PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, October 9, 2021
October 09, 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
Letter: Senator Toomey on Administration's Forthcoming Stablecoin Report
October 8, 2021
U.S. Senate Banking Committee Ranking Member Pat Toomey (R-PA) wrote a letter to Secretary of the Treasury Janet L. Yellen about the process and the reported content of the President's Working Group on Financial Markets' (PWG) forthcoming report on stablecoins. In July, the Department of the Treasury and the PWG announced they would issue a report this year with written recommendations on the regulation of stablecoins.
Federal Agencies
U.S. Department of the Treasury
Statement: Secretary of the Treasury Janet L. Yellen on the OECD Inclusive Framework Announcement
October 8, 2021
Secretary of the Treasury Janet L. Yellen gave a statement on the Organization for Economic Co-operation and Development Inclusive Framework announcement.
Remarks: Secretary of the Treasury Janet L. Yellen at the B20 Summit
October 8, 2021
Secretary of the Treasury Janet L. Yellen gave prepared remarks at the B20 Summit.
Consumer Financial Protection Bureau
Report: Semi-Annual Report of the Consumer Financial Protection Bureau
October 8, 2021
The Consumer Financial Protection Bureau published its Semi-Annual Report to Congress for the period beginning October 1, 2020 and ending March 31, 2021.
Financial Stability Oversight Council
Meeting: Council Meetings
October 8, 2021
On Monday, October 18, Secretary of the Treasury Janet L. Yellen will preside over a meeting of the Financial Stability Oversight Council (FSOC). The preliminary agenda for the open session includes the FSOC report on climate-related financial risk. The preliminary agenda for the executive session includes an update on the FSOC's 2021 annual report, and an update on the report on stablecoins being developed by the President's Working Group on Financial Markets.
FINRA
Notice: FINRA Encourages Firms to Consider How to Incorporate the Government-wide Anti-Money Laundering and Countering the Financing of Terrorism Priorities Into Their AML Programs
October 8, 2021
The Financial Crimes Enforcement Network (FinCEN) issued the first government-wide priorities for anti-money laundering and countering the financing of terrorism policy, which was mandated by the Anti-Money Laundering Act of 2020. FinCEN also issued a statement to provide covered non-bank financial institutions, including broker-dealers, with guidance on how to approach the AML/CFT Priorities.
International
Bank of England
No Economy Is an Island: How Foreign Shocks Affect UK Macrofinancial Stability
October 8, 2021
The Bank of England published its Quarterly Bulletin 2021 Q3 titled, "No Economy Is an Island: How Foreign Shocks Affect UK Macrofinancial Stability."
Financial Policy Summary and Record - October 2021
October 8, 2021
The Bank of England's Financial Policy Committee published its Financial Policy Summary and Record for October 2021.
Survey: Systemic Risk Survey Results - H2 2021
October 8, 2021
The Bank of England published the results to its H2 2021 Systemic Risk Survey, a biannual survey that asks market participants about perceived risks to, and their confidence in, the stability of the UK financial system.
Bank of England Prudential Regulation Authority
Statement: PRA Statement on Freezing O-SII Buffer Rates for a Further Year
October 8, 2021
The Prudential Regulation Authority published a statement on freezing O-SII buffer rates for a further year in response to the ongoing economic shock from the COVID-19 pandemic.
Paper: CP20/21 – Trading Activity Wind-Down
October 8, 2021
The Bank of England published a Consultation Paper 20/21, setting out the Prudential Regulation Authority's proposed expectations in respect of firms' engagement in trading activities that may affect the financial stability of the UK.
UK Financial Conduct Authority
Speech: Regulating for better outcomes - next steps in consumer credit
October 8, 2021
Director of Consumer and Retail Policy of the Financial Conduct Authority Nisha Arora gave a speech titled, "Regulating for Better Outcomes – Next Steps in Consumer Credit," at the Westminster Business Forum.
Administration Changes
Appointments/Confirmation Hearings
U.S. Department of the Treasury - Janet Yellen (effective January 26, 2021)
Consumer Financial Protection Bureau - Rohit Chopra (effective September 30, 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)
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)
Federal Housing Finance Agency
- Acting Director: Sandra. L. Thompson (June 23, 2021)
- Statement by House Committee on Financial Services Chair Maxine Waters Endorsing Nomination of Sandra L. Thompson as Director of FHFA (September 17, 2021)
U.S. Department of Education - Dr. Miguel Cardona (effective March 2, 2021)