CFTC Contemplates Broad Climate-Risk Action Plan

Acting on the President’s executive order (see FSM Report GREEN8) , the CFTC is seeking comments on how climate risk affects the derivatives market, underlying commodities markets, the entities it regulates, and financial institutions that might be directly affected by climate risk in this sector.  Supporting FSOC’s work, the Commission also seeks comments on systemic risk implications as well as near-term initiatives.

CFPB Plans Fit-for-Purpose Data-Privacy Regime

When we yesterday predicted that Sen. Brown’s comments about data privacy would spark CFPB action, we didn’t expect that it would come today.  However, Director Chopra used his opening comments and those throughout an advisory-committee meeting to argue, as had the Senate Banking chairman, that personal data are now being used for purposes adverse to fair markets and consumer protection.

Board Soon to Get Barr

The Senate Banking Committee today voted 17-7 to advance Michael Barr’s nomination for Vice Chairman for Supervision at the Federal Reserve to a full Senate vote.  Given Sen. Toomey (R-PA)’s support for Mr. Barr, rapid confirmation is almost certain.  Those voting against Mr. Barr were Sens. Shelby (R-AL), Crapo (R-ID), Tillis (R-NC), Kennedy (R-LA), Hagerty (R-TN), Cramer (R-ND), and Daines (R-MT).