Washington Report 360 | September 15, 2023

CFPB

• District Court vacated March 2022 update to UDAAP examination manual
• Report on risks of college tuition payment plans
• Consent order against a nonbank leasing company (UDAAP and the Consumer Leasing Act)
• Remarks on:
  • The 2008 Financial Crisis and a Look Forward
  • The mortgage market and regulation

CISA

• Joint cybersecurity information sheet (with NSA and FBI) on deepfake threats

DOJ

• National Security Division announces key corporate enforcement appointments 

CFTC

• Remarks on:
  • Digital asset enforcements (Director of Enforcements)
  • Modernizing investor protections (Commissioner)

FHFA

• Public engagement process for updated credit score requirements

• Staff paper on potential harms to children from blurred advertising
• Proposed order against two consumer reporting agencies (UDAP and the Fair Credit Reporting Act)

IOSCO

• Reports on:
  • Best practices around leveraged loans and CLOs
  • Emerging risks in private finance, including leverage, risk transmission, and other threats

• Cease-and-desist orders for:
  • Nine investment advisers (Marketing Rule)
  • An alternative investment platform (antifraud, federal securities laws)
  • An animated web series (unregistered offering of non-fungible tokens (NFTs))
• Lawsuit against a broker-dealer (false and misleading disclosures, safeguarding of material nonpublic information)

• Banking Committee hearing on SEC oversight; SEC testimony covering AI/predictive analytics, private funds, climate risk disclosure, cyber risk disclosure, and resiliency 

• Financial Services Committee hearings on:
  • Basel III implementation
  • Implications of a CBDC and private sector alternatives

• Fact sheet on voluntary commitments from AI companies for AI risk management (eight additional companies to participate; seven companies committed in July)