Newsletter

August 18, 2023

The National Institute of Standards and Technology (NIST) released a major update to its widely used cybersecurity framework (CSF), aiming to reflect changes in the cybersecurity landscape and make it easier for organizations to put the CSF into practice. NIST is accepting public comment on the draft framework until November 4, 2023, and plans to publish the final version of the framework in early 2024. 

The White House released a compilation of statements from members of Congress, state and local government officials, labor and union organizations, and clean energy companies supporting the Inflation Reduction Act’s (IRA) progress toward lowering energy and healthcare costs following the Act’s one-year anniversary.

The Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Hawaii Department of Commerce and Consumer Affairs’s Division of Financial Institutions, the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC) issued an interagency statement on supervisory practices regarding financial institutions affected by the Hawaii wildfires. 

The FRB announced an enforcement action against Farmington State Bank and its holding company, FBH Corporation, aiming to ensure that the bank’s operations will wind down in a manner that protects the bank’s depositors and the Deposit Insurance Fund. The action also prohibits Farmington and FBH from making dividends or capital distributions, dissipating cash assets, and engaging in certain activities without approval from its supervisors.

The FDIC announced that Dr. Felita Boldin has been appointed to the position of Chief Learning Officer and Director of Corporate University. Dr. Boldin will start her new position with the FDIC on September 11.

The Consumer Financial Protection Bureau (CFPB) announced an action against Freedom Mortgage Corporation (Freedom) for allegedly providing illegal incentives, including cash payments, paid subscription services, and catered parties, to real estate brokers and agents in exchange for mortgage loan referrals in violation of the Real Estate Settlement Procedures Act and its implementing regulation.

The CFPB released an update to the Filing Instructions Guide for Small Business Lending Data. The updates include reordering certain demographic information codes to better correlate with Home Mortgage Disclosure Act data, minor wording clarifications to the pricing information data point, and minor administrative updates to the validation IDs.

The Securities and Exchange Commission (SEC) is poised to allow the first exchange-traded funds (ETFs) based on Ether futures, Bloomberg reported. Nearly a dozen companies, including Volatility Shares, Bitwise, Roundhill, and ProShares, have filed to launch the ETFs.

CFPB Director Rohit Chopra delivered remarks at a White House roundtable on protecting Americans from harmful data broker practices. In his remarks, Director Chopra announced that the CFPB is launching a rulemaking to develop rules that would define data brokers that sell certain types of consumer data as consumer reporting agencies under the Fair Credit Reporting Act (FCRA) and address whether personally identifying information taken from traditional credit reports is considered a consumer report.

The CFPB plans to publish an outline of proposals and alternatives under consideration for a proposed rule next month and aims to issue a proposed rule in 2024. Principal Deputy Assistant Attorney General Brian Boynton also delivered remarks at the roundtable.

Need to catch up on what happened last week? Check out our Midweek Update here