Washington Report 360 | February 10, 2023

Weekly collection of regulatory activity in Washington D.C.

Financial services regulatory news
BIS	Speech: “Big techs in finance: forging a new regulatory path” (BIS General Manager Carstens)
CFPB	Advisory opinion on digital mortgage “pay-to-play” comparison-shopping platforms Data Spotlight Report on declines in banks’ overdraft/NSF fee revenues Blog: Our agency-wide effort to listen to the people we serve (CFPB efforts to improve information collection from the public)
CFTC	GMAC (Global Markets Advisory Committee) agenda for February 13 meeting Open commission meeting on February 15 to consider ANPRM on risk management program regulations for swap dealers
FRB	Hypothetical scenarios for 2023 bank stress tests Speeches on: Financial inclusion (Vice Chair for Supervision Barr) Inflation rate for necessities (FRB Governor Waller)
FINRA	Podcast: A New Tool for Compliance: FINRA’s Machine-Readable Rulebook Initiative
NY DFS	Final rule update to NY CRA regulations for data collection on minority and women-owned business lending
OCC	Branch Closings: Revised Comptroller’s Licensing Manual Booklet Dodd-Frank Act Stress Test Scenarios for 2023 Speech on the bank merger framework (Acting Comptroller Hsu)
SEC	Division of Examinations 2023 priorities Division of Investment Management bulletin on differential advisory fee waivers Consent order regarding crypto asset staking-as-a-service
Treasury	Report on the challenges facing financial sector cloud-based technology adoption Launched interagency Cloud Services Steering Committee Statement on the price caps for Seaborne Russian-origin petroleum products (Chair Yellen)

Financial services policy news
White House	State of the Union Address (including call outs for legislation to address “junk fees”, antitrust enforcement, and online data collection on children) Fact Sheet: Infrastructure progress throughout the country
Senate	Banking Committee hearing: The State of Housing 2023
House	Financial Services Subcommittee hearings: Removing Barriers to Capital Access for Small Businesses How the Accredited Investor Definition Unfairly Limits Investment Access for the Non-wealthy and the Need for Reform Revamping and Revitalizing Banking in the 21st Century

Industry news headlines

(Some links may require subscription)

SEC outlines examination priorities for 2023 (Financial Regulation News)

Five key economic points in Biden’s 2023 State of the Union address to Congress (CNBC)

U.S. Government Borrowing Costs Rise as Debt Ceiling Fuels Partisan Clash (WSJ)

The Retreat of the Amateur Investors (WSJ)

CFTC Chief Plots New Cyber Rules in Wake of Trading Hack (Bloomberg)

Republicans launch group to combat ‘threat’ posed by ESG investing (The Hill)

Fed Officials Signal Higher Interest Rates Will Be Needed to Contain Inflation (WSJ)

Finance Chiefs Are Optimistic Any Recession Will Be Short, but Challenges Remain (WSJ)

Finance Chiefs, Facing Another Year of Persistent Inflation, Prioritize Cost Savings (WSJ)

Are Regulators Taking Aim at Crypto Staking? Rumors Suggest New SEC Scrutiny (Decrypt)

SEC Intensifies Crypto Enforcement With Exchange Settlement (WSJ)

https://www.banking.senate.gov/hearings/the-state-of-housing-2023

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