Dodd Frank Update – Oct. 4, 2023

Dodd Frank Update – Oct. 4, 2023

Wednesday, October 4, 2023
Congress avoids shutdown, reauthorizes NFIP… for now
With the midnight deadline looming, Congress passed an 11th hour spending bill led by House Speaker Kevin McCarthy (R-Calif). The measure provides federal funding through Nov. 17, at which point new legislation will be required to keep the government up and running.


SEC charges Deutsche Bank subsidiary with AML, ESG violations
A subsidiary of Deutsche Bank drew two separate enforcement actions from the Securities and Exchange Commission (SEC) for failing to develop a mutual fund anti-money laundering program and for misstatements about its environmental, social, and governance investment process.
FTC, DOL issue MOU on UDAP protections for workers
Efforts to protect workers against unfair and deceptive acts and practices within the U.S. labor markets are being bolstered through a new memorandum of understanding between the Federal Trade Commission and the U.S. Department of Labor. Under the newly signed agreement, the two agencies will collaborate on policymaking and enforcement activities pertaining to issues facing competition in the U.S. market.


NCUA awards $3.1 million in community development grants
The National Credit Union Administration (NCUA) recently awarded $3.1 million in Community Development Revolving Loan Fund (CDRLF) grants to 142 low-income and minority depository institutions. Noting that Congress designated additional funding and allowed MDI-designated credit unions to qualify for CDRLF grants in 2023, the NCUA took the opportunity to offer increased support to institutions that could use it.


House divided on bill to prohibit central bank digital currency
The House Financial Services Committee recently passed legislation to restrict the federal government’s ability to introduce a U.S. central bank digital currency (CBDC), drawing support from the financial services industry. H.R. 5403, also known as the “CBDC Anti-Surveillance State Act,” passed by a vote of 27-20, with amendments intended to ensure the country’s central banks are prohibited from issuing digital assets of any kind.


Over 100 firms commit to Treasury principles on green energy
More than 100 U.S. firms have stepped up to the forefront of a voluntarily initiative with the goal of achieving net-zero emissions through proactive measures to reduce their climate footprint. It involves a commitment to nine principles set by the Treasury Department and the Biden-Harris administration, which will act as a practical framework to reach this goal.
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