The CFPB issued a no-action letter to Upstart Network, Inc., stating the agency would not take supervisory or enforcement action against the online lending platform in connection with an artificial intelligence-driven underwriting model.
FINRA proposed a rule change that would extend the expiration date for temporary amendments that (i) allow virtual hearings and (ii) provide relief to FINRA staff from certain enforcement and procedural requirements.
A joint Federal Reserve Board, OCC and FDIC interim final rule went into effect relieving community banks impacted by COVID-19 policy responses from the regulatory requirements applicable to institutions with over $10 billion in assets.
In testimony before the Senate Banking Committee, Federal Reserve Board Chair Jerome H. Powell described the impact of the COVID-19-related lending facilities and economic stimulus plans under the CARES Act.
ICE Benchmark Administration announced a consultation on its intention to cease publishing USD LIBOR after (1) in the case of 1-week and 2-month LIBOR, on December 31, 2021; and (2) in the case of overnight, 1-, 3-, 6- and 12-month LIBOR, on June 30, 2023.
The CFTC and the Italian Companies and Exchange Commission entered into a Memorandum of Understanding concerning the supervision and oversight of derivatives-related activities between the United States and Italy.