Daily Financial Regulation Update -- Friday, October 15, 2021

October 15, 2021

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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. House of Representatives

Committee on Financial Services

Cashed Out: How a Cashless Economy Impacts Disadvantaged Communities and Peoples

October 14, 2021

The U.S. House Committee on Financial Services Subcommittee on Oversight and Investigations held a meeting titled, "Cashed Out: How a Cashless Economy Impacts Disadvantaged Communities and Peoples."

Federal Agencies

U.S. Department of the Treasury

Remarks: Secretary of the Treasury Janet L. Yellen: Turning Action into Reality

October 14, 2021

Secretary of the Treasury Janet L. Yellen gave prepared remarks titled, "Turning Action into Reality," at the World Bank's Making Climate Action Count.

Remarks

Federal Reserve Board

Speech: Governor Bowman on Monetary Policy Making and the Economic Outlook

October 14, 2021

Federal Reserve Board Governor Michelle W. Bowman gave a speech titled, "The View from Here: The Outlook for the U.S. Economy and Implications for Monetary Policy" at the Dykhouse Scholar Program Speakers Series in Money, Banking, and Regulation.

Speech

Federal Reserve Bank of New York

Remarks: Monetary Policy Implementation: Adapting to a New Environment

October 14, 2021

Executive Vice President of the Federal Reserve Bank of New York Lorie K. Logan gave prepared remarks titled, "Monetary Policy Implementation: Adapting to a New Environment," before the Money Marketeers of New York University.

Remarks

Consumer Financial Protection Bureau

CFPB, FTC, and North Carolina Department of Justice File Amicus Brief in Henderson v. The Source for Public Data, L.P.

October 14, 2021

The Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC), and the North Carolina Department of Justice filed an amicus brief in support of the consumer plaintiffs in Henderson v. The Source for Public Data, L.P. The case is currently on appeal before the U.S. 4th Circuit Court of Appeals. The plaintiffs allege The Source for Public Data is a consumer reporting agency that uses the internet to obtain public records and assemble them into consumer background check reports for its customers. The district court ruled The Source for Public Data could not be held liable for violating the Fair Credit Reporting Act's (FCRA's) procedural requirements when disseminating consumer reports that included false, incorrect, or misleading consumer information because the plaintiffs' FCRA claims treat The Source for Public Data as a publisher and speaker of third-party information and are therefore barred under Section 230 of the Communications Decency Act. The CFPB, and its partners, contend that Section 230 does not apply to the plaintiffs' claims because they challenge The Source for Public Data's failure to abide by the FCRA's procedural requirements when it disseminated its own reports.

Federal Housing Finance Agency

Report: Foreclosure Prevention, Refinance, and FPM Report – July 2021

October 14, 2021

The Federal Housing Finance Agency published its July 2021 Foreclosure Prevention and Refinance Report.

U.S. Department of Labor

Report: Unemployment Insurance Weekly Claims Report Update

October 14, 2021

In the week ending October 9, the advance figure for seasonally adjusted initial claims was 293,000, a decrease of 36,000 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 3,000 from 326,000 to 329,000. The 4-week moving average was 334,250, a decrease of 10,500 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 750 from 344,000 to 344,750.

Report

International

European Commission

European Innovation Council Announces New Wave of Start-up Champions

October 14, 2021

The European Commission's European Innovation Council has selected 65 innovative start-ups and small- and medium-sized enterprises to receive €363 million of funding for breakthrough innovations. Each company will receive a combination of grant financing and equity investment of up to €17 million to develop and scale up their ground-breaking innovations in healthcare, digital technologies, energy, biotechnology, space and other. This is the first batch of companies that will be funded under the fully-fledged European Innovation Council (EIC) Accelerator.

Press Release

European Banking Authority

EBA Repeals Its Guidelines on the Security of Internet Payments Under the Former Payments Services Directive (PSD1)

October 14, 2021

The European Banking Authority (EBA) repealed its Guidelines on the security of internet payments. These Guidelines were issued before the revised Payments Services Directive (PSD2) came into force in 2016, and have since then been superseded by the PSD2 and the related EBA instruments developed in support of PSD2.