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OCC invites research on the impact of financial technology on banking.Goodwin

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Regulatory development

OCC Calls for Research on the Impact of Financial Technology on Banking

On July 25, the OCC announced that by August 21, 2022, the OCC will launch academic and policy-focused research into the impact of fintech and non-bank companies on the banking industry and markets for lending, deposit-taking and payment services. I’m looking for The OCC will then invite the authors of the selected papers to present to his OCC staff and guests at his OCC headquarters in Washington, DC, November 7-8, 2022. These presentations will feature academic, regulatory and other industry experts on how banking systems with a particular focus on community banking will leverage technologies related to fintech to accommodate the influx of new banking service providers. Discuss research and commentary on The Call for Papers lays out the requested scholarships. Interested parties are invited to submit papers to EconFINTECHSymposium@occ.treas.gov.

CFTC extends public comment period for requests for information on climate-related financial risks

On July 18, the CFTC extended the RFI public comment period on climate-related financial risks from August 7 to October 7. RFI seeks public comment to better inform the CFTC’s understanding and oversight of climate-related financial risks. It divides physical risks, characterized by damage caused by acute climate-related events, and transitional risks, characterized by stress on financial institutions or sectors due to changes in policies, regulations, customer and business preferences, etc. point. Climate-related financial risks directly or indirectly affect CFTC-registered entities, registrants, other market participants, derivatives markets and the underlying commodity markets themselves. This includes increased market volatility, disruption of historical price correlations and challenges to existing risk management assumptions. RFI also answers questions specific to data, scenario analysis and stress testing, risk management, disclosure, product innovation, voluntary carbon markets, digital assets, greenwashing, financially vulnerable communities, public-private partnerships and engagement. I’m looking for

“As the Commission increasingly relies on derivatives markets to manage physical risks stemming from climate change, the Commission believes that climate-related financial risks will be exposed to commodities and derivatives markets, as well as to our registered entities, It is important to proactively understand how it will affect registrants, and other market participants, and transition risks.”
– CFTC Chair Rostin Behnam

CFPB Issues New Debt Collection FAQ

On July 27, the CFPB published four new topics in its Debt Collection Rules FAQ. (1) No Third Party Communications. (2) Electronic Communications; (3) Electronic Communications: Opt-Out Notice. (4) at an unusual or inconvenient time or place; In its response to the new FAQ, the CFPB stated that nothing in the debt collection rules requires that debt collectors communicate with consumers electronically, and that consumers can collect debt through any particular method or medium. and that all electronic or attempted electronic communications and the collection of debts are associated with easy ways for consumers to opt out of further electronic communications due to debt (e.g. hyper include a clear and conspicuous opt-out notice with link, text “STOP” or similar language). The collector of the particular electronic medium through which the communication was sent.

Notice of Proposed Rulemaking on Valuation, Amendments to Incorporate Updates to Controversial Debt Restructuring Accounting Standards

On July 20, the FDIC issued a Notice of Proposed Rulemaking (Proposal). Federal Gazette Incorporate updated accounting standards into risk-based deposit insurance valuation systems. The proposed rulemaking applies to all large and highly complex insured depositories. The proposal would amend the valuation rules to explicitly include the new accounting terminology recently introduced by the Financial Accounting Standards Board (FASB), “Adjustment for Borrowers Experiencing Financial Difficulties (term).” , a large and highly complex bank scorecard showing a proportion of underperforming and risky assets. In addition, the FDIC Board and other members of the Federal Financial Institutions Examination Council plan to revise the call report forms and instructions to include terms defined in the Call Report Instructions Glossary. I’m here.

This proposal does not affect FDIC-insured and/or FDIC supervisory deposit insurance rating systems with less than $10 billion in consolidated total assets.

FDIC Updates Guidance on Terminating Cessation and Consent Orders

On July 25, the FDIC revised its guidance on terminating consent and stay orders under Section 8(b) of the Federal Deposit Insurance (FDI) Act. Under the FDI Act, the FDIC may issue a cease and desist order if an insured depository is conducting business in an unsafe or unsound manner or is in violation of any law, regulation, or agreement with the FDIC. have the authority to issue Under new guidance in the Enforcement Actions Manual, a cease and desist order may be terminated if (1) the agency has fully complied with the order and has cured the violations that gave rise to the order; (2) Provisions not complied with by the agency are no longer relevant to the agency’s circumstances. or (3) New or revised formal action has been taken against the agency by the FDIC. The Enforcement Actions Manual guides FDIC staff in their interactions with all FDIC-controlled financial institutions.

litigation and enforcement

SEC Claims Insider Trading of “Crypto Asset Securities”Cases have important implications for the digital asset industry

On July 21st, the SEC announced three individuals for insider trading of digital assets via the trading scheme, ahead of multiple announcements about the cryptocurrency becoming available on the U.S.-based digital asset exchange. One individual was a former product manager. I am specifying. The SEC also claims that individuals orchestrated a broader scheme against at least 25 digital assets, 16 of which have not been identified, resulting in illegal gains of more than $1.1 million.

Read Client Alerts to learn more about cases and their implications.

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