Washington Report 360 | October 14, 2022

Large bank resolutions. Financial crimes. Beneficial ownership. Climate risks. AI risks.

Key Highlights

Large bank resolutions. FRB and FDIC released a joint ANPR for $250-$750 billion large bank resolutions.

Records retention. SEC finalized electronic recordkeeping rules that “modernize” requirements for broker-dealers, security-based swap dealers and major security-based swap participants.

Financial crimes. OFAC and FinCEN announced individual but related settlements with a virtual currency exchange for “apparent” sanctions violations and violations of BSA/AML and SAR reporting requirements. This is OFAC’s largest virtual currency enforcement to date and the first OFAC/FinCEN parallel enforcement action related to virtual currencies.

Beneficial ownership. FinCEN states that it intends to issue its Access Rule proposal, the second of three beneficial ownership rules, “in the near term.” (See related KPMG Regulatory Alert, here.)

Climate risks. FSB final report on regulatory and supervisory approaches to climate-related risks plus two reports status reports on climate-related disclosures.

AI risks. Blueprint for an AI Bill of Rights issued by the White House highlighting five principles: safe and effective systems; algorithmic discrimination protections; data privacy; notice and explanation; human consideration, alternatives, and fallback. (See related KPMG Regulatory Insights POV, here.) 

Financial services regulatory news
  • FRB and FDIC ANPR on large bank resolutions
  • FRB and CFPB announcement of dollar thresholds in Regulation Z and Regulation M for exempt consumer credit and lease transactions
  • FRB, OCC, and CFPB 2023 threshold for small loan exemption from appraisal requirements for higher-priced mortgage loans


Financial services policy news
White House


Industry news headlines

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Amy S. Matsuo

Amy S. Matsuo

Principal and National Leader, Regulatory Insights, KPMG US

+1 919-244-0266