Regulatory Alerts
Quick hitting summaries of specific regulatory developments and their impact.
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Incentive-based Compensation: Interagency Proposed Rule
Seeks to curb “excessive risk-taking” and align compensation with sound risk management
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Investment Advice Fiduciary: DOL Final Retirement Security Rule
Expanded definitions of investment advice and recommendations
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Heightened Risk Standards: Focus on Trade Surveillance
Mitigating operational and market conduct risk
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Risk Alert: SEC Marketing Rule Compliance
Focus on true, fair, and balanced advertising
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Consumer Complaints: CFPB Analysis of 2023
Key Findings and Insights from Over One Million Complaints
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SEC Speaks: Recap of 2023 Actions
Highlights related to enforcements, examinations, and rulemaking activities
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Data Retention and Deletion: Devices and E-Comms
Ongoing enforcement trends and rulemakings highlight regulators’ focus on data capture, retention, and deletion
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SEC Examinations Risk Alert: T+1 Settlement Cycle
Assessing preparedness for the shift to a shortened settlement cycle
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Emerging Regulatory Focus: Operational Resilience
Identification of critical operations, disruption tolerances, and robust third-party oversight
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Physical Security: New CA Workplace Law
New requirements for workplace security
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SEC Final Amendments: Rule 605 of Regulation NMS
Expanding coverage and disclosure for execution of orders in NMS stocks
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SEC Climate-Related Disclosure: Final Rule
Less in final disclosures but anticipate continued regulatory focus on climate risk management, controls, data, analysis and testing
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Credit Card Late Fees: CFPB Final Rule
Changes to credit card late fees for larger card issuers
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Regulatory Perimeter: Expanding Financial Service Coverage
Acting independently and together financial services regulators are “closing gaps” in regulatory coverage
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NAIC 2024 Strategic Priorities for State Insurance Regulators
Focus areas including climate risk, AI/predictive analytics, Cyber, fair marketing, oversight/transparency, and consumer protections
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Heightened Risk Standards: Focus on Data Management (& BCBS 239)
Intensified scrutiny of risk data management/governance practices
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Fraud, Identity Theft, and Other Scams
2023 FTC Data Book Insights
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Financial Crimes & AML: FinCEN Proposal and Treasury Actions
Treasury and FinCEN actions to assess and strengthen AML/CFT/BSA coverage
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Form PF Reporting: SEC, CFTC Joint Final Rule
Expanded reporting requirements for investment advisers to private funds, including hedge funds
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Heightened Risk Standards: Focus on Risk Frameworks, Processes, and Controls
Increased regulatory scrutiny in the management of risk and controls
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Dealer Definition: SEC Final Amendments
Expansion of registration and coverage to traders/hedge funds engaging in liquidity-providing roles
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Heightened Risk Standards: Focus on AML/BSA
Increased regulatory scrutiny in the management of AML/BSA
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AI Regulation: Cross-Agency Actions
“Whole-of-government” execution of Executive Order to establish safe, secure, and trustworthy AI
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Fees: CFPB Overdraft Lending Proposed Rule
Directed to financial institutions over $10B; would limit fees and exemptions
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Swaps: SEC Examinations Risk Alert; CFTC Proposals
To strengthen reporting, recordkeeping, risk management, and operational resilience
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FTC NPR to Children’s Online Privacy (COPPA)
Amendment to increase restrictions on the collection, use, and disclosure of children’s personal information
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Regulatory Oversight: FINRA 2024 Annual Report
Key supervisory risk areas
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SEC Approves Firsts in Listing/Trading of Spot Bitcoin ETPs
Ongoing focus on investor protections, disclosure requirements, standards of conduct, and exchange rules
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Anti-bribery: Extension of Prohibitions to “Foreign Officials”
New anti-corruption/ anti-bribery focus includes demand, receipt, or acceptance of bribes by “foreign officials”, expanding upon FCPA
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Commercial Real Estate (CRE): Expanded Regulatory Focus
Reports/guidance emphasize CRE challenges and risk mitigation
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Antitrust: DOJ/FTC 2023 Merger Guidelines
11 guideline areas for all industries/sectors
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FinCEN CTA: Final Rule on Beneficial Ownership Information Access
CTA final rule establishes who may access, for what purposes, and necessary safeguards; second of three related rulemakings
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FDIC Deposit Insurance Signage and Advertising: Final Rule
Focus on responsible advertising and clarity of insured versus non-insured products
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AI Actions: NIST RFI
Guidelines coming for AI evaluation, red-teaming, “and more”
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U.S. Treasury Securities Clearing Agency Standards: SEC Final Rule
Enhanced treasury securities risk management practices, customer protections, and clearing & settlement standards
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Illicit Finance & Corruption: Treasury Actions
Efforts to thwart threats posed by illicit finance, money laundering, sanctions evasion and corruption
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Fall 2023 Regulatory Agendas: Key Federal Banking Agencies
Key list of upcoming rulemakings
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Landmark Actions Coming: The AI Act and Growing US Regulations
“Whole-of-government” actions increasing as agencies intensify their focus on safe, secure, and trustworthy AI/GenAI
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Analysis of Regulations: OMB Circular A-4 Cost-Benefit Updates
Revisions to expand consideration of societal costs/benefits and indirect impacts, with longer time horizons and lower discount rates
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SEC Fall 2023 Regulatory Agenda
Notable planned final and proposed rulemakings continue to be recognized in the Agenda stages of rulemaking
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Noncompliance with Laws and Regulations, Including Fraud: PCAOB Proposed Amendments
Potential areas for company risk focus
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FRB Reports: Supervision and Regulation; Financial Stability
Semiannual reports highlighting supervisory and regulatory developments, supervisory priorities, and financial system risks
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CFPB Proposal to Supervise Big Tech and Other Wallet/Payment Providers
Proposal to supervise “larger participants” in the nonbank market for “general-use consumer digital payment applications”
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Financial Stability, Nonbank Supervision: FSOC Final Guidance
Analytic Framework and Guidance for identifying, assessing, and responding to potential bank and nonbank financial stability risks
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DOJ Safe Harbor Policy for Voluntary Self-Disclosures in Mergers & Acquisitions
DOJ Safe Harbor Policy for Voluntary Self-Disclosures in M&A
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Executive Order on Safe, Secure, and Trustworthy AI
Call for AI risk management actions/standards for privacy, security, consumer/worker protections, and innovation
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Debit Interchange Fee Cap: FRB Reg II Proposed Amendments
Proposal to amend the interchange fee cap and methodology
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Final Principles for Climate-Related Financial Risk Management
Interagency guidance for banks over $100B to identify, measure, monitor, and control climate-related financial risks
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Community Reinvestment Act: Interagency Final Rule
Updated CRA framework recognizing “branchless” banking and clarifying CRA-eligible activities, metrics/benchmarks and processes
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”Open Banking” 1033 Personal Financial Data Rights: CFPB Proposal
Proposal to provide consumers “more control” over their personal financial data related to deposit, savings, and credit cards accounts
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Short Sale Reporting: SEC Final Rule
New rule and Form SHO for monthly reporting of gross short sale positions and “net” activity by institutional investment managers
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Reporting of Securities Loans: SEC Final Rule
Daily reporting requirements and publication of information for covered securities loans and related modifications on most securities
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Volume-based Transaction Pricing: SEC Proposed Rule
Proposal to prohibit pricing for agency-related orders and to require disclosures around pricing tiers and membership
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Examinations: SEC 2024 Priorities
Focus areas include marketing practices, conflicts of interest, operational resiliency, and emerging financial technology
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“Junk Fees” Actions: FTC, CFPB, FCC, HUD, DOT, State
Ongoing “whole of government” actions to prohibit “hidden” and “falsely advertised” fees from consumer products and services
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SEC Beneficial Ownership Reporting Amendments
Shorter reporting timeframes for investors with more than a 5 percent beneficial ownership of a covered class of equity securities
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Expanded Risk Governance and Management: FDIC Proposed Guidelines
Expectations for board governance and for board and management risk management responsibilities
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CA Climate Laws: GHG Emissions and Risk Reporting
New CA laws requiring measurement and reporting of GHG emissions (Scopes 1, 2, and 3) and climate-related financial risks
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Consumer/Worker Protections: FTC, FCC, and DOL Sign MOUs
Agreements to protect consumers from electronic spam/scams and workers from unfair competition/business practices
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Names Rule: SEC Final Amendments
Preventing Misleading or Deceptive Fund Names
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Risk Alert: SEC Investment Adviser Supervision
Insights into the selection of advisers for exams, including risk factors, and document requests
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Long-Term Debt Requirements: Interagency Proposed Rule
Proposal to impose a LTD requirement on certain large BHCs, IHCs, and insured depository institutions
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SEC Private Fund Adviser Reforms: Final Rules
Increased reporting/disclosure to investors; new compliance documentation requirements for all registered advisers
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AML Enforcement: SEC Risk Alert & FFIEC Exam Manual Updates
Increasing intensity to AML programs, customer identification programs, CDD, and beneficial ownership obligations
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“Covered Technologies” and Conflicts of Interest: SEC Proposal
To address conflicts arising from technologies that optimize for, predict, guide, forecast, or direct investor decisions
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Resolution & Living Wills: FDIC and Joint (FDIC/FRB) proposals
Strengthening resolution planning, strategy, and reporting
Capital Requirements: Proposed “Basel III Endgame” & GSIB Capital Surcharges
Intended to introduce more transparency, consistency, and risk sensitivity to the frameworks
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Public Company Cybersecurity Risk Management, Strategy, Governance and Incident Disclosure
SEC Final Rule
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SEC Money Market Fund Reforms & Customer Protection Rule Proposal
SEC efforts to improve fund resiliency and stability
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2023 Regulatory Agendas: Federal Banking Regulators
Key list of upcoming rulemaking
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SEC 2023 Regulatory Agenda
Continuing a brisk pace and breadth of activity
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SEC Examinations Risk Alert: Marketing Rule
Expanding examinations focus on testimonials and endorsements, third-party ratings, and Form ADV disclosures
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Third-Party Risk Management (TPRM): Final Interagency Guidance
Replaces each agency’s prior third-party guidance; reiterates sound risk management
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Bank Supervision: OCC “Persistent Weaknesses”
Reiterating the importance of bank risk management, issues management, and governance
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Biometric Information: Federal Trade Commission UDAP
Policy statement on the collection and use of “biometric information”
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Supervisory Focus: FRB Highlights
FRB Reports: Supervision and Regulation, Financial Stability
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Clearing Agency Risk Management and “Living Wills”
Proposed changes to the Covered Clearing Agency Standards impacting margin requirements and the elements of recovery and wind-down plans
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Form PF and Share Repurchase Disclosures: Final Rules
Expands investment adviser Form PF reporting and issuer disclosure of share repurchase plans and activity
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FDIC Deposit Insurance Reform Options
Potential alternatives to the current deposit insurance system
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Bank Supervision and Regulatory Change
Federal push for changes to financial services supervision and regulation
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Enforcement/Supervision to “Automated Systems”
Ensuring “automated systems” development and use is consistent with federal laws
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Financial Stability, Nonbank Supervision: FSOC Proposals
Analytic framework and related guidance for identifying, assessing, and responding to potential financial stability risks
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Environmental Justice: New Executive Order
White House says “environmental justice is a duty of all executive branch agencies and should be incorporated into their missions”
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Ensuring Trust in AI: Commerce Department Request for Comment
Seeking input on how to ensure that AI works as claimed and without causing harms
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Bank Regulatory Change
Administration encourages federal banking agencies to make regulatory and supervisory changes
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CFPB Small Business Lending Data (Section 1071)
Final rule governing data collection and reporting
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FTC Recent Focus on Tech: Digital Advertising, Cloud
Increasing scrutiny of technology adoption and use
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SEC Proposal to Expand Regulation SCI
Areas of focus: policies/procedures, incident notification, and system reviews/testing
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SEC Proposals on Cyber Risk Management for Market Entities
Areas of focus: policies/procedures, cyber risk assessments, incident notification/disclosure, expanded coverage among participants
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SEC Proposes Amendments to Regulation S-P
Changes to the Safeguards and Disposal Rules to address detection and notification of customer data breaches
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DOJ Initiatives on Compensation, Voluntary Self-Disclosure
Continuing focus on accountability and cooperation
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White House Announces National Cybersecurity Strategy
Calls to shift liability and investment and promote secure and resilient software products/services
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Fraud, Identity Theft, and Other Scams
Approximately 5.15 million reports received from consumers in 2022
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Russia-Ukraine War: Expanded U.S. Sanctions, FATF Action
U.S., G7, and other countries announce “expanded and intensified” Russia sanctions and set price caps on Russian-origin petroleum products
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NAIC 2023 Strategic Priorities for State Insurance Regulators
Focus areas including climate risk, data/AI, cybersecurity, marketing, and consumer protections
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SEC Proposes Amendments to the Custody Rule
Expands authority to all assets, including crypto
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SEC final rule for T+1 settlement cycle
Shortening the securities transaction settlement cycle
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Focus on Tech: Cloud, AI, Personal Data
Heightened regulatory expectations for technology risk management, operational resiliency, risk governance, data collection and privacy
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Examinations: SEC 2023 Priorities
Focus areas include adherence to new rules, RIAs to private funds, retail investor “best interest” ESG-related services/funds, and “crypto-related” trading
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Consumer Fees: CFPB Proposal on Credit Card Late Fees
Continued focus on consumer fees and “fairness”
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SEC Examinations Risk Alert: Regulation Best Interest
Observations across the four components: Disclosure, Care, Conflict of Interest, and Compliance
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DOJ Revises Criminal Division Corporate Enforcement Policy
"Benefits" for self-disclosure, cooperation, and remediation
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Climate Risk: FRB’s Pilot Scenario Analysis and Risk Management Practices
Quantitative and qualitative measures for assessing impact of physical and transition risk
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Examination and Risk Monitoring: FINRA 2023 Report
Outline of key risk areas and new topics
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CFPB Proposal to Supervise Big Tech and Other Wallet/Payment Providers
Proposal to supervise “larger participants” in the nonbank market for “general-use consumer digital payment applications”
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CFPB Regulatory Agenda
Continuing focus on fees
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SEC Regulatory Agenda
Continuing its ambitious pace and breadth of activity
No results found.
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Focus on Non-Bank Financial Firms, P2P Platforms, and Crypto Exchanges
Banks and non-banks should anticipate heightened regulatory attention
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FRB Reports: Financial stability risks; Supervision and regulatory priorities
Large banks mitigate financial uncertainties; the FRB denotes “work to do” to meet supervisory expectations for governance and controls
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Bank Lending: FRB Survey Indicates Industry Expects Mild Recession, Tightening Standards
Tightening of standards and terms across business loans; increased demand for credit card loans and HELOCs
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Third party risk management: SEC Investment Adviser Proposal
New proposed oversight requirements for investment advisers using third party service providers
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Consumer and Investor Fees: SEC, CFPB, and FTC Focus
Recent regulatory releases reinforce the increasing focus on fees
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CFPB Proposals for Section 1033, Personal Financial Data Rights
Outline of proposals to implement section 1033 of the Dodd-Frank Act
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Data Retention and Deletion: Increasing Regulatory Expectations
Regulators have heightened rulemaking and enforcement to strengthen recordkeeping, data retention, and data deletion requirements
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Climate Risk: Insurance data collection; FSB progress reports
Continued focus on climate-related financial risks, related disclosures, and prudential oversight
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Large Bank Resolution: FRB, FDIC Joint ANPR
Increasing concentration in the $250-$700 billion asset size prompts regulators to consider changes to LBO resolution requirements
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Crypto and Digital Assets: FSOC, NY Fed Reports on Financial Stability Implications
Detailed reports on the financial stability risks of digital assets
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Climate Risk: SEC’s Mandatory Climate Disclosures Proposal
Quantitative and qualitative elements would have far-reaching impacts
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Climate Risk: FRB pilot scenario analysis
Measuring and managing climate-related risks
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Crypto & Digital Assets: Treasury & DOJ Report Recommendations
A look at recommendations to inform future policies, including consumer/investor protections, financial crimes, and national security
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DOJ shifts policies, encouraging compliance "incentives and deterrence"
Enhancing and investing in the ethics & compliance program
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Regulation and supervision: Agencies preview forthcoming priorities
Key upcoming areas of focus
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Inflation Reduction Act
Provisions to address energy production, carbon emissions reduction
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OCC principles for large bank climate risk management
Large banks on notice for maturation of climate risk management programs
2021
Money market fund reforms
Insider Trading and Share Repurchases
Countering corruption: Beneficial ownership, Real-estate transactions
Regulatory focus on overdraft fees
Cryptocurrency activities
Cyber incident notifications
DOJ shifts policies, encourages companies to focus on compliance investment
Virtual assets and related providers | Updated FATF guidance
Infrastructure law adds new funding avenues
Board action: Climate risk questions for management
Interagency Report on Regulation of Stablecoins
CFPB issues consumer protection orders to Big Tech
FSOC issues climate risk recommendations
Transition away from LIBOR
Regulatory focus on cloud computing
CFPB supervisory and enforcement focus
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