PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, September 28, 2021
September 28, 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.
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Guidance Sought from SEC Commissioner Gensler for Regulatory Clarity on Cryptocurrencies
September 24, 2021
Senate Banking Committee Ranking Member Pat Toomey (R-PA) requested that Securities and Exchange Commission Chairman Gary Gensler provide public guidance surrounding emerging technologies such as cryptocurrencies.
Federal Agencies
U.S. Department of the Treasury
Federal Reserve Board
Testimony: Chair Powell on Coronavirus and CARES Act
September 28, 2021
U.S. Department of the Treasury Secretary Janet L. Yellen and Federal Reserve Board Chair Jerome H. Powell will give testimony before the Senate Committee on Banking, Housing, and Urban Affairs hearing entitled a hearing entitled, "CARES Act Oversight of the Treasury and Federal Reserve: Supporting an Equitable Pandemic Recovery."
Federal Reserve Board
Speech: Governor Brainard on the Navigating Delta Headwinds on the Path to a Full Recovery
September 27, 2021
Federal Reserve System Governor Lael Brainard gave a speech titled, "Navigating Delta Headwinds on the Path to a Full Recovery."
Federal Reserve Bank of New York
Remarks: President Williams on Business More Like Usual
September 27, 2021
John C. Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, gave remarks titled, "Business More Like Usual."
Blog Post: The Spillover Effects of COVID-19 on Productivity throughout the Supply Chain
September 27, 2021
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled, "The Spillover Effects of COVID-19 on Productivity throughout the Supply Chain."
Federal Deposit Insurance Corporation
Remarks: FDIC Chairman Jelena McWilliams at the 2021 Interagency Minority Depository Institutions and Community Development Financial Institutions Bank Conference
September 27, 2021
Federal Deposit Insurance Corporation Jelena McWilliams gave remarks at the 2021 Interagency Minority Depository Institutions and Community Development Financial Institutions Bank Conference.
Securities and Exchange Commission
Report: SEC Delivers Report to Congress with Recommendations from the 40th Annual Small Business Forum
September 27, 2021
The Office of the Advocate for Small Business Capital Formation delivered a report to Congress on the Securities and Exchange Commission's (SEC) 40th Annual Small Business Forum. The report provides a summary of the Forum's proceedings, including the recommendations developed by participants for changes needed to the capital raising framework and the SEC's responses to the recommendations.
Small Business Advisory Committee Remarks
September 27, 2021
Securities and Exchange Commission (SEC) Chair Gary Gensler, SEC Commissioner Elad L. Roisman, and SEC Commissioner Hester M. Peirce gave prepared remarks before the Small Business Capital Formation Advisory Committee.
- Remarks by Chair Gary Gensler
- Remarks by Commissioner Elad L. Roisman
- Remarks by Commissioner Hester M. Peirce
Prepared Remarks Before the Asset Management Advisory Committee
September 27, 2021
Securities and Exchange Commission (SEC) Chair Gary Gensler, SEC Commissioner Hester M. Peirce, and Acting Director of the Investment Management Division Sarah ten Siethoff gave prepared remarks before the Asset Management Advisory Committee.
- Remarks by Chair Gary Gensler
- Remarks by Commissioner Hester M. Peirce
- Remarks by Division of Investment Management Acting Director Sarah ten Siethoff
National Credit Union Administration
Letter: Navigating and Understanding the End of Pandemic-Era Homeowner Protection Programs
September 27, 2021
National Credit Union Administration Board Chairman Todd M. Harper wrote a letter to the boards of directors and chief executive officers of federally insured credit unions, titled, "Navigating and Understanding the End of Pandemic-Era Homeowner Protection Programs."
International
Bank of England
Capital Issuance - August 2021
September 27, 2021
The Bank of England issued its August Capital Issuances statistics, which consist of non-government primary market issuance of bonds, commercial paper and equity, representing finance raised by UK resident entities.
Report: Productive Finance Working Group Publishes Recommendations Addressing the Barriers to Investment in Less Liquid Assets
September 27, 2021
The Bank of England's Productive Finance Working Group published a report that includes recommendations that will create an environment in which defined contribution schemes and other investors can benefit from the appropriate long-term opportunities.
Speech: Governor Andrew Bailey: The Hard Yards
September 27, 2021
Governor of the Bank of England Andrew Bailey gave a speech titled, "The Hard Yards," looking at the varying forces currently acting on the economy and what they mean for monetary policy.
Administration Changes
Appointments/Confirmation Hearings
U.S. Department of the Treasury - Janet Yellen (effective January 26, 2021)
Consumer Financial Protection Bureau - Rohit Chopra (Nominee)
- 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)
- Erik Gerding joins Division of Corporation Finance as Deputy Director, Legal and Regulatory Policy (September 27, 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)