PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, October 6, 2021
October 07, 2021
FedACTion Task Force
Subscribe to PH FedACTion: Financial Regulatory Updates
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.
Federal Agencies
U.S. Department of the Treasury
Remarks: Secretary of the Treasury Janet L. Yellen to CEOs and Business Leaders at the White House on Debt Limit
October 6, 2021
Secretary of the Treasury Janet L. Yellen gave prepared remarks to chief executives and business leaders on the debt limit.
Federal Reserve Bank of New York
Report: The Heterogeneous Impact of Referrals on Labor Market Outcomes
October 6, 2021
The Federal Reserve Bank of New York published a staff report titled, "The Heterogeneous Impact of Referrals on Labor Market Outcomes."
Blog Post: An Update on the U.S.–China Phase One Trade Deal
October 6, 2021
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled, "An Update on the U.S. – China Phase One Trade Deal." An August 2020 post on the Phase One trade agreement between the U.S. and China found that the deal's impact on U.S. economic growth could have been much larger than originally foreseen by many of its critics because the COVID-19 pandemic had depressed the U.S. economy. This post revisits those considerations with an additional year's worth of trade data and a much different economic environment in the United States.
U.S. Department of Housing and Urban Development/Federal Housing Administration
HUD to Issue Rule Protecting Tenants Facing Evictions for Non-Payment of Rent in HUD-Assisted Properties
October 6, 2021
The U.S. Department of Housing and Urban Development (HUD) announced that it will issue a rule that prohibits the eviction of tenants facing eviction for nonpayment of rent from HUD-subsidized public housing and certain properties with project-based rental assistance without providing a 30-day notice period that includes information about available federal emergency rental assistance.
U.S. Department of Education
U.S. Department of Education Announces Transformational Changes to the Public Service Loan Forgiveness Program, Will Put Over 550,000 Public Service Workers Closer to Loan Forgiveness
October 6, 2021
The U.S. Department of Education (DoE) announced an overhaul of the Public Service Loan Forgiveness (PSLF) Program that it will implement over the next year. This policy will result in approximately 22,000 borrowers who have consolidated loans – including previously ineligible loans – being immediately eligible for $1.74 billion in forgiveness without the need for further action on their part. Another approximately 27,000 borrowers could potentially qualify for an additional $2.82 billion in forgiveness if they certify additional periods of employment. The DoE estimates that more than 550,000 borrowers who have previously consolidated will see an increase in qualifying payments with the average borrower receiving another two years of progress toward forgiveness.
International
European Banking Authority
EBA Risk Dashboard Points to Stabilizing Return on Equity in EU Banks but Challenges Remain for Those Banks with Exposures to the Sectors Most Affected by the Pandemic
October 6, 2021
The European Banking Authority published its Risk Dashboard for the second quarter of 2021. The data indicates that banks are benefitting from the economic recovery with return equity remaining broadly similar to the previous quarter. Capital ratios remained stable and there was a further decline in NPLs. Operational risks remain elevated mainly due to cyber- and information and communications technology-related risks.
EBA Publishes its Work Program for 2022
October 5, 2021
The European Banking Authority (EBA) published its annual work program for 2022, describing the EBA's key strategic areas of work for the upcoming year.
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)