The Securities and Exchange Commission today voted to adopt amendments to the electronic recordkeeping, prompt production of records, and third-party recordkeeping service requirements applicable to broker-dealers, security-based swap dealers (SBSDs), and major security-based swap participants (MSBSPs). The amendments are designed to modernize recordkeeping requirements given technological changes over the last two decades and to make the rule adaptable to new technologies in electronic recordkeeping. The amendments will also facilitate examinations of broker-dealers, SBSDs, and MSBSPs.

SEC.gov | SEC Adopts Rule Amendments to Modernize How Broker-Dealers Preserve Electronic Records and Enhance the Electronic Recordkeeping Requirements for Security-Based Swap Entities

The Securities and Exchange Commission today reopened the public comment periods for 11 Commission rulemaking releases and one request for comment due to a technological error that resulted in a number of public comments submitted through the Commission’s internet comment form not being received by the Commission. The majority of the affected comments were submitted in August 2022; however, the technological error is known to have occurred as early as June 2021.

SEC.gov | SEC Reopens Comment Periods for Several Rulemaking Releases Due to Technological Error in Receiving Certain Comments

The Federal Financial Institutions Examination Council, on behalf of its members, released an update to the October 2018 Cybersecurity Resource Guide for Financial Institutions. The updated resource guide now includes ransomware-specific resources to address the ongoing threat of ransomware incidents.

FFIEC Announcement

Today, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) took a historic step in support of U.S. government efforts to crack down on illicit finance and enhance transparency by issuing a final rule establishing a beneficial ownership information reporting requirement, pursuant to the bipartisan Corporate Transparency Act (CTA). The rule will require most corporations, limited liability companies, and other entities created in or registered to do business in the United States to report information about their beneficial owners—the persons who ultimately own or control the company, to FinCEN. Designed to protect U.S. national security and strengthen the integrity and transparency of the U.S. financial system, the rule will help to stop criminal actors, including oligarchs, kleptocrats, drug traffickers, human traffickers, and those who would use anonymous shell companies to hide their illicit proceeds.

FinCEN Issues Final Rule for Beneficial Ownership Reporting to Support Law Enforcement Efforts, Counter Illicit Finance, and Increase Transparency | FinCEN.gov

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and state financial regulators, collectively the agencies, recognize the serious impact of Hurricanes Fiona and Ian on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities.

FDIC: PR-68-2022 9/29/2022

The supervisory framework applies supervisory guidance and resources based on a supervised insurance organization’s risk. It also establishes a supervisory rating system for firms based on their risk profiles and describes how examiners incorporate the work of state insurance regulators.

Federal Reserve Board – Federal Reserve Board finalizes supervisory framework for insurance organizations that are overseen by the Board

The Federal Reserve Board on Tuesday announced that it has invited comment on updates to its existing guidance on commercial real estate loan accommodations for borrowers. The proposal from the Board is identical to a proposal issued by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration last month.

Federal Reserve Board – Federal Reserve Board invites comment on updates to its existing guidance on commercial real estate loan accommodations for borrowers

The Federal Reserve Board on Friday invited comment on updates to operational risk-management requirements for certain systemically important financial market utilities (FMUs) supervised by the Board. FMUs provide essential infrastructure to clear and settle payments and other financial transactions upon which the financial markets and the broader economy rely to function effectively. The proposed updates generally provide more specificity to the existing requirements.

Federal Reserve Board – Federal Reserve Board invites comment on updates to operational risk-management requirements for certain systemically important financial market utilities (FMUs) supervised by the Board

The Consumer Financial Protection Bureau (CFPB) is asking for public input on ways to spur new mortgage products that help households. The CFPB seeks insights on ways to improve mortgage refinances for homeowners who would benefit from refinancing, especially for borrowers with smaller loan balances. The agency also seeks public input on ways to support automatic short-term and long-term loss mitigation assistance for homeowners who experience financial disruptions. The CFPB will use this information as it considers steps to support household financial stability and address refinance market gaps. Today’s initiative is part of a broader CFPB effort to promote competition and innovation in consumer finance markets.

CFPB Launches Effort to Spur New Opportunities for Homeowners in the Mortgage Market | Consumer Financial Protection Bureau (consumerfinance.gov)

The Federal Trade Commission has proposed a rule to fight government and business impersonation scams—a perennial scourge that has cost consumers hundreds of millions of dollars over the past five years. The proposed rule would codify the well-understood principle that impersonation scams violate the FTC Act, as do those who provide impersonators with the means to harm consumers. The proposed rule would allow the Commission to recover money from, or seek civil penalties against, scammers who harm consumers in violation of the rule.

FTC Proposes New Rule to Combat Government and Business Impersonation Scams | Federal Trade Commission