Daily Financial Regulation Update -- Thursday, October 28, 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 Agriculture, Nutrition, and Forestry

Acting CFTC Chair Behnam Testifies Before Senate Agriculture Committee

October 27, 2021

In testimony during his nomination hearing before the U.S. Senate Committee on Agriculture, Nutrition, and Forestry, Acting Chair of the Commodity Futures Trading Commission (CFTC) Rostin Behnam urged lawmakers to consider re-examining and, where appropriate, expanding the CFTC's authority to regulate digital assets.

• Nomination Hearing
• Testimony

U.S. House of Representatives

Committee on Financial Services

Semi-Annual Oversight Hearing of the Consumer Financial Protection Bureau

October 27, 2021

The U.S. House Committee on Financial Services held a meeting titled, "Bringing Consumer Protection Back: A Semi-Annual Review of the Consumer Financial Protection Bureau."

• Webcast
• Committee Memorandum
• Hearing Page
• CFPB Director Rohit Chopra Testimony
• Chair Maxine Waters Statement

Committee on Small Business

Statement: Congresswoman Sharice Davids on A Review of the SBIC Program

October 27, 2021

Congresswoman Sharice Davids (D-KS) gave a statement titled, "A Review of the SBIC Program."

• Statement

Federal Agencies

Federal Reserve Bank of New York

Speech: Wuerffel: Act Now, and Choose Wisely

October 27, 2021

Nathaniel Wuerffel, Senior Vice President of the Federal Reserve Bank of New York, gave a speech at the 2021 ISDA North America Conference titled, "Act Now, and Choose Wisely."

• Remarks

Federal Housing Finance Agency

Notice: FHFA Issues Notice of Proposed Rulemaking Introducing Additional Public Disclosure Requirements for the Enterprise Regulatory Capital Framework

October 27, 2021

The Federal Housing Finance Agency (FHFA) announced that it is seeking comment on a notice of proposed rulemaking that would introduce additional public disclosure requirements for the Enterprise Regulatory Capital Framework for Fannie Mae and Freddie Mac.

• Notice
• Press Release

International

European Commission

Banking Package 2021: New EU Rules to Strengthen Banks' Resilience and Better Prepare for the Future

October 27, 2021

The European Commission adopted a review of EU banking rules, the Capital Requirements Regulation and the Capital Requirements Directive. These new rules will ensure that EU banks become more resilient to potential future economic shocks, while contributing to Europe's recovery from the COVID-19 pandemic and the transition to climate neutrality.

• Questions and answers
• Factsheet
• Legal texts
• Prudential requirements
• Press Release
• Commissioner Mairead McGuinness Opening Remarks
• Readout from College Meeting and Press Remarks

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

• FinCEN Announces Acting Director and New Deputy Director (April 2, 2021)

National Credit Union Administration - Todd M. Harper

U.S. Department of Housing and Urban Development - Marcia Fudge (effective March 10, 2021)

• Adrianne Todman Sworn in as Deputy Secretary of Housing and Urban Development (June 15, 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)

• Secretary Cardona Statement on Confirmation of Education Department Officials Brown, Rodriguez and Graham (October 6, 2021)
• Statement from Secretary Miguel Cardona on the Confirmation of Catherine Lhamon as Assistant Secretary for the Office for Civil Rights (October 20, 2021)