Washington Report 360 | January 6, 2023

Financial services regulatory news
SEC	Statement on Regulatory Agenda Enforcement actions against a company and four individuals for alleged involvement in fraudulent Crypto investment scheme
CFTC	No-Action Letter on investments of customer funds in securities benchmarked to SOFR extended
Interagency	FRB and FDIC annual asset-size thresholds under CRA regulations FRB, FDIC, OCC joint statement on crypto-asset risks to banking organizations FRB, FDIC, OCC extended a joint no-action statement on certain investment funds and their portfolio investments for purposes of Regulation O
FRB	International Finance Discussion Paper: What are large global banks doing about climate change?
OCC	CRA revision of small bank and savings association asset thresholds 2022 Annual Report
FDIC	Martin Gruenberg sworn in to serve a five-year term as chairman
CFPB	Fall 2022 regulatory agenda Annual report on consumer and credit reporting complaints Enforcement actions against: A bank for alleged “widespread mismanagement” of auto loans, mortgages, and deposit accounts; the bank agreed to the order without admitting or denying the CFPB’s findings A remittance provider for alleged violations of the Electronic Funds Transfer Act; the provider agreed to the order without admitting or denying the CFPB’s findings An auto lender alleging UDAAP violations related to hidden costs, underwriting, and add-on products
Treasury	FinCen report on Financial Trends in BSA data related to Russian oligarch financial activity OFR data collection proposal for repo transactions
NY DFS	Proposed guidance on management of risks from climate change Enforcement action against cryptocurrency exchange for AML violations
FTC	Proposed a consent order against card company for allegedly limiting competition among payments networks Proposed rule to ban noncompete clauses for workers as an unfair method of competition
FSB	Report on global trends and risks in Non-Bank Financial Intermediation
BIS	BCBS Prudential treatment of crypto asset exposures BIS paper: Information governance in sustainable finance

Financial services regulatory news

SEC

Statement on Regulatory Agenda
Enforcement actions against a company and four individuals for alleged involvement in fraudulent Crypto investment scheme

CFTC

No-Action Letter on investments of customer funds in securities benchmarked to SOFR extended

Interagency

FRB and FDIC annual asset-size thresholds under CRA regulations
FRB, FDIC, OCC joint statement on crypto-asset risks to banking organizations
FRB, FDIC, OCC extended a joint no-action statement on certain investment funds and their portfolio investments for purposes of Regulation O

FRB

International Finance Discussion Paper: What are large global banks doing about climate change?

OCC

CRA revision of small bank and savings association asset thresholds
2022 Annual Report

FDIC

Martin Gruenberg sworn in to serve a five-year term as chairman

CFPB

Fall 2022 regulatory agenda
Annual report on consumer and credit reporting complaints
Enforcement actions against:
- A bank for alleged “widespread mismanagement” of auto loans, mortgages, and deposit accounts; the bank agreed to the order without admitting or denying the CFPB’s findings
- A remittance provider for alleged violations of the Electronic Funds Transfer Act; the provider agreed to the order without admitting or denying the CFPB’s findings
- An auto lender alleging UDAAP violations related to hidden costs, underwriting, and add-on products

Treasury

FinCen report on Financial Trends in BSA data related to Russian oligarch financial activity
OFR data collection proposal for repo transactions

NY DFS

Proposed guidance on management of risks from climate change
Enforcement action against cryptocurrency exchange for AML violations

FTC

Proposed a consent order against card company for allegedly limiting competition among payments networks
Proposed rule to ban noncompete clauses for workers as an unfair method of competition

FSB