The OCC, Treasury, Federal Reserve Board and FDIC proposed a joint rulemaking to establish requirements for tax allocation agreements between institutions and their holding companies in a consolidated tax filing group.
The U.S. House Financial Services Subcommittee on Consumer Protection and Financial Institutions held a hearing to consider proposed legislation on novel financial institution charters such as industrial loan companies, as well as state charters and licenses for cryptocurrency and blockchain firms.
The DOL issued guidance on a February 2021 exemption that allows investment advice fiduciaries to receive compensation and engage in certain transactions otherwise prohibited under ERISA and the Internal Revenue Code.
In a joint statement, the Federal Reserve Board, the FDIC and the OCC, in consultation with FinCEN and the National Credit Union Administration, described how the agencies' "Supervisory Guidance on Model Risk Management" relates to Bank Secrecy Act / Anti-Money Laundering systems.
A Federal Reserve Board, CFPB, FDIC, National Credit Union Administration and OCC request for information and comments on financial institutions' use of artificial intelligence and machine learning was published in the Federal Register.
After June 30, banks with capital levels above the minimum risk-based requirements under the current round of stress tests will no longer be subject to COVID-19 related and other restrictions on bank dividends and share repurchases.
Federal Reserve Board Governor Lael Brainard warned that "financial market participants that do not put in place frameworks to assess and address climate-related risks could face significant losses on climate-sensitive assets caused by environmental shifts, by a disorderly transition, or both."