Washington Report 360 | October 28, 2022

Fees. Credit models and appraisal data. Consumer financial data. NY CRA revisions.

Key Highlights

Fees. Multiple regulatory actions related to fees: SEC final rule, CFPB guidance (Circular and Bulletin), and FTC ANPR. (See KPMG’s Regulatory Alert here.)
Credit models and appraisal data. FHFA approved new credit models, public availability of appraisal data, and changes to guaranteed fee pricing.
Consumer financial data. CFPB released an outline of proposals under consideration to implement section 1033 of the Dodd-Frank Act (step toward “open banking”). (See KPMG’s Regulatory Alert here.)
NY CRA revisions. The NYDFS proposed revisions to its previously proposed NY State CRA regulations evaluate lending to minority- and women-owned businesses.

Financial services regulatory news
SEC	Final amendments to “modernize” fund shareholder reports and promote transparent fee- and expense-related information in fund advertisements Final rule imposing Compensation Recovery Listing Standards and Disclosure Rules on securities exchanges Proposed new rule and amendments for certain services outsourced by Investment Advisers Speeches discussing: Accountability in an evolving asset management industry Focus on competition Updated list of unregistered firms using misleading information to solicit investors
CFTC	Speech on financial stability risks of crypto assets
FINRA	Request for comment on the Machine-Readable Rulebook initiative FAQ on short interest reporting
FDIC	Financial Institution letter on updated FFIEC Cybersecurity resource guide Podcast discussing the unbanked and underbanked 2021 National Survey of Unbanked and Underbanked Households findings; related OCC statement here
OCC	New Office of Financial Technology to be established early 2023 Plans to host a symposium on bank mergers in February 2023
CFPB	Guidance (Circular and Bulletin) on surprise deposit account fees Outline of proposed rulemakings under consideration regarding personal financial data rights; related remarks here
Treasury	Speeches discussing: Inflation and monitoring of potential vulnerabilities in the financial system Climate impact, equity, and the Inflation Reduction Act FATF global efforts to combat corruption FinCEN renewal and expansion of Geographic Targeting Orders (GTOs)
NY DFS	Revised proposed CRA regulation to improve lending to minority and women-owned businesses
FHFA	Validated and approved use of FICO 10T and VantageScore 4.0 credit score models Published new Uniform Appraisal Dataset (UAD) Aggregate Statistics Data File and accompanying dashboards Announced targeted changes to Fannie Mae and Freddie Mac’s guarantee fee pricing
BIS	With several central banks, announced successful completion of pilot project on cross-border CBDC payment platforms