Office of Financial Technology; RFI on the role of technology in housing finance
BIS	Speech on Inflation and the path to a soft landing
OFR	Blog: Insurers, rising interest rates, and market volatility Commercial real estate, rising risks

Financial services policy news
White House	Fact sheet on President Biden’s actions to tackle the Climate Crisis
Senate	Banking Committee hearing on the state of housing in America Subcommittee hearing on opportunities and challenges in addressing homelessness
House	Subcommittee hearing, “Oversight of the SEC’s Division of Enforcement.”