PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, October 19, 2021
October 19, 2021
FedACTion Task Force
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PH Client Alerts
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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.
Federal Agencies
U.S. Department of the Treasury
Letter: Secretary of the Treasury Janet L. Yellen to Congressional Leadership on the Debt Limit
October 18, 2021
U.S. Secretary of the Treasury Janet L. Yellen sent a letter to Congressional leadership regarding the debt limit.
U.S. Department of the Treasury Releases Results of its Sanctions Review and Recommendations
October 18, 2021
The U.S. Department of the Treasury released the results of a broad review of the economic and financial sanctions that it administers and enforces, and issued recommendations to preserve and enhance their effectiveness in supporting national security and U.S. interests now and in the future.
Federal Reserve Board
Speech: Governor Quarles on Financial Stability and Coordination in Times of Crisis
October 18, 2021
Federal Reserve System Governor Randal K. Quarles gave a speech titled, "Financial Stability and Coordination in Times of Crisis" at the Third Conference on Financial Stability.
Federal Reserve Bank of New York
Report: Business Leaders Survey
October 18, 2021
The Federal Reserve Bank of New York published its monthly Business Leaders Survey.
Blog post: Were Banks Exposed to Sell-offs by Open-End Funds During the COVID-19 Crisis?
October 18, 2021
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled, "Were Banks Exposed to Sell-Offs by Open-End Funds During the COVID-19 Crisis?"
Office of the Comptroller of the Currency
Bulletin: LIBOR Transition: Updated Self-Assessment Tool for Banks
October 18, 2021
The Office of the Comptroller of the Currency published a bulletin that provides an updated self-assessment tool for banks to evaluate their preparedness for the cessation of the London Interbank Offered Rate (LIBOR).
Securities and Exchange Commission
Report: SEC Staff Releases so-called GameStop Report on Equity and Options Market Structure Conditions in Early 2021
October 18, 2021
The Securities and Exchange Commission published a Staff Report on Equity and Options Market Structure Conditions in Early 2021, which focuses on the January 2021 trading activity of GameStop Corp., the most famous of the so-called "meme stocks." Because the "meme stock" episode raised several questions about market structure, the report also provides an overview of the equity and options market structure for individual investors.
- Staff Report
- Press Release
- Chair Gary Gensler Statement
- Commissioners Hester M. Peirce and Elad L. Roisman Statement
International
European Commission
EU-US Trade and Technology Council: Commission Launches Consultation Platform for Stakeholder's Involvement to Shape Transatlantic Cooperation
October 18, 2021
The European Commission launched an online consultation platform on the EU-US Trade and Technology Council, allowing stakeholders to share their views and provide common proposals on the work ahead.
European Banking Authority
European Insurance and Occupational Pensions Authority
European Securities and Markets Authority
European Supervisory Authorities Publish Sectoral Reports on the Supervisory Independence of Competent Authorities
October 18, 2021
The three European Supervisory Authorities (ESAs) – the European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority – published their individual reports on the supervisory independence of competent authorities (CAs) in their sectors. Based on the CAs' self-assessment, the three reports highlight that the independence of CAs is multi-faceted and dependent on a number of legal, institutional, operational and cultural factors.
Bank of England Prudential Regulation Authority
Blog Post: Why is the Prudential Regulation Authority Revisiting the Solvency II Matching Adjustment?
October 18, 2021
The Bank of England published a Bank Overground blog post titled, "Why is the Prudential Regulation Authority Revisiting the Solvency II Matching Adjustment?"
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)