Washington Report 360 | October 21, 2022

Deposit insurance. Climate risk. Enforcements.

Key Highlights

Deposit insurance. FDIC approved two final rules impacting deposit insurance assessments: one to increase initial base deposit insurance assessment rate schedules uniformly by 2 basis points; and one to incorporate the new troubled debt restructuring accounting standard.
Climate risk. Treasury’s Federal Insurance Office proposed climate-related insurance data collection requirements; HUD published a Community Resilience Toolkit. (See Regulatory Alert, here)
Enforcements. Public actions by CFPB for UDAAP violations related to fees and fee increases charged by a payments platform; FTC for UDAP and ECOA violations related to add-on fees in car purchases. New “Enforcement and Penalty Guidelines” from Treasury’s CFIUS (Committee on Foreign Investment in the United States).

Financial services regulatory news
SEC	Speech on Meeting Investor Demand for High Quality ESG Data
CFTC	New features in Commitments of Traders reports
FRB	Speech on The U.S. Dollar and Central Bank Digital Currencies Working Papers: Climate change and the role of regulatory capital How much does racial bias affect mortgage lending NY FRB blog: How have racial and ethnic earnings gaps changed after COVID-19?
OCC	Statistical report on interest rate risk based on exams of midsize and community banks
FDIC	Final rule to increase base deposit insurance assessment rate Final rule to incorporate troubled debt restructuring accounting updates into deposit insurance assessments Proposed amendments to Guidelines for Appeals of Material Supervisory Determinations Speech on prudential regulation of crypto-assets
CFPB	Report on the impact of overdraft fees on economically insecure older adults Advisory opinion on “Fair Credit Reporting; Facially False Data” Enforcement action against payment platform for charging excessive membership fees using digital dark patterns
Treasury	FIO proposed data collection related to climate-related financial risk CFIUS Enforcement and Penalty Guidelines (“first ever” guidance regarding foreign investment violations)
FTC	Annual Report: Actions to Protect Older Adults Enforcement action against auto dealer for illegally charging excessive fees and engaging discriminatory conduct
HUD	New Community Resilience Toolkit FHA proposal to increase and index the loan limits for its Title I Manufactured Home Loan Program
FSB	Consultative document: Achieving Greater Convergence in Cyber Incident Reporting Report on liquidity in core government bond markets