PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, September 3, 2021
September 03, 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
Statement: Senator Sherrod Brown Commends CFPB's Proposed Rule to Improve Small Business Lending Data
September 1, 2021
Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs Senator Sherrod Brown (D-OH) issued a statement regarding the Consumer Financial Protection Bureau's proposed rule to require banks to collect more data on small business lending.
Federal Agencies
Federal Deposit Insurance Corporation
Memorandum: The FDIC's Management of Employee Talent
September 2, 2021
This Memorandum presents the results of our evaluation of The FDIC's Allocation and Retention of Safety and Soundness Examination Staff.
Securities and Exchange Commission
SEC Investor Advisory Committee to Meet Remotely on Sept. 9
September 2, 2021
The Securities and Exchange Commission's Investor Advisory Committee will hold a public meeting on September 9, 2021 at 10 a.m. ET. The meeting is open to the public via live webcast, and will be archived on the committee's website for later viewing.
Digital Asset and "Crypto" Investment Scams – Investor Alert
September 1, 2021
The Securities and Exchange Commission's Office of Investor Education and Advocacy and Division of Enforcement's Retail Strategy Task Force remind investors to watch out for investment schemes involving digital assets and "Crypto."
Department of Housing and Urban Development/Federal Housing Administration
HUD Awards Over $47 Million to Fight Housing Discrimination
September 2, 2021
The U.S. Department of Housing and Urban Development (HUD) awarded $47.4 million to fair housing organizations across the country under its Fair Housing Initiatives Program. The grants will support the efforts of 120 national and local fair housing organizations working to address violations of the Fair Housing Act and helping to end discrimination in housing.
Fannie Mae
Consumer Confidence Slips amid COVID-19 and Inflationary Concerns, Though Manufacturing Industry Continues to Rebound
September 2, 2021
Fannie Mae published an Economic & Housing Weekly Note article titled, "Consumer Confidence Slips amid COVID-19 and Inflationary Concerns, Though Manufacturing Industry Continues to Rebound."
Ginnie Mae
Blog Post: Ginnie Mae Digital Collateral Program Exceeds $2 Billion of Issuance |
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September 2, 2021
Ginnie Mae published a Ginnie in Brief blog post titled, "Ginnie Mae Digital Collateral Program Exceeds $2 Billion of Issuance," discussing Ginnies Mae's its digital collateral program. The first Ginnie Mae mortgage-backed security (MBS) backed by digital collateral settled in January 2021 — a $24-million deal from Quicken Mortgage — and nearly $2.1 billion of MBS have been issued since then.
U.S. Department of Labor
Unemployment Insurance Weekly Claims Report Update
September 2, 2021
In the week ending August 28, the advance figure for seasonally adjusted initial claims was 340,000, a decrease of 14,000 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 1,000 from 353,000 to 354,000. The 4-week moving average was 355,000, a decrease of 11,750 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 250 from 366,500 to 366,750.
State Agencies
New York State Department of Financial Services
Governor Kathy Hochul Directs State Agencies to Deploy Additional Assets Downstate to Assist Local Governments in Wake of Historic Storm and Flooding Event
September 2, 2021
Governor Kathy Hochul (D-NY) directed additional State agency assets to the Hudson Valley, New York City, and Long Island regions to help communities recover after the remnants of Hurricane Ida passed through the Downstate area Wednesday night and delivered historic rainfall totals, sparking flash floods, power outages and life-threatening conditions in several areas. Governor Hochul responded by declaring a State of Emergency in New York State within the counties of Bronx, Dutchess, Kings, Nassau, New York, Orange, Putnam, Queens, Richmond, Rockland, Suffolk, Sullivan, Ulster, and Westchester.
International
Bank of England
Monthly Decision Maker Panel Data - August 2021
September 2, 2021
The Bank of England published its August version of the results of the Decision Maker Panel (DMP) survey. The DMP survey is a survey of Chief Financial Officers from small, medium and large UK businesses, and is used to monitor developments in the economy and to track businesses' views.
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)
- Small Business Committee Advances SBA Deputy Administrator Nominee Dilawar Syed (June 17, 2021)
- U.S. Small Business Administration Announces Key Staff (August 18, 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)