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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, September 16, 2021

September 16, 2021

FedACTion Task Force

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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

Committee Passes Legislation to Expedite Emergency Rental Assistance and Provide Protections for Descendants of Black Native American Freedmen

September 15, 2021

The House Financial Services Committee passed bills to expedite emergency rental assistance and reauthorize the Native American Housing Assistance and Self-Determination Act with protections for descendants of Black Native American Freedmen.

Press Release

Federal Agencies

Federal Reserve Bank of New York

Speech: Prepare for Landing

September 15, 2021

Executive Vice President and General Counsel of the Federal Reserve Bank of New York gave remarks titled, "Prepare for Landing."

Speech

Federal Deposit Insurance Corporation

FDIC to Launch New Mission-Driven Bank Fund

September 15, 2021

Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams announced the launch of the Mission-Driven Bank Fund, a capital investment vehicle being developed by the FDIC to support insured Minority Depository Institutions and Community Development Financial Institutions.

Media Advisory

Office of the Comptroller of the Currency

Speech: Acting Comptroller Discusses Priorities, Safeguarding Trust in Banking

September 15, 2021

Acting Comptroller of the Currency Michael J. Hsu discussed the Office of the Comptroller of the Currency's (OCC) priorities. His remarks provided the audience with an overview of his priorities to reduce inequality, adapt to digitization, act on climate change, and guard against complacency, and how each priority addresses a significant threat to trust in banking.

Commodity Futures Trading Commission

Statement: Commissioner Dan M. Berkovitz before the Energy and Environmental Markets Advisory Committee

September 15, 2021

Commodity Futures Trading Commission Commissioner Dan M. Berkovitz gave the opening statement before the meeting of the Energy and Environmental Markets Advisory Committee.

Department of Housing and Urban Development/Federal Housing Administration

HUD Opens Access to $5 Billion in American Rescue Plan Grants to Prevent and End Homelessness

September 15, 2021

The U.S. Department of Housing and Urban Development (HUD) issued the HOME-ARP Implementing CPD Notice, Requirements for the Use of Funds in the HOME-American Rescue Plan Program (HOME-ARP Notice). The new HOME-ARP Notice is a critical step taken by HUD to expeditiously allow communities to begin accessing funds from the nearly $5 billion funds allocated from the American Rescue Plan to help communities across the country create affordable housing and services for people experiencing or at risk of experiencing homelessness.

Press Release

Federal Housing Finance Agency

Notice: FHFA Issues Notice of Proposed Rulemaking to Amend the Enterprise Regulatory Capital Framework

September 15, 2021

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

International

European Commission

State of the Union: Commission Proposes a Path to the Digital Decade to Deliver the EU's Digital Transformation By 2030

September 15, 2021

The European Commission proposed a Path to the Digital Decade, a plan to achieve the digital transformation of society and the economy by 2030. The proposed Path to the Digital Decade will set up a governance framework based on an annual cooperation mechanism with Member States to reach the 2030 Digital Decade targets in the areas of digital skills, digital infrastructures, digitalization of businesses and public services.

European Banking Authority

EBA Publishes Final Guidance to Assess Breaches of the Large Exposure Limits

September 15, 2021

The European Banking Authority (EBA) published its final Guidelines specifying the criteria to assess the exceptional cases when institutions exceed the large exposure limits and the time and measures to return to compliance.

EBA Publishes Revised Guidelines on the Stress Tests of Deposit Guarantee Schemes (DGSs)

September 15, 2021

The European Banking Authority (EBA) published its revised Guidelines on the stress tests conducted by national deposit guarantee schemes (DGSs) under the Deposit Guarantee Schemes Directive. The revised Guidelines extend the scope of the DGS stress testing, by requiring more tests in comparison with the past Guidelines and by covering all the legal missions entrusted to the DGSs.

UK Financial Conduct Authority

FCA Sets Out Plan to Tackle Investment Harm

September 15, 2021

The Financial Conduct Authority (FCA) published a new strategy aimed at giving consumers the confidence to invest, supported by a high-quality, affordable advice market, which should lead to fewer people being scammed or persuaded to invest in products too risky for their needs. The FCA will publish metrics to assess whether these outcomes are being met.