Washington Report 360 | September 9, 2022

A weekly newsletter covering legislative and regulatory developments affecting financial services firms—in 360 words or less.

Key Highlights

Regulatory & Supervisory priorities. FRB outlined near-term goals focused on capital, living wills, bank merger policies, stablecoins, and financial risks of climate change; OCC updated key priorities in safeguarding trust in banking, including digitalization, climate-related risks, and inequality.
Capital. Banking agencies (FRB, OCC, FDIC) affirmed commitment to Basel III and expect to issue a proposed rule amending capital rules for large banking organizations.
Price cap compliance. Treasury said that it wants financial services companies to help design a compliance regime for the G-7 Russian oil price cap.
Crypto assets. Treasury is expected to issue four new reports on crypto markets, covering the payment system, consumer protections, illicit finance and financial stability.

Financial services regulatory news
SEC	Enforcement action against: A venture capital advisor alleging overcharging management fees Two advisory firms for Custody Rule and Form ADV Violations Remarks on crypto tokens, intermediaries, and securities regulation
CFTC	Enforcement actions allegedly failure to supervise valuation activities
FINRA	Podcast on Regulatory Operations: Stronger Regulation Through Integrated Oversight
FRB	Speeches: Making the Financial System Safer and Fairer, including near term goals focused on capital, living wills, bank merger policies, stablecoins, and financial risks from climate change Bringing Inflation Down Policy statement on whistleblower claims NY FRB blogs: Small Business Recovery after Natural Disasters How Can Safe Asset Markets Be Fragile?
FDIC	Remarks on core principles for effective deposit insurance systems
OCC	Remarks on safeguarding trust in banking, including digitalization, climate-related risks, and inequality Bulletin on information security expectations for protecting non-public OCC information
Interagency	FRB, FDIC, and OCC reaffirm commitment to Basel III, expect to issue a proposed rule amending capital rules for large banking organizations
CFPB	Report and circular on nursing home debt collection practices
Treasury	Remarks on the trajectory of the U.S. economy, highlighting a plan for financial services companies to help design a compliance regime for the G-7 Russian oil price cap Statement on the G-7 Russian oil price cap Speech on anti-corruption and new directions in beneficial ownership transparency FinCEN speech on digital identity, emerging threats, and responsible innovation OFAC amendments to cyber-related sanctions regulations
FTC	Forum on Commercial Surveillance and Lax Data Security Practices
HUD	Funds availability through grant programs “SHOP” (Self-Help Home Ownership Program) and “HHP” (Healthy Homes Production) Increased frequency of allowable distributions of surplus cash to FHA-insured Multifamily mortgage borrowers
BIS	CPMI/IOSCO report on access to client clearing and portability CPMI Paper: Liquidity bridges across central banks for cross-border payments

Financial services policy news
White House	Report and Fact sheet: Climate and energy implications of crypto-assets in the United States Fact sheet: New climate portal to help communities navigate climate change impacts Readout of listening forum on tech accountability
Senate	Banking Committee hearing on current issues in insurance