PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, November 18, 2021
November 18, 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. Senate
Committee on Banking, Housing, and Urban Affairs
Nomination Hearing of Dr. Saule T. Omarova, Comptroller of the Currency Designate
November 18, 2021
Dr. Saule T. Omarova will testify before the U.S. Senate Committee on Banking, Housing and Urban Affairs at 9:30 am ET on Thursday, November 18.
U.S. House of Representatives
Committee on Financial Services
Committee Passes Legislation to Protect Retail Investors from Predatory Practices and Promote Fair Hiring Opportunities
November 17, 2021
The House Financial Services Committee, passed six bills to protect investors, ensure fair employment opportunities for justice-involved individuals, and reform credit union governance:
- H.R. 2620, the Investor Choice Act, prohibiting broker-dealers, investment advisers, and issuers from including pre-dispute binding mandatory arbitration clauses in their customer agreements.
- H.R. 5914, the Empowering States to Protect Seniors from Bad Actors Act is a bill to move the responsibility for administering the Senior Investor Protection Grant Program established by Sec. 989A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) from the Consumer Financial Protection Bureau to the Securities and Exchange Commission (SEC).
- H.R. 5910, the Holding SPACs Accountable Act is a bill to exclude a special purpose acquisition company (SPAC) from a safe harbor for forward-looking statements, subjecting SPACs to liability for making false or misleading forward-looking statements.
- H.R. 5913, the Protecting Investors from Excessive SPACs Fees Act is a bill to authorize the SEC to require disclosures by SPACs.
- H.R. 2311, the Credit Union Governance Modernization Act is a bill to reform the process governing expulsion of Federal credit union members.
- Press Release
Federal Agencies
U.S. Department of the Treasury
Remarks: Under Secretary for Domestic Finance Nellie Liang at the 2021 Treasury Market Conference
November 17, 2021
Treasury Undersecretary for Domestic Finance Nellie Liang gave prepared remarks at the 2021 Treasury Market Conference.
Federal Reserve Board
Speech: Waller: Reflections on Stablecoins and Payments Innovations
November 17, 2021
Federal Reserve System Governor Christopher J. Waller gave a speech titled, "Reflections on Stablecoins and Payments Innovations," at the 2021 Financial Stability Conference.
Federal Reserve Bank of New York
Blog Post: Uneven Distribution of Household Debt by Gender, Race, and Education
November 17, 2021
The Federal Reserve Bank of New York published a three-part Liberty Street Economics blog post series exploring racial, gender, and educational differences in household debt incomes.
Speech: Williams: Preparing for the Unknown
November 17, 2021
John C. Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, gave a speech titled, "Preparing for the Unknown," at the 2021 U.S. Treasury Market Conference.
Securities and Exchange Commission
SEC Adopts New Rules for Universal Proxy Cards in Contested Director Elections
November 17, 2021
The Securities and Exchange Commission voted to adopt final rules requiring parties in a contested election to use universal proxy cards that include all director nominees presented for election at a shareholder meeting. The rule changes will give shareholders the ability to vote by proxy for their preferred combination of board candidates, similar to voting in person.
- Final Rule
- Fact Sheet
- Press Release
- Commissioner Crenshaw Statement
- Commissioner Herren Lee Statement
- Commissioner Roisman Statement
- Commissioner Peirce Dissenting Statement
SEC Proposes Rule Amendments to Proxy Rules Governing Proxy Voting Advice
November 17, 2021
The Securities and Exchange Commission voted to propose amendments to its rules governing proxy voting advice. The proposed amendments aim to address concerns expressed by investors and others that the current rules may impede and impair the timeliness and independence of proxy voting advice and subject proxy voting advice businesses to undue litigation risks and compliance costs.
- Proposed Rule
- Fact Sheet
- Press Release
- Commissioner Crenshaw Statement
- Commissioner Herren Lee Statement
- Commissioner Peirce Dissenting Statement
- Commissioner Roisman Dissenting Statement
Speech: Prepared Remarks at U.S. Treasury Market Conference
November 17, 2021
Securities and Exchange Commission Chair Gary Gensler gave prepared remarks at the U.S. Treasury Market Conference.
Speech: Prepared Remarks at the Small Business Capital Formation Advisory Committee Meeting
November 17, 2021
Securities and Exchange Commission Chair Gary Gensler gave prepared remarks at the Small Business Capital Formation Advisory Committee.
U.S. Department of Housing and Urban Development/Federal Housing Administration
HUD Releases Agency Climate Action Plan
November 17, 2021
The U.S. Department of Housing and Urban Development (HUD) released a Climate Action Plan detailing a comprehensive strategy to reduce the agency's energy and carbon footprint and put our nation's communities on the path to building more equitable, efficient, and sustainable housing infrastructure.
International
European Banking Authority
Report: EBA Sees Limited Impact of the NSFR on the Functioning of the Precious Metals' Markets
November 17, 2021
The European Banking Authority (EBA) published a report on the possible impact of the net stable funding ratio on the functioning of the precious metals' markets. The report aims at assessing whether it would be justified to reduce the required stable funding factor for assets used for providing clearing and settlement services or for financing transactions of precious metals.
UK Financial Conduct Authority
FCA Proposes Ban on Debt Packager Referral Fees to Protect Consumers
November 17, 2021
The Financial Conduct Authority proposed banning debt packager firms from being paid to refer customers on to other firms.
Administration Changes
Appointments/Confirmation Hearings
U.S. Department of the Treasury - Janet Yellen (effective January 26, 2021)
Consumer Financial Protection Bureau - Rohit Chopra (effective October 12, 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)