Washington Report 360 | March 10, 2023

Weekly collection of regulatory activity in Washington D.C.

Financial services regulatory news
CFPB	Request for public input on Reg Z mortgage loan originator rules Supervisory Highlights, Special Edition - Junk Fees Speech on ‘Junk Fees’ and competition (Deputy Director) Information sharing agreement with NLRB
DOJ	Statement on the RESTRICT Act (Deputy Attorney)
FRB	Speech on banks’ crypto-related activities (Vice Chair for Supervision) NY FRB speech on Culture and Conduct: Key Learnings and the Year Ahead (Head of the Governance and Culture Reform Initiative)
FDIC	Appointed receiver to $200 billion bank Speech on outstanding risks to the banking system (Chair) Changes to the Fair Hiring in Banking Act and implementing regulations
FINRA	Podcast: Following Up with the New and Experienced Investors of 2020 Enforcement action against firm for alleged failure to identify, respond, or report customer complaints
FTC	Action to block merger of two mortgage loan origination technology providers based on competitive impact
IAIS	Final criteria to assess comparability of outcomes with the Aggregation Method and International Capital Standard
OCC	Speech on trust in global banking and lessons for Crypto (Acting Comptroller)
SEC	Speech on capital formation and investor protection (Commissioner) Enforcement action against investment adviser for alleged crypto fraud scheme Division of Trading and Markets: FAQs on CCO Annual Reports from SBSDs and MSBSPs
Treasury	First meeting of FSOC Climate-related Financial Risk Advisory Committee (Chair) REPO Task Force joint statement and issuance of a Global Advisory on Russian Sanctions Evasion FinCEN notice: FATF list of jurisdictions with AML,CFT,CPF deficiencies

Financial services policy news
White House	President’s proposed Budget for FY 2024 Readout of state legislative convening on combatting Junk Fees
Senate	Full Banking Committee hearing: The Semiannual Monetary Policy Report to the Congress; related FRB testimony Subcommittee hearing: The Federal Debt Limit and its Economic and Financial Consequences Subcommittee hearing: Oversight of the CFTC; related CFTC testimony
House	Full Financial Services Committee hearing: Federal Reserve Board Semi-Annual Monetary Policy Report Subcommittee hearing: Consumer Financial Protection Bureau: Ripe for Reform? Subcommittee hearing: How do we encourage greater flood insurance coverage?

Industry news headlines

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Bank Closed by Regulators, FDIC Takes Control (WSJ)

Fed Chair Jerome Powell Returns to Congress for Second Day of Testimony (WSJ)

Fed signals increased rate hikes if economy stays strong (AP News)

The Debt Ceiling Is the Risk Wall Street Doesn’t Want to Think About (Bloomberg)

Lawmakers question SBA's plan to open up 7(a) program to nonbanks (American Banker)

SEC Is Focusing on Earnings Manipulation by Companies (WSJ)

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