PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, September 23, 2021
September 23, 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.
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Letters: Senators Warren, Brown, Smith, and Van Hollen Request Information from SPAC Creators
September 22, 2021
Senators Elizabeth Warren (D-MA), Sherrod Brown (D-OH), Tina Smith (D-MN), and Chris Van Hollen (D-MD) sent letters to six creators of prominent Special Purpose Acquisition Companies (SPACs) addressing concerns about abuses by the creators and operators of SPACs, including reports that insiders are taking advantage of legislative and regulatory gaps at the expense of ordinary investors.
Federal Agencies
`
U.S. Department of the Treasury
Letter: Former Secretaries of the Treasury Send Letter to Congressional Leadership on the Debt Limit
September 22, 2021
Former U.S. Secretaries of the U.S. Department of the Treasury sent a letter to all members of Congressional leadership regarding the debt limit.
Federal Reserve Board
Statement: Federal Reserve Issues FOMC Statement
September 22, 2021
The Federal Reserve Board issued a Federal Open Market Committee Statement, stating that it is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.
Federal Reserve Board and Federal Open Market Committee Release Economic Projections from the September 21-22 FOMC Meeting
September 22, 2021
The Federal Reserve Board and Federal Open Market Committee (FOMC) released economic projections from the September 21-22 FOMC meeting.
Federal Reserve Bank of New York
Statement: Revise Terms of Overnight Reverse Repurchase Agreements
September 22, 2021
The Federal Open Market Committee directed the Open Market Trading Desk at the Federal Reserve Bank of New York to conduct overnight reverse repurchase agreement (ON RRP) operations with a per-counterparty limit of $160 billion per day, effective September 23, 2021. The increase in the per-counterparty limit from the current level of $80 billion per day helps ensure that the ON RRP facility continues to support effective policy implementation.
Securities and Exchange Commission
Sample Letter: CF Sample Letter to Companies Regarding Climate Change Disclosures
September 22, 2021
The Securities and Exchange Commission's Division of Corporation Finance has posted a sample letter to companies regarding climate change disclosures.
National Credit Union Administration
Remarks: NCUA Chairman Todd M. Harper Remarks at Inclusiv's 2021 Conference
September 22, 2021
National Credit Union Chairman Todd M. Harper gave remarks at Inclusiv's 2021 Conference.
U.S. Small Business Administration
SBA Administrator Announces New Paycheck Protection Program (PPP) Milestone: In Less Than Two Months, One Million Borrowers Apply for Direct Forgiveness through Agency's PPP Portal
September 22, 2021
The U.S. Small Business Administration reached a major milestone as its Paycheck Protection Program (PPP) Direct Borrower Forgiveness Portal recorded its one millionth PPP loan forgiveness application for borrowers seeking forgiveness for loans of $150,000 or less.
U.S. Department of Housing and Urban Development/Federal Housing Administration
HUD and FHFA Announce Clarifications to Freddie Mac's Policies on Purchasing Mortgages Secured by Group Homes
September 22, 2021
The U.S. Department of Housing and Urban Development and the Federal Housing Finance Agency announced important clarifications to Freddie Mac's policies that make clear it will purchase mortgages secured by a property owned by an individual and rented to a group home for persons with disabilities.
International
Bank of England
Speech: Prudentist - Speech by Sam Woods
September 22, 2021
Deputy Governor for Prudential Regulation Sam Woods gave a speech titled, "Prudentist," discussing the Prudential Regulation Authority's future work.
Speech: Solvency II Review: Unlocking the Potential - Speech by Gareth Truran
September 22, 2021
Director of Prudential Policy of the Bank of England Gareth Truran gave a speech titled, "Solvency II Review: Unlocking the Potential."
UK Financial Conduct Authority
Speech: Seizing opportunity – Challenges and Priorities for the FCA
September 22, 2021
CEO of the Financial Conduct Authority (FCA) Nikhil Rathi gave a speech titled, "Seizing Opportunity – Challenges and Priorities for the FCA."
Administration Changes
Appointments/Confirmation Hearings
U.S. Department of the Treasury - Janet Yellen (effective January 26, 2021)
Consumer Financial Protection Bureau - Rohit Chopra (Nominee)
- Committee approval: September 22, 2021
- Acting Director: Dave Uejio (January 20, 2020)
- Confirmation hearing held on March 2, 2021
- Committee approval March 10, 2021
Securities and Exchange Commission - Gary Gensler (effective April 17, 2021)
- Renee Jones to Join SEC as Director of Corporation Finance; John Coates Named SEC General Counsel (June 14, 2021)
- Daniel S. Kahl Appointed Acting Director of the Division of Examinations; Peter B. Driscoll to Depart Agency (July 14, 2021)
Small Business Administration - Isabella Casillas Guzman (effective March 16, 2021)
- Small Business Committee Advances SBA Deputy Administrator Nominee Dilawar Syed (June 17, 2021)
- U.S. Small Business Administration Announces Key Staff (August 18, 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
U.S. Department of Education - Dr. Miguel Cardona (effective March 2, 2021)
- U.S. Department of Education Announces More Biden-Harris Appointees (June 14, 2021)
- Statement by Secretary Cardona on Nomination of Sandra Bruce as Inspector General (June 14, 2021)
- Statement by U.S. Secretary of Education Cardona on President Biden's Nomination of Amy Loyd (August 12, 2021)
- Statement by Secretary Cardona on Confirmation of James Kvaal as Under Secretary of Education (September 14, 2021)