PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, July 16, 2021
July 16, 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.
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Chairman of the Federal Reserve's Semiannual Monetary Policy Report to the Congress
July 15, 2021
The U.S. Senate's Committee on Banking, Housing, and Urban Affairs met in open session for a hearing titled, "The Semiannual Monetary Policy Report to the Congress," with testimony from Federal Reserve Chairman Jerome Powell.
- Testimony of Federal Reserve Chair Jerome Powell
- Statement by Committee Chair Sherrod Brown
- Statement by Ranking Member Patrick Toomey
- Hearing Page
U.S. House of Representatives
Committee on Financial Services
Statement: Congresswoman Waters Applauds President Biden's Executive Order to Examine Bank Merger Practices, Urges Federal Reserve to Strengthen Merger Reviews
July 15, 2021
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, released a statement on President Biden's recent executive order encouraging the Department of Justice and prudential regulators to examine bank merger practices.
Federal Agencies
Federal Reserve Board
Paper: Un-used Bank Capital Buffers and Credit Supply Shocks at SMEs during the Pandemic
July 15, 2021
The Board of Governors of the Federal Reserve System published a paper analyzing whether banks curbed lending to creditworthy small and mid-sized enterprises during the COVID-19 pandemic.
Paper: U.S. Monetary Policy Spillovers to Emerging Markets: Both Shocks and Vulnerabilities Matter
July 15, 2021
The Board of Governors of the Federal Reserve System published a paper titled "U.S. Monetary Policy Spillovers to Emerging Markets: Both Shocks and Vulnerabilities Matter."
Department of Labor
Unemployment Insurance Weekly Claims Report Update
July 15, 2021
In the week ending July 10, the advance figure for seasonally adjusted initial claims was 360,000, a decrease of 26,000 from the previous week's revised level. This is the lowest level for initial claims since March 14, 2020 when it was 256,000. The previous week's level was revised up by 13,000 from 373,000 to 386,000. The 4-week moving average was 382,500, a decrease of 14,500 from the previous week's revised average. This is the lowest level for this average since March 14, 2020 when it was 225,500. The previous week's average was revised up by 2,500 from 394,500 to 397,000.
International
UK Financial Conduct Authority
Report: FCA publishes Annual Report and Accounts 2020/21
July 15, 2021
The UK Financial Conduct Authority (FCA) has published its Annual Report and Accounts, which looks back on key pieces of work throughout 2020/21.
- Annual Diversity Report 2020/21
- Implementing the recommendations from the Independent Reviews
- Enforcement data 2020/21
- Investment management data 2020/21
- Pay gap data 2021
- Market cleanliness statistics 2020/21
- Trade transparency and market liquidity data 2020/21
- Service standards 2020/21
- Response to Complaints Commissioner's Annual Report 2020/21
- Press Release
Business Plan 2021/22
July 15, 2021
The FCA's Business Plan 2021/22 explains how it sees our future role and priorities, how it intends to deliver them, and how it will measure its performance. The FCA made a commitment to be a more, innovative, adaptive and assertive regulator. The commitment reflects the FCA's Business Plan for 2021/22, the first annual plan since Nikhil Rathi joined the FCA as Chief Executive in October 2020.
- Business Plan 2021/22
- Overview
- FCA's Role and Business Plan Webinar
- Speech by CEO Nikhil Rathi
Press Release
Administration Changes
Appointments/Confirmation Hearings
Department of the Treasury - Janet Yellen (effective January 26, 2021)
Consumer Financial Protection Bureau - Rohit Chopra (Nominee)
- Acting Director: Dave Uejio (January 20, 2020)
- Confirmation hearing held on March 2, 2021
- Committee approval March 10, 2021
Securities and Exchange Commission - Gary Gensler (effective April 17, 2021)
- Renee Jones to Join SEC as Director of Corporation Finance; John Coates Named SEC General Counsel (June 14, 2021)
- Daniel S. Kahl Appointed Acting Director of the Division of Examinations; Peter B. Driscoll to Depart Agency (July 14, 2021)
Small Business Administration - Isabella Casillas Guzman (effective March 16, 2021)
Commodity Futures Trade Commission
Financial Crimes Enforcement Network
National Credit Union Administration - Todd M. Harper
Department of Housing and Urban Development - Marcia Fudge (effective March 10, 2021)
Department of Education - Dr. Miguel Cardona (effective March 2, 2021)