Washington Report 360 | November 18, 2022

Enforcements, Crypto Assets, Regulatory Authority.

On behalf of Regulatory Insights, wishing everyone a Happy Thanksgiving holiday. In observance of the holiday, the next WR360 will be issued on December 2.

Key Highlights

Enforcements. SEC FY 22 Enforcement Results; record number of actions (9 percent increase over the prior year), record fines (over $6.4 Billion).

Crypto Assets. SEC, DOJ, CFTC, and state regulators have launched investigations relating to the recent collapse of a cryptocurrency exchange platform; Banking regulators highlight crypto risks in Senate and House testimony; Treasury statement on crypto market developments; NYFRB feasibility study on a payment system for digital asset transactions; CFPB Complaint Bulletin analyzing crypto asset-related consumer complaints.

Regulatory Authority. CFPB filed a certiorari petition requesting that the U.S. Supreme Court review its fifth circuit ruling on the Bureau’s method of funding; Small business group filed a lawsuit with U.S. District Court to challenge the beneficial ownership implications of the Corporate Transparency Act.

Financial services regulatory news
SEC	FY 22 Enforcement Results; record number of actions, record fines Speeches discussing: Digital Assets: Putting Investors First 2022 SEC Regulation Outside the United States Compliance officers building and maintaining trust in the financial system
CFTC	Speeches on: “The final chapter of USD LIBOR” Importance of self-reporting violations to authorities
FINRA	Notice of targeted exam of retail communications involving crypto-asset products and services Notice on heightened threat of fraud risk in small-cap IPOs Amended Rule 11880 to revise the Syndicate Account Settlement timeframe for offerings of corporate debt securities Podcast: Enhancing Your Compliance Practice with the FINRA Institute at Georgetown CRCP Program
FRB	Speeches on: Economic outlook Financial literacy and inclusion NY FRB: NYIC participation in U.S. proof-of-concept feasibility study on payments system designed to facilitate digital asset transactions Blog on Banking System Vulnerability: 2022 Update
OCC	Speeches on: Fair and equitable credit services Taking a cautious approach to crypto assets
CFPB	Supervisory Highlights, finding failures related to credit reporting, fees, and COVID-19 protections Tenant Background Checks Market Report; related Consumer Complaint Snapshot Report Blog post: enhancing public data on auto lending Complaint Bulletin on the analysis of crypto asset -related consumer complaints
Treasury	Statement on “crypto market developments”
FTC	Financial Data Security Rule compliance deadline extended to June 9, 2023
FHFA	FY 2022 Performance and Accountability Report
FSB	Reports: Final Report: Implementation approach for cross-border payments targets Financial policies in the wake of COVID-19 Joint with NGFS, Climate Scenario Analysis by Jurisdictions: Initial findings and lessons Annual Report
BIS	Working papers: Crypto trading and Bitcoin prices: evidence from a new database of retail adoption Population aging and bank risk-taking

Financial services policy news
White House	Fact Sheet: Biden-⁠Harris Administration Accomplishes Cybersecurity Apprenticeship Sprint G20 Partnership for Global Infrastructure and Investment Projects
Senate	Hearing: Oversight of Financial Regulators: A Strong Banking and Credit Union System for Main Street; related FRB, FDIC, and OCC testimonies
House	Hearing on Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions