PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, November 2, 2021
November 02, 2021
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Major Developments
U.S. Department of the Treasury
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Report: President's Working Group on Financial Markets Releases Report and Recommendations on Stablecoins
November 1, 2021
The President's Working Group on Financial Markets, joined by the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, released a report and recommendations on stablecoins. Stablecoins are a type of digital asset generally designed to maintain a stable value relative to an asset class such as the U.S. dollar. While stablecoins currently are used to facilitate trading of other digital assets, in the future stablecoins are expected to be more widely used as a means of payment by households and businesses.
- Report
- Factsheet
- Press Release
- Under Secretary Nellie Liang Remarks
- Acting Comptroller of the Currency Michael J. Hsu Statement
- SEC Chair Gary Gensler Statement
- CFPB Director Rohit Chopra Statement
- Senate Banking, Housing, and Urban Affairs Committee Chair Sherrod Brown Statement
- Senate Banking, Housing, and Urban Affairs Committee Ranking Member Patrick J. Toomey Statement
- CSBS Statement
- BPI Statement
Paul Hastings attorneys are actively analyzing the Report and its implications and will be preparing additional analyses.
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
Federal Reserve Board
Report: 2021 Audit of the CFPB's Information Security Program
November 1, 2021
The Board of Governors of the Federal Reserve System Office of Inspector General published its 2021 Audit of the Bureau of Consumer Financial Protection's Information Security Program.
U.S. Department of Housing and Urban Development/Federal Housing Administration
HUD Allocates More than $2 Billion to Advance Equitable Disaster Recovery, Build Climate Change Resilience
November 1, 2021
The U.S. Department of Housing and Urban Development announced the allocation of more than $2 billion in CDBG-Disaster Recovery (CDBG-DR) and CDBG-Mitigation (CDBG-MIT) funds appropriated in the continuing resolution, the Extending Government Funding and Delivering Emergency Assistance Act, signed into law on September 30, 2021.
Federal Housing Finance Agency
Working Paper 21-03: The Riskiness of Outstanding Mortgages in the United States, 1999 – 2019
November 1, 2021
The Federal Housing Finance Agency (FHFA) published Working Paper 21-03 titled, "The Riskiness of Outstanding Mortgages in the United States, 1999-2019."
State Agencies
New York State Department of Financial Services
Governor Hochul Signs Legislation Expanding New York Community Reinvestment Act to Non-Depository Mortgage Lenders
November 1, 2021
Governor Kathy Hochul signed legislation (S.5246-A/A.6247-A) to ensure equal access to credit by expanding the New York Community Reinvestment Act to cover non-depository lenders.
International
Bank of England
Fourth Edition of the Regulatory Initiatives Grid
November 1, 2021
The Bank of England published its Fourth Edition of the Regulatory Initiatives Grid (Grid). Among the initiatives included in the Grid are new climate-related additions around introducing the Sustainable Finance Disclosure regime, Net Zero Transition Plans, and work on environmental, social and governance issues in capital markets.
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)