PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, October 21, 2021
October 21, 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
Letter: Senator Brown Asks Newly-Confirmed CFPB Director Chopra to Review the Tenant Screening Industry
October 20, 2021
Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Rohit Chopra, the newly-confirmed Director of the Consumer Financial Protection Bureau, asking him to review the tenant screening industry and protect renters.
Letter: Senators to Mark Zuckerberg: Facebook Cannot Be Trusted To Manage Cryptocurrency, Stop Launch of Diem and Novi
October 19, 2021
A group of U.S. Senators urged Facebook CEO Mark Zuckerberg to immediately discontinue the company's pilot of Novi and to commit not to bring Diem to market.
U.S. House of Representatives
Committee on Small Business
Global Supply Chains and Small Business Trade Challenges
October 20, 2021
The Committee on Small Business Subcommittee on Oversight, Investigations, and Regulations held a hearing titled, "Global Supply Chains and Small Business Trade Challenges."
Federal Agencies
Federal Reserve Board
Federal Deposit Insurance Corporation
National Credit Union Administration
Office of the Comptroller of the Currency
Consumer Financial Protection Bureau
Statement: Joint Statement on Managing the LIBOR Transition
October 20, 2021
Five federal financial institution regulatory agencies, in conjunction with the state bank and state credit union regulators, issued a joint statement to emphasize the expectation that supervised institutions with London Interbank Overnight Rate (LIBOR) exposure to continue to progress toward an orderly transition away from LIBOR. Additionally, the joint statement includes clarification regarding new LIBOR contracts, considerations when assessing appropriateness of alternative reference rates, and expectations for fallback language. According to the joint statement, failure to adequately prepare for LIBOR's discontinuance could undermine financial stability and institutions' safety and soundness and create litigation, operational, and consumer protection risks.
Federal Reserve Board
Paper: Relative Prices and Pure Inflation Since the Mid-1990s
October 20, 2021
The Federal Reserve Board published a paper titled, "Relative Prices and Pure Inflation Since the Mid-1990s."
Report: Beige Book
October 20, 2021
The Federal Reserve Board published its yearly Beige Book. Economic activity grew at a modest to moderate rate, according to the majority of Federal Reserve Districts. Several Districts noted, however, that the pace of growth slowed this period, constrained by supply chain disruptions, labor shortages and uncertainty around the Delta variant of COVID-19.
Speech: Governor Quarles on the Economic Outlook
October 20, 2021
Federal Reserve System Governor Randal K. Quarles gave a speech titled, "How Long is Too Long? How High is Too High?: Managing Recent Inflation Developments within the Federal Open Market Committee's Monetary Policy Framework."
Federal Reserve Bank of New York
Blog Post: The International Experience of Central Bank Asset Purchases and Inflation
October 20, 2021
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled, "The International Experience of Central Bank Asset Purchases and Inflation."
Securities and Exchange Commission
Remarks at the PRI/LSEG Investor Action on Climate Webinar
October 20, 2021
Securities and Exchange Commission Commissioner Allison Herren Lee gave remarks at the Principles for Responsible Investment/London Stock Exchange Group Investor Action on Climate webinar.
Consumer Financial Protection Bureau
2022 HMDA Filing Instructions Guide Update
October 20, 2021
The Consumer Financial Protection Bureau has released an update to the Filing Instructions Guide (FIG) for data collected in 2022. The FIG is a technical resource to help financial institutions file HMDA data collected in 2022 and reported in 2023.
International
European Banking Authority
EBA Publishes Clarifications to the Seventh Set of Issues Raised By Its Industry Working Group on Application Programming Interfaces Under the Payment Services Directive
October 20, 2021
The European Banking Authority (EBA) published clarifications to a seventh set of issues that had been raised by participants of its working group on Application Programming Interfaces under the Payment Services Directive.
Bank of England
Notice: Statistical Notice 2021/11
October 20, 2021
The Bank of England published statistical notice 2021/11 regarding cash ratio deposits.
Speech: Sarah Breeden on Driving Different Decisions Today: Putting Climate Scenarios into Action
October 20, 2021
Executive Director of the Bank of England's UK Deposit Takers Supervision Sarah Breeden gave a speech titled, "Driving Different Decisions Today: Putting Climate Scenarios into Action."
Bank of England Prudential Regulation Authority
PRA Publishes PS23/21
October 20, 2021
The Prudential Regulation Authority (PRA) published a policy statement providing feedback to responses to Consultation Paper (CP) 7/21 |Credit risk: The identification of the Nature, Severity, and Duration of an Economic Downturn for the Purposes of Internal Ratings Based Models."
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)
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Fresh Filing Fee Fun
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