- Fairness. CFPB announced it will “scrutinize discriminatory conduct that violates the federal prohibition against unfair practices… in all consumer finance markets, including credit, servicing, collections, consumer reporting, payments, remittances, and deposits”; companies will be expected to document processes for risk assessments/outcomes and impacts on demographic groups.
- Cybersecurity. The Administration signed the omnibus appropriations bill, which included the Cyber Incident Report for Critical Infrastructure Act of 2022, creating requirements for entities in “critical infrastructure sectors,” including financial services, to report “covered cyber incidents” within 72 hours of recognition, or within 24 hours of ransom payments. CISA and other agencies are directed to issue associated rulemakings. (See the recent KPMG Regulatory Alert on similar SEC Cybersecurity proposals here.)
Financial services regulatory and policy news
- Issued a final rule addressing exemptions to suspicious activity report requirements
- Announced supervisory exam updates focusing on discrimination in consumer finance markets
- Released a report on pre-pandemic medical debt among older adults
- Published blogs on "Using the Homeowner Assistance Fund program to prevent foreclosures", "Safely sending money to people in conflict areas", "Implications for rising interest rates on borrowers and consumers", and "Cracking down on discrimination in the financial sector"
- Provided remarks before the Investor Advisory Committee on conflicts of interest and cybersecurity risks and recent proposals
- Published a staff statement on risk management practices around market and counterparty risks
- Proposed rule for comment on accelerating arbitration proceedings for seriously ill or elderly parties
- Signed H.R. 2471, the omnibus appropriations bill, into law
- OFAC announced further sanctions related to the Russia-Ukraine conflict
- U.S. Congress:
- Federal Trade Commission (FTC):
- With DOJ, extended public comment period on modernizing merger guidelines to detect and preventive anticompetitive deals
Industry news headlines
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- New U.S. Financial Cyber Rules Focus on Board Oversight (WSJ)
- What do regulators need from governments on climate change? (Risk.net)
- Fearing More Cyberattacks, Congress Requires Key Businesses to Report Digital Breaches (WSJ)
- SEC to discuss climate-related disclosure rule on March 21 (Compliance Week)
- Senate Panel Approves Jerome Powell’s Renomination as Fed Chairman (WSJ)
- Explainer: Raskin's withdrawal from Fed nomination spells more delays for rule changes (Reuters)
- Crypto Gets New U.S. Oversight at Agencies That Once Held Back (Bloomberg)
- Most Medical Debts to be Removed From Consumers' Credit Reports (WSJ)
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