Washington Report 360 | May 12, 2023

CFPB

• “Consumer Financial Protection Circular” on reopening of deposit accounts previously closed by customers and related fees
• Speech discussing payment systems issues, including data harvesting, privacy, and P2P

FDIC

• Proposed rule for special assessments to recover losses to the deposit insurance fund 

FHFA

• Rescission of upfront fees based on borrowers' DTI ratio 

FINRA

• Regulatory notices:
  • Obligations when selling private placements
  • RFI on FINRA rules impacting capital formation
• Expands MOU with NFA to include information sharing on crypto assets

FRB

• May 2023 Financial Stability Report (bi-annual report)
• Speech on climate change and financial stability (Governor)
• NY FRB blog: Bank Funding during the Current Monetary Policy Tightening Cycle

FTC

• Panel discussion on cloud computing including security risks and impacts on AI

Justice

• Statement on the first year of environmental justice enforcement strategy

NY DFS

• Proposed guidance for vetting of directors and senior officers

• Division of examinations risk alert: LIBOR - Transition Preparedness
• Speech discussing the importance and efficacy of ESG and cybersecurity disclosures (Commissioner)
• Enforcement actions against:
  • Broker-dealers for violating recordkeeping requirements
  • Investment adviser and fund trustees for allegedly violating the Liquidity Rule

• “Fact sheet” outlining priorities for building a “faster, safer, and cleaner” energy infrastructure
• Speech on clean energy economy reform

• Joint Financial Services-Agriculture subcommittees hearing: Measuring the Regulatory Gaps in the Digital Asset Markets

• Banking Committee, Cannabis Banking Challenges