Editor's Note
The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on: (1) the source of the development (regulator, legislative body, etc.), (2) the subject matter (consumer lending, money transmission, capital markets, etc.), and (3) the general issue covered.
Regulatory Developments
- Interagency (Federal). Fintech. Regulators from the FRB (Vice Chairman Barr & Director Gibson), OCC (Written Statement) and NCUA testified before a House Financial Services Subcommittee regarding their agencies' perspectives and activities towards regulation and supervision of financial institutions' use of new and emerging financial technologies.
- Federal Reserve Board. Agency Activities. FRB Gov. Bowman spoke at the Aspen Institute on building a more inclusive financial system, mentioning agency actions on small-dollar lending, supporting mission-driven organizations, and indigenous inclusion.
- Federal Deposit Insurance Corporation. Basel III. FDIC Director McKernan gave remarks at a conference on Basel III implementation, covering regulators' objectives, the potential for a phased approach, and other aspects of the Endgame proposal for increasing capital requirements for mortgage loans.
- Office of the Comptroller of the Currency. Buy Now Pay Later (BNPL). OCC published a bulletin to provide guidance to banks on managing the risks associated with BNPL lending and in offering BNPL loans in a responsible manner.
- Treasury Department. Safety and Soundness. Treasury Under Secretary for Domestic Finance spoke at a think tank regarding how Treasury with FSOC and the Office of Financial Research currently approach data collection, standardization, and risk measurement for safeguarding financial stability and recent initiatives.
- Treasury Department. Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT). Treasury Under Secretary for Terrorism and Financial Intelligence gave remarks to an AML/CFT working group meeting covering risks and vulnerabilities posed by virtual assets and virtual asset service providers, the implementation of AML/CFT frameworks to address those risks, and sanctions implementation challenges for regulators.
- Treasury Department. Combatting the Financing of Terrorism (CFT). Treasury Assistant Secretary for Terrorist Financing and Financial Crimes gave testimony to a House Financial Services Subcommittee on efforts at CFT, including the use of illicit digital assets by non-state actors.
- California Department of Financial Protection and Innovation. Digital Assets. CA DFPI provided a reminder, effective January 1, 2024, of the filing requirements for digital financial asset transaction kiosk operators in the state.
Enforcement and Litigation
Research & Analysis
Michael Buckalew is a regulatory analyst with Davis Wright Tremaine LLP.
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