PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, October 5, 2021
October 05, 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.
Federal Agencies
U.S. Department of the Treasury
Federal Reserve Board
Commodity Futures Trading Commission
Federal Deposit Insurance Corporation
Securities and Exchange Commission
Office of the Comptroller of the Currency
Joint Statement: EU - U.S. Joint Financial Regulatory Forum
October 4, 2021
EU and U.S. participants in the EU - U.S. Joint Financial Regulatory Forum met to discuss six topics of mutual interest as part of their ongoing financial regulatory dialogue: (1) market developments and current assessment of financial stability risks, (2) sustainable finance, (3) multilateral and bilateral engagement in banking and insurance, (4) regulatory and supervisory cooperation in capital markets, (5) financial innovation, and (6) anti-money laundering and countering the financing of terrorism (AML/CFT).
EU participants included representatives of the European Commission, the European Banking Authority, the European Securities and Markets Authority, the European Insurance and Occupational Pensions Authority, the European Central Bank, the Single Supervisory Mechanism, the Single Resolution Board, and the European Systemic Risk Board.
U.S. participants included officials from the U.S. Department of the Treasury and staff from independent regulatory agencies, including the Board of Governors of the Federal Reserve System, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Securities and Exchange Commission, and Office of the Comptroller of the Currency.
Federal Reserve Board
Notice: Federal Reserve Board Announces the Reserve Banks Will Adopt a New Message Format for the Fedwire® Funds Service and Invites Public Comment on Proposal to Expedite Adoption
October 4, 2021
The Federal Reserve Board announced that the Federal Reserve Banks will adopt the ISO® 20022 message format for the Fedwire® Funds Service. The change will allow for enhanced efficiency of both domestic and cross-border payments, and a richer set of payment data that may help banks and other entities comply with sanctions and anti-money laundering requirements.
Federal Reserve Bank of New York
Blog Post: Oil Prices, Global Demand Expectations, and Near-Term Global Inflation
October 4, 2021
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled, "Oil Prices, Global Demand Expectations, and Near-Term Global Inflation."
Federal Reserve Bank of Boston
Speech: Understanding Racial Disparities Is Essential to the Federal Reserve's Full Employment Mandate
October 4, 2021
Interim President and CEO of the Federal Reserve Bank of Boston Kenneth C. Montgomery gave a speech titled, "Understanding Racial Disparities is Essential to the Federal Reserve's Full Employment Mandate" at the Bank's 64th Economic Conference, "Racial Disparities in Today's Economy."
Federal Deposit Insurance Corporation
FDITECH Selects Six Teams in Sprint for Banks to Measure and Test Resiliency
October 4, 2021
The Federal Deposit Insurance Corporation announced the selection of six teams to participate in a "tech sprint" designed to explore new technologies and techniques to determine how well community banks, and the banking sector as a whole, can withstand a major disruption of any type.
Consumer Financial Protection Bureau
CFPB Issues Debt Collection Rule FAQs on Limited-Content Messages and Call Frequencies
October 4, 2021
The Consumer Financial Protection Bureau released a set of Frequently Asked Questions that discuss limited-content messages and the call frequency provisions under the Debt Collection Rule in Regulation F.
UK Financial Conduct Authority
PS21/12: Assessing value for money in workplace pension schemes and pathway investments: requirements for IGCs and GAAs
October 4, 2021
The Financial Conduct Authority published a policy statement PS21/12 titled, "Assessing Value for Money in Workplace Pension Schemes and Pathway Investments: Requirements for Independent Governance Committees and Governance Advisory Arrangements."
Administration Changes
Appointments/Confirmation Hearings
U.S. Department of the Treasury - Janet Yellen (effective January 26, 2021)
Consumer Financial Protection Bureau - Rohit Chopra (effective September 30, 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)