The New York Department of Financial Services reminded banking institutions of recent amendments to the New York Community Reinvestment Act that require additional information on activities with respect to minority- and women-owned businesses.
SEC Chief Accountant Sagar Teotia identified several areas of accounting and financial reporting that will require "significant judgments and estimates" due to the evolving status of the COVID-19 pandemic.
FDIC Chair Jelena McWilliams urged the Financial Accounting Standards Board to delay the implementation of an accounting standards update in order to allow banks to focus on addressing the impact of COVID-19.
The SEC charged an investment advisory firm and two of its investment advisers with violating their fiduciary duty and defrauding clients by failing to disclose significant financial conflicts of interest.
Federal Reserve Board Governor Lael Brainard proposed an approach to Community Reinvestment Act oversight that would use metrics on retail banking services and community development to evaluate banks in low- and moderate-income neighborhoods.