Washington Report 360 | August 11, 2023

CFTC

• Settled charges against five futures commission merchants (see here and here) for recordkeeping and supervision failures related to the use of unapproved communication methods

FDIC

• Cease and desist order regarding false or misleading representations about deposit insurance

FINRA

• Podcast on FINRA’s Crypto Asset Work and the Crypto Hub; related blog

FRB

• New supervision program for novel activities
• Supervisory nonobjection process for state member banks seeking to engage in certain activities involving dollar tokens (stablecoins)

FTC

• Extension of public comment period on HSR Form for premerger notifications (joint with DOJ)

• Statewide Cybersecurity Strategy

• Guidance on applicability of the legal lending limit (LLL) to purchased loans

• Settled charges against:
  • 11 broker-dealer firms for recordkeeping and supervisory failures related to electronic communications
  • Fund administrator for allegedly missing fraud-related red flags

• ANPR on implementation of Executive Order on investments in national security technologies and products in certain countries
• Final rules and guidance on program to spur clean energy investments in underserved communities
• Remarks on illicit finance; related FinCEN remarks regarding fentanyl trafficking

• Executive Order on investments in national security technologies and products in certain countries
• Launch of Artificial Intelligence (AI) Cyber Challenge