- Technology
- Thomson Reuters announces a series of GenAI initiatives to change the practice of law including AI-Assisted Westlaw Research and an AI Legal Assistant that will interface across their products; United Healthcare faces class action over use of Predictive AI decision tool to analyze claims.
- Biden executive orders on AI safety and security require Commerce and NIST to develop guidance and standards.
- Consumer Protection
- State and Federal Community Reinvestment laws get updated; bank regulators issue new guidance on TCPA compliance.
- Crypto
- New York DFS updates its guidance for Bitcoin Licensees; IOSCO Finalizes Recommendations for Regulating Crypto Asset Service Providers.
- UK announces it plans to introduce legislation next year putting into force proposed framework for regulating crypto positioning it to be one of the leading jurisdictions for crypto businesses (along with Singapore and Hong Kong).
- Enforcement
- SEC Releases FY 2023 enforcement results bringing 784 actions and obtaining $4.949B in remedies.
- Rulemaking
- Congress and Regulators butt heads on new DOL fiduciary rule and stricter capital requirements for banks; OCC issues report on its 2024 regulatory priorities.
- Data, privacy and cybersecurity
- A quarterly report on global legal/regulatory developments references the recently-finalized EU-US Data Privacy Framework that US firms can rely on as an alternative to the GDPR and a movement by regulators across the globe (CFPB in the US has proposed rulemaking) to regulate data scraping of personal data. It also lists CO and CT among jurisdictions that have enacted laws on these topics during the quarter.
- NYDFS amends Financial Services Cybersecurity Requirements; White House National Cybersecurity Initiative gains momentum.
- Fintech
- Already authorized to supervise nonbank offerings of consumer financial products, the CFPB has now proposed a new rule to regulate consumer payment firms (apps).
- Banking
- The Federal Reserve has published its semiannual Supervision and Regulation Report.
- IA/BD
- DOL issues new proposed fiduciary rule that will impose new obligations on BDs over and above obligations under SEC Reg BI; Massachusetts regulates fiduciary duty obligations at state level; Federal regulators put large nonbank financial institutions back under SIFI regulation; SEC Adopts new registration/regulation regime for Security Based Swap Execution Facilities.
- The FCA (UK) has sent a letter to CEOs of wealth management firm and brokerage firms outlining their concerns, priorities and expectations in two focus areas: AML/CFT and consumer protection.
- Consumer Banking
- The Fed publishes consumer banking newsletter featuring enforcement cases and exam issues along with regulatory challenges.
- AML/CFT
- The AML/CFT Global Standard Setter (FATF) announces plans to issue guidance bringing trust arrangements under its beneficial ownership framework; US rules imposing beneficial ownership reporting obligations on companies go into force January 1st.
- Climate Change Regulation
- SEC still expected to finalize public company climate disclosure rules by year end; in meantime, they adopted climate related rules applicable to investment companies and their advisers and Federal Bank regulators issue climate related risk guidance applicable to large banks. In the EU, banking regulators propose a series of actions for managing climate related prudential risks.
Subscribe to Compliance Insider newsletter
Subscribe to Ascent’s monthly newsletter for regulatory roundups like this, compliance insights, industry news and more.
