In separate hearings, the Senate Banking Committee and the House Financial Services Committee heard testimony from CEOs of the largest U.S. banks on a broad range of public policy and compliance matters.
In its 2021 Annual Report, the Financial Stability Oversight Council assessed the state of the financial system and provided recommendations concerning climate-related financial risk, digital asset risk, the orderly transition away from LIBOR, and cybersecurity.
The House Financial Services Committee Taskforce on Financial Technology considered the implications of central bank digital currencies as they pertain to (i) trade-offs in the design of different technological infrastructures, (ii) consumer privacy and (iii) increased access to financial services.
FinCEN Director Kenneth Blanco reviewed (i) recent trends in pandemic-related fraudulent activity, (ii) FinCEN's response and (iii) recent rulemakings and alerts aimed at combating cyber threats.
FinCEN alerted financial institutions to indicators of COVID-19-related cybercrime. The alert concerns (i) the exploitation of remote platforms, particularly against financial and healthcare systems, (ii) phishing, malware and extortion schemes, and (iii) business email compromise fraud.