PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, November 9, 2021
November 09, 2021
FedACTion Task Force
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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.
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Federal Agencies
U.S. Department of the Treasury
Report: Inter-Agency Working Group on Treasury Market Surveillance Releases Staff Progress Report that Reviews Potential Policies for Bolstering the Resilience of Treasury Markets
November 8, 2021
The Inter-Agency Working Group on Treasury Market Surveillance – which is comprised of staff from the U.S. Department of Treasury, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the U.S. Securities and Exchange Commission, and the U.S. Commodity Futures Trading Commission – issued a staff progress report that evaluates recent disruptions and potential reforms in the U.S. Treasury market.
Treasury Continues to Counter Ransomware as Part of Whole-of-Government Effort; Sanctions Ransomware Operators and Virtual Currency Exchange
November 8, 2021
Continuing the Administration's whole-of-government effort to counter ransomware, the U.S. Department of the Treasury announced a set of actions focused on disrupting criminal ransomware actors and virtual currency exchanges that launder the proceeds of ransomware. Treasury's actions advance the Biden Administration's counter-ransomware efforts to disrupt ransomware infrastructure and actors and address abuse of the virtual currency ecosystem to launder ransom payments.
Federal Reserve Board
Report: Financial Stability Report
November 8, 2021
The Federal Reserve Board published its November 2021 Financial Stability Report, which summarizes the Federal Reserve Board's framework for assessing the resilience of the U.S. financial system and presents the Board's current assessment.
Senior Loan Officer Opinion Survey on Bank Lending Practices
November 8, 2021
The Federal Reserve Board published its October 2021 Senior Loan Officer Opinion Survey on Bank Lending Practices, which addresses changes in the standards and terms on, and demand for, bank loans to businesses and households over the past three months, which generally correspond to the third quarter of 2021.
Randal K. Quarles Submits Resignation as a Member of the Federal Reserve Board
November 8, 2021
Randal K. Quarles submitted his resignation Monday as a member of the Federal Reserve Board, effective at the end of December. He served as the Board's first Vice Chair for Supervision and has been a member of the Board since October 13, 2017.
Paper: U.S. Housing as a Global Safe Asset: Evidence from China Shocks
November 8, 2021
The Federal Reserve Board published an International Finance Discussion Paper titled, "U.S. Housing as a Global Safe Asset: Evidence from China Shocks."
Speech: Powell, Opening Remarks
November 8, 2021
Chair of the Board of Governors of the Federal Reserve System Jerome H. Powell gave opening remarks at the Gender and the Economy Conference.
Speech: Clarida, Flexible Average Inflation Targeting and Prospects for U.S. Monetary Policy
November 8, 2021
Vice Chair of the Board of Governors of the Federal Reserve System Richard H. Clarida gave a speech titled, "Flexible Average Inflation Targeting and Prospects for U.S. Monetary Policy" at the Symposium on Monetary Policy Frameworks.
Speech: Bowman, The U.S. Housing and Mortgage Market: Risks and Resilience
November 8, 2021
Federal Reserve System Governor Michelle W. Bowman gave a speech titled, "The U.S. Housing and Mortgage Market: Risks and Resilience" at the Women in Housing and Finance Public Policy Luncheon.
Federal Reserve Bank of New York
Survey: Consumers' Medium-Term Inflation Expectations Stable; Labor Market Expectations Improve Further
November 8, 2021
The Federal Reserve Bank of New York's Center for Microeconomic Data today released the October 2021 Survey of Consumer Expectations, which shows that the median inflation expectations remained unchanged at the medium-term horizon and increased at the short-term horizon. Uncertainty and disagreement about future inflation increased at both the short- and medium-term horizons to new series highs.
New York Fed to Co-Host Seventh Annual U.S. Treasury Market Conference on November 17
November 8, 2021
On November 17, the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the U.S. Securities and Exchange Commission, and the U.S. Commodity Futures Trading Commission will convene the seventh annual conference on developments in the U.S. Treasury market.
New York Fed to Host an Event on Fostering Low-Income Homeownership
November 8, 2021
On November 18, the Federal Reserve Bank of New York will host a virtual event, "An Economy That Works for All: Fostering Low-Income Homeownership." This multi-disciplinary event will feature the latest Federal Reserve research on mortgage forbearance and refinancing, as well as banking, lending, and neighborhood nonprofit leaders, who will detail the actions their organizations are taking to address inequities in homeownership.
Blog Post: High Import Prices along the Global Supply Chain Feed through to U.S. Domestic Prices
November 8, 2021
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled, "High Import Prices along the Global Supply Chain Feed through to U.S. Domestic Prices."
Federal Reserve Bank of Boston
Speech: Boston Fed Interim President and CEO Montgomery's Remarks Bank's 65th Economic Conference
November 8, 2021
Interim President and CEO Ken Montgomery gave a speech titled "The Implications of High Leverage for Financial Instability Risk, Real Economic Activity, and Appropriate Policy" at the Bank's 65th Economic Conference.
Office of the Comptroller of the Currency
Remarks: Acting Comptroller Discusses Climate Change Risk
November 8, 2021
Acting Comptroller of the Currency Michael J. Hsu discussed climate change risk at the Office of the Comptroller of the Currency OCC Headquarters. His remarks highlighted five questions that large bank boards of directors should ask to promote and accelerate improvements in climate risk management practices at their banks.
Securities and Exchange Commission
SEC Appoints New Chairperson and Board Members to the Public Company Accounting Oversight Board
November 8, 2021
The Securities and Exchange Commission announced the appointments of Erica Y. Williams as Chairperson and Christina Ho, Kara M. Stein, and Anthony C. Thompson as Board members of the Public Company Accounting Oversight Board (PCAOB). Duane DesParte will continue his service as a Board member and will remain Acting Chairperson until Ms. Williams is sworn in.
- Press Release
- Commissioners Herren Lee and Crenshaw Joint Statement
- Commissioners Peirce and Roisman Joint Statement
Ahmed Abonamah Named Director of Office of Credit Ratings
November 8, 2021
The Securities and Exchange Commission (SEC) announced that Ahmed Abonamah has been named Director of the SEC's Office of Credit Ratings, where he has served as Acting Director since October 2020.
Speech: 2021 SEC Regulation Outside the United States - Scott Friestad Memorial Keynote Address
November 8, 2021
Securities and Exchange Commission Director of Enforcement Gurbir Grewal gave a speech titled, "2021 SEC Regulation Outside the United States – Scott Friestad Memorial Keynote Address."
Financial Crimes Enforcement Network
FinCEN Releases Updated Advisory on Ransomware and the Use of the Financial System to Facilitate Ransom Payments
November 8, 2021
In connection with a set of actions announced by the Department of the Treasury and focused on disrupting criminal ransomware actors, the Financial Crimes Enforcement Network released an update to its 2020 advisory on ransomware and the use of the financial system to facilitate ransom payments.
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)