Washington Report 360 | May 06, 2022

Community Reinvestment Act; Environmental Justice; Crypto and Cyber Risks; Diversity, Equity, and Inclusion

Key Highlights

  • Community Reinvestment Act. The FRB, OCC, and FDIC propose rules to amend the Community Reinvestment Act regulations, including provisions that would broaden assessment areas based on bank activity (versus bank physical locations) as well as the addition of “disaster preparedness and climate resiliency activities” within the community development activities definition.
  • Environmental Justice. DOJ launches a new comprehensive environmental justice strategy and a new Office of Environmental Justice to prioritize enforcement, especially with regard to climate and related impacts on communities of color, indigenous communities, and low-income communities. 
  • Crypto and Cyber Risks. The SEC nearly doubles the staffing of the Crypto Assets and Cyber Unit within its Division of Examination.
  • Diversity, Equity, and Inclusion: SEC summarizes that its Diversity Assessment Report, based on voluntary self-assessments from registered entities, highlights diversity policies and practices strengths and opportunities for improvement.

Financial services regulatory and policy news

Banking

Capital Markets

  • SEC:
    • Expanded the staffing of the Crypto Assets and Cyber Unit in its Division of Examination
    • Published a Diversity Assessment Report that analyzes voluntary self-assessments provided by regulated entities
    • Division of Corporation Finance posted a sample letter to companies regarding disclosures pertaining to the Russia-Ukraine war and related supply chain issues
    • Provided remarks at the Small Business Capital Formation Advisory Committee Meeting; Commissioner remarks here and here
    • Spoke before the Conference on Financial Market Regulation
  • FINRA:

Other


Industry news headlines

(Some links may require subscription)

Crypto suspicious activity reports are climbing. Here's why. (American Banker)

A chip crisis is looming for payment cards (American Banker)

Pandemic shows risks posed by nonbanks: Yellen (American Banker)

FBI Conducted Potentially Millions of Searches of Americans’ Data Last Year, Report Says (WSJ)

Wall Street Reluctantly Embraces Crypto (WSJ)

Banks gearing up to test real-time payments across borders (American Banker)

U.S. "open banking" rule bogged down by privacy concerns - sources (Reuters)

Fraud is down, but more expensive (American Banker)

Fed, Biden Administration Float New Lending Rules for Lower-Income Areas (WSJ)

Contact us 

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100