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14 07, 2022

DAILY071422

2023-01-06T15:12:22-05:00July 14th, 2022|2- Daily Briefing|

FSB Climate-Risk Progress Report Underscores Disclosure Standards, Improved Data

The FSB today released a climate-risk progress report that also details near-term actions.  These include not only the statement to the G20 in October noted in yesterday’s G20 report, but also a status report in September from the Task Force on Climate-Related Financial Disclosures (TCFD) on industry progress toward adopting its climate disclosure recommendations.

CFPB, OCC Slam BofA for UI-Fraud Lapses

The OCC and CFPB today issued a $225 million enforcement order against Bank of America related to unemployment-insurance and public-benefit fraud that led the bank to improperly withhold prepaid-card payments to legitimate recipients.

BIS Builds “Central Bank Liquidity Bridges”

Continuing its work to promote better cross-border payments, the BIS today floated the idea of “central-bank liquidity bridges” to overcome current frictions in the bank-dominated sector.

Clarida and Powell Cleared, but OIG Still Reviewing Fed Ethics

The Office of the Inspector General at the Fed today cleared former Vice Chair Clarida and Chairman Powell of ethics violations that have dogged them as recently as a letter yesterday from Senate Democrats.

Daily071422.pdf

29 06, 2022

GSE-062922

2023-01-24T16:07:52-05:00June 29th, 2022|4- GSE Activity Report|

Sliding Into Fourth

In response to a request from its Inspector General, FHFA renewed the commitment to fourth-party supervision.  It now states that it will look even harder at GSE fourth-party risk management, assess trends in this sector, and take a look at rewriting current guidance to capture these exogeneous, but nontrivial, risks.   FHFA is hard-pressed to reach directly to fourth parties since it’s alone among major regulators with no authority to scrutinize third-party service providers.  However, it can and apparently will tell the GSEs to do more to reduce risks that come at them by way of subservicers, cyber-security providers, MI reinsurers, and other counterparties, affiliates, and vendors critical to GSE operations.  No timeline or specifics are provided.

GSE-062922.pdf

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