PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, September 11, 2021
September 11, 2021
FedACTion Task Force
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PH Client Alerts
Click here to read more from our Coronavirus series.
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
Protecting Renters during the Pandemic: Reviewing Reforms to Expedite Emergency Rental Assistance
September 10, 2021
The U.S. House Committee on Financial Services held a hearing titled "Protecting Renters during the Pandemic: Reviewing Reforms to Expedite Emergency Rental Assistance."
Federal Agencies
Federal Reserve Board
Paper: The Pitfalls of Using Location Quotients to Identify Clusters and Represent Industry Specialization in Small Regions
September 10, 2021
The Board of Governors of the Federal Reserve System released a paper as part of its International Finance Discussion Papers series titled "The Pitfalls of Using Location Quotients to Identify Clusters and Represent Industry Specialization in Small Regions."
Paper: Financial Stability Governance and Central Bank Communications
September 10, 2021
The Board of Governors of the Federal Reserve System released a paper as part of its International Finance Discussion Papers series titled "Financial Stability Governance and Central Bank Communications."
Federal Reserve Bank of New York
Blog Post: Twenty Years After 9/11, New York City's Resilience Is Tested Once Again
September 10, 2021
The Federal Reserve Bank of New York's Liberty Street Economics blog issued a post titled "Twenty Years After 9/11, New York City's Resilience Is Tested Once Again."
Federal Reserve Bank of Boston
Paper: The Mortgage Cash Flow Channel of Monetary Policy Transmission: A Tale of Two Countries
September 10, 2021
The Federal Reserve Bank of Boston released a working paper titled "The Mortgage Cash Flow Channel of Monetary Policy Transmission: A Tale of Two Countries."
Report: Was Main Street Lending Program its Borrowers' Best Option for Credit? Risk Scores Suggest 'Yes'
September 10, 2021
The Federal Reserve Bank of Boston issued a report titled "Was Main Street Lending Program its Borrowers' Best Option for Credit? Risk Scores Suggest 'Yes,'" which indicates that businesses borrowing from the Federal Reserve's Main Street Lending Program (MSLP) had higher credit risks compared with similar-sized businesses in the same state and industry. However, MSLP borrowers may have shown greater potential to overcome the economic impact of the COVID-19 pandemic.
International
European Commission
Eurobarometer: Optimism about the Future of the EU at its Highest Since 2009
September 10, 2021
The European Commission released findings from its Standard Eurobarometer conducted in June through July 2021, which found that optimism about the future of the EU has reached its highest level since 2009.
Bank of England
Paper: Preferred Habitat Investors in the UK Government Bond Market
September 10, 2021
The Bank of England released a staff working paper titled "Preferred Habitat Investors of the UK Government Bond Market."
Bank of England Prudential Regulation Authority
Letter from PRA on Thematic findings on the Reliability of Regulatory Reporting
September 10, 2021
The Prudential Regulation Authority released a letter to Chief Executives highlighting thematic findings on the reliability of regulatory reporting and reiterating its supervisory expectations in this area.
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)