Washington Report 360 | August 25, 2023

Upcoming

• FDIC Board to consider proposals related to Long-Term Debt and Resolution Plan requirements in an open meeting, August 29

BIS

• CPMI/IOSCO report on central counterparties and non-default losses
• Report on financial stability risks from cryptoassets in emerging markets economies

CFPB

• Lawsuit against installment lender for alleged UDAAP violations (“fee-harvesting”; "loan-churning”)

DOJ

• Charges against founders of cryptocurrency company for alleged money laundering and sanctions violations

SEC

• Final Rules and amendments to regulation of private fund advisers, including requirements for quarterly statements, independent audits, and fairness opinions
• Amendments to exemptions from national securities association membership
• Reopened comment period for enhanced safeguarding rule for registered investment advisers proposal
• First charges made to investment adviser for alleged violations of the Marketing Rule (hypothetical performance) 

CA DFPI

• Adopted final rules implementing prohibitions against UDAAP in “commercial financing” for small businesses, nonprofits, and family farms. Banks, credit unions, federal savings and loans, and similar entities are exempt.