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The Consumer Financial Protection Bureau is seeking applications for membership on its advisory committees, which include the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council. These committees consist of experts from various fields like consumer protection, financial services, and economics to advise the bureau on consumer financial markets. The membership, which usually lasts two years, requires diverse representation of communities and interests, including those underserved. Applications are accepted online by February 24, 2021, and should include a cover letter, résumé, recommendation letter, and completed questionnaire. The Bureau aims to announce the selected new members in late summer 2021.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced the addition of several individuals and entities to the Specially Designated Nationals and Blocked Persons List (SDN List). This action is based on the determination that these persons meet the legal criteria under specific Executive Orders related to harmful activities from the Russian Federation. As a result, all their property and interests within the United States are blocked, and U.S. persons are prohibited from conducting transactions with them. The listed individuals and entities are linked to Russia and China, and are involved in activities such as financial services that have been flagged as risky under U.S. sanctions regulations.

The Securities and Exchange Commission (SEC) has approved a rule change proposed by The Depository Trust Company (DTC) to update its Corporate Actions Distributions Service Guide. The changes clarify the interim accounting process, especially in cases of securities being delisted or when ex-dates change due to unscheduled stock exchange closures. DTC will no longer apply interim accounting when an ex-date shifts due to unexpected closures, reducing the workload on participants. Additionally, updates were made to the withholding tax regulations for non-U.S. participants. These adjustments aim to improve DTC's operational efficiency and enhance clarity for its participants.

The Bureau of Consumer Financial Protection issued a statement to encourage financial institutions to better serve consumers who have limited English proficiency. This statement offers guidelines to help these institutions comply with existing laws like the Dodd-Frank Act and the Equal Credit Opportunity Act while expanding their services to non-English speakers. The Bureau emphasizes the importance of providing access to financial products and ensuring fairness and compliance without engaging in deception or discrimination. Approximately 67.8 million people in the U.S. speak a language other than English at home, highlighting the need for financial services that are accessible in multiple languages.

The Bureau of Consumer Financial Protection shared its observations on how various financial services adjusted during the COVID-19 pandemic, as highlighted in this special edition of Supervisory Highlights. The report documents the Bureau's assessments in areas like mortgage, student loans, auto loans, credit cards, and more, noting challenges faced by these sectors and their responses to rapidly changing consumer needs. Many financial institutions struggled with increased consumer requests for assistance, inaccurate information dissemination, and operational adjustments, highlighting risks that could potentially harm consumers. The Bureau aimed to help these institutions recognize and address these risks to better protect consumers.

The Securities and Exchange Commission announced that The Depository Trust Company (DTC) has proposed a rule change to introduce a new fee for its optional service called ClaimConnect. This service allows participants to match and settle cash claim transactions, like payment requests due to trading discrepancies, using a new system. The fee will charge $1.75 per side for matched claims, totaling $3.50 per transaction, to help cover DTC's costs for developing and operating the service. The new fees will be implemented starting January 1, 2021, and participants have the option to continue settling claims through their existing methods if they choose not to use ClaimConnect.

The Federal Deposit Insurance Corporation (FDIC) is inviting public comments on their request to approve a new version of the "Survey of Household Use of Banking and Financial Services." This survey, conducted with the U.S. Census Bureau, collects data on how U.S. households use banking and financial services, including those from nonbank sources. It aims to inform policymakers and help bring unbanked households into the traditional financial system. Comments must be submitted by March 19, 2021, to assist in minimizing the burden of data collection and improving the survey's quality and utility.