PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, December 17, 2021
December 17, 2021
FedACTion Task Force
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Congress
Click here to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act"), Enacted March 27, 2020.
Click here to view the full text of the Paycheck Protection Program Increase Act of 2020, Enacted April 24, 2020.
Click here to view the full text of the Paycheck Protection Program Flexibility Act of 2020, Enacted June 5, 2020.
Click here to view the full text of the Consolidated Appropriations Act, 2021, Enacted December 27, 2020.
Click here to view the full text of the American Rescue Plan of 2021, Enacted March 11, 2021.
Click here to view the full text of the PPP Extension Act of 2021, Enacted March 30, 2021.
Click here to view a running list of proposed legislation from the Senate Committee on Banking, Housing, and Urban Affairs, Senate Committee on Small Business and Entrepreneurship, House Committee on Financial Services, and House Committee on Small Business.
Federal Agencies
Federal Reserve Board
Federal Deposit Insurance Corporation
Agencies Release Annual Asset-size Thresholds under Community Reinvestment Act Regulations
December 16, 2021
The Federal Reserve Board and the Federal Deposit Insurance Corporation announced the 2022 updated asset-size thresholds used to define "small bank" and "intermediate small bank" under the Community Reinvestment Act regulations.
Federal Reserve Board
Industrial Production and Capacity Utilization - G.17
December 16, 2021
The Federal Reserve Board published its November Industrial Production and Capacity Utilization data release. Industrial production rose 0.5% in November. The indexes for both manufacturing and mining increased 0.7%, while the index for utilities decreased 0.8%.
Federal Reserve Bank of New York
Report: Business Leaders Survey
December 16, 2021
The Federal Reserve Bank of New York published its December 2021 Business Leaders Survey.
Office of the Comptroller of the Currency
OCC Seeks Feedback on Principles for Climate-Related Financial Risk Management for Large Banks
December 16, 2021
The Office of the Comptroller of the Currency (OCC) requested feedback on draft principles designed to support the identification and management of climate-related financial risks at national banks and federal savings associations with more than $100 billion in total consolidated assets. The OCC expects to use the feedback to inform any future guidance with respect to climate-related financial risk.
Securities and Exchange Commission
PCAOB Makes HFCAA Determinations Regarding Mainland China and Hong Kong
December 16, 2021
The Public Company Accounting Oversight Board (PCAOB) issued a report on its determinations that the PCAOB is unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in mainland China and in Hong Kong, a Special Administrative Region of the People's Republic of China (PRC), because of positions taken by PRC authorities in those jurisdictions.
Commodity Futures Trading Commission
CFTC's Interest Rate Benchmark Reform Subcommittee Issues User Guide for the Transition of Exchange-Traded Derivatives Activity to SOFR
December 16, 2021
The Interest Rate Benchmark Reform Subcommittee, a subcommittee of the Commodity Futures Trading Commission's Market Risk Advisory Committee (MRAC), issued a user guide for the transition of newly-executed exchange-traded derivatives from LIBOR to the Secured Overnight Financing Rate (SOFR) pursuant to the MRAC's approval of the SOFR First Initiative at its July 13, 2021 meeting.
Consumer Financial Protection Bureau
Consumer Financial Protection Bureau Opens Formal Inquiry into "Buy Now, Pay Later" Credit Programs
December 16, 2021
The Consumer Financial Protection Bureau (CFPB) issued a series of orders to five companies offering "buy now, pay later" credit.
National Credit Union Administration
Board Approves 2022-2023 Budget, Sets Normal Operating Level
December 16, 2021
The National Credit Union Administration (NCUA) Board held its eleventh open meeting of 2021 through a live webcast and approved four items:
- The operating, capital, and National Credit Union Share Insurance Fund budgets for 2022 and 2023;
- A final rule creating a simplified measure of capital adequacy for complex credit unions;
- A final rule permitting federal credit unions to purchase mortgage servicing rights from other federally insured credit unions; and
- A final rule amending the NCUA's subordinated debt rules to facilitate investments from the U.S. Treasury's Emergency Capital Investment Program.
In addition, the NCUA Board approved the National Credit Union Share Insurance Fund's Normal Operating Level to be 1.33% in 2022.
- Budgets
- Leverage Ratio Final Rule
- Subordinated Debt Final Rule
- Mortgage Servicing Assets Final Rule
- Normal Operating Level
- Press Release
Letter: Relationships with Third Parties that Provide Services Related to Digital Assets
December 16, 2021
National Credit Union Administration (NCUA) Chairman Todd M. Harper wrote a letter to provide clarity about the already existing authority of federally insured credit unions (FICUs) to establish relationships with third-party providers that offer digital asset services to the FICUs' members, provided certain conditions are met. This includes third-party provided services to allow FICU members to buy, sell and hold uninsured digital assets with the third-party provider outside of the FICU.
Freddie Mac
Freddie Mac Expanding Eligibility to Help More Low- and Moderate-Income Homeowners Refinance Affordably
December 16, 2021
Freddie Mac issued a statement in support of an announcement by the Federal Housing Finance Agency (FHFA) that Freddie Mac and Fannie Mae's low-income refinance programs will be expanded to include those making at or below 100% of the area median income (AMI) – up from 80% AMI.
International
European Commission
EU Institutions Agree Priorities for 2022 for a Resilient and Reinvigorated EU
December 16, 2021
The leaders of the EU institutions signed a Joint Declaration identifying key legislative priorities for 2022, and welcomed progress on the 2021 priorities.
European Banking Authority
EBA Strengthens AML/CFT Supervision in the EU through Revised Guidelines and Enhanced Cooperation
December 16, 2021
The European Banking Authority published its revised Guidelines on risk-based supervision of credit and financial institutions' compliance with anti-money laundering and countering the financing of terrorism obligations.
EBA Issues Final Guidelines on Cooperation and Information Exchange Between Prudential Supervisors, AML/CFT Supervisors and Financial Intelligence Units
December 16, 2021
The European Banking Authority published its final Guidelines setting out how prudential supervisors, anti-money laundering and countering the financing of terrorism (AML/CFT) supervisors and financial intelligence units should cooperate and exchange information in relation to AML/CFT, in line with provisions laid down in the Capital Requirements Directive.
Report: The EBA's Feasibility Study on Integrated Reporting System Provides a Long-Term Vision for Increasing Efficiencies and Reducing Reporting Costs
December 16, 2021
The European Banking Authority published its final report on the feasibility study of an integrated reporting system. The study is part of a broader strategy of the European Commission to improve and modernize EU supervisory reporting while minimizing the aggregate reporting burden for all parties.
Bank of England
Latest Results from the Decision Maker Panel Survey – 2021 Q4
December 16, 2021
The Bank of England published its 2021 fourth quarter Decision Maker Panel Survey.
Report: Agents' Summary of Business Conditions – 2021 Q4
December 16, 2021
The Bank of England (BoE) published its 2021 fourth quarter agents' summary of business conditions.
Letter: Exchange of Letters between the Governor and the Chancellor Regarding CPI Inflation – December 2021
December 16, 2021
Governor of the Bank of England (BoE) Andrew Bailey and Chancellor of the Exchequer Rishi Sunak exchanged letters regarding Consumer Prices Index inflation.
Bank of England Prudential Regulation Authority
Inventory of Senior Manager Responsibilities
December 16, 2021
The Bank of England Prudential Regulation Authority published an inventory of senior manager responsibilities.
Administration Changes
Appointments/Confirmation Hearings
U.S. Department of the Treasury - Janet Yellen (effective January 26, 2021)
Federal Reserve Board
- Statement by Federal Reserve Board Chair Jerome H. Powell on his nomination by President Biden (November 22, 2021)
- Statement by Governor Lael Brainard on her nomination by President Biden (November 22, 2021)
- Secretary of the Treasury Janet L. Yellen Statement on Federal Reserve Nominations (November 22, 2021)
- Statement by Secretary Walsh on Federal Reserve Nominations (November 22, 2021)
- Brown Statement on the Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Toomey Statement on Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Brown Applauds Biden's Nomination of Governor Lael Brainard for Vice Chair (November 22, 2021)
Consumer Financial Protection Bureau - Rohit Chopra (effective October 12, 2021)
- Statement by House Committee on Financial Services Chair Maxine Waters on Rohit Chopra's Confirmation (September 30, 2021)
- CSBS Statement on Rohit Chopra Confirmation as CFPB Director (September 30, 2021)
Securities and Exchange Commission - Gary Gensler (effective April 17, 2021)
Small Business Administration - Isabella Casillas Guzman (effective March 16, 2021)
- Statement by Administrator Guzman Applauding President Biden's Appointees to Lead SBA Regional Offices (November 18, 2021)
- Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (December 6, 2021)
Commodity Futures Trade Commission
- Acting Chair: Rostin Behnam (January 21, 2021)
- Rostin Behnam, Nominee for Chair and Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- Kristin Johnson, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- Christy Goldsmith Romero, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
Financial Crimes Enforcement Network
National Credit Union Administration - Todd M. Harper
U.S. Department of Housing and Urban Development - Marcia Fudge (effective March 10, 2021)
- Adrianne Todman Sworn in as Deputy Secretary of Housing and Urban Development (June 15, 2021)
- Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (December 15, 2021)
Federal Housing Finance Agency – Sandra L. Thompson
- Brown Statement on the Selection of Sandra Thompson to Lead FHFA (December 14, 2021)
- Waters Applauds Biden's Nomination of Sandra L. Thompson as Permanent Director of the FHFA (December 14, 2021)
- Statement from HUD Secretary Marcia L. Fudge on the Nomination of Sandra Thompson (December 14, 2021)
U.S. Department of Education - Dr. Miguel Cardona (effective March 2, 2021)
- Secretary Cardona Statement on Confirmation of Education Department Officials Brown, Rodriguez and Graham (October 6, 2021)
- Statement from Secretary Miguel Cardona on the Confirmation of Catherine Lhamon as Assistant Secretary for the Office for Civil Rights (October 20, 2021)
- Statement by U.S. Secretary of Education Miguel Cardona on the Confirmation of Sandra Bruce as the Department's Inspector General (December 3, 2021)
- Statement by U.S. Secretary of Education Miguel Cardona on President Biden's Nomination of LaWanda Toney (December 16, 2021)