PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, December 22, 2021
December 22, 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. House of Representatives
Committee on Financial Services
Letter: Congresswoman Waters Requests FDIC Chairman Provide Legal Basis for Impeding Board Majority's Request for Public Input on Merger Reviews
December 21, 2021
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, sent a letter to Jelena McWilliams, Chairman of the Federal Deposit Insurance Corporation (FDIC), asking Chairman McWilliams to cite the legal authority she's relying on to block the FDIC Board Majority from seeking the public's input on strengthening the bank merger review process.
Federal Agencies
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Interagency Statement on the Community Bank Leverage Ratio Framework
December 21, 2021
The Federal Reserve Board, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency issued a statement to provide information and guidance on the use of the two-quarter grace period under the optional community bank leverage ratio framework when the temporary relief measures affecting the framework expire on December 31, 2021.
- Interagency Statement
- FRB Supervision and Regulation Letter
- FDIC Financial Institution Letter
- OCC Bulletin
Federal Reserve Board
Senior Credit Officer Opinion Survey on Dealer Financing Terms
December 21, 2021
The Board of Governors of the Federal Reserve System published its December 2021 Senior Credit Officer Opinion Survey on Dealer Financing Terms. The survey collected qualitative information on changes in credit terms and conditions in securities financing and over-the-counter derivatives markets.
Federal Reserve Bank of New York
Report: The Federal Reserve's Market Functioning Purchases
December 21, 2021
The Federal Reserve Bank of New York published a report titled, "The Federal Reserve's Market Functioning Purchases."
Federal Reserve Bank of Boston
Paper: Bank Incentives and the Effect of the Paycheck Protection Program
December 21, 2021
The Federal Reserve Bank of Boston published a paper titled, "Bank Incentives and the Effect of the Paycheck Protection Program."
Optimal Allocation of Relief Funds: The Case of the Paycheck Protection Program
December 21, 2021
The Federal Reserve Bank of Boston published a paper titled, "Optimal Allocation of Relief Funds: The Case of the Paycheck Protection Program."
Explaining the Discrepancies in Estimates of the Number of Jobs Saved by the PPP
December 21, 2021
The Federal Reserve Bank of Boston published an article titled, "Explaining the Discrepancies in Estimates of the Number of Jobs Saved by the Paycheck Protection Program."
- Employment Effect Paper
- Optimal Allocation of Relief Funds Paper
- Bank Incentives Paper
- Press Release
Consumer Financial Protection Bureau
Report: Making Ends Meet Series: Consumer Finances During the Pandemic
December 21, 2021
The Consumer Financial Protection Bureau published a report titled, "Consumer Finances During the Pandemic."
National Credit Union Administration
NCUA Board Approves COVID-19 Regulatory Relief Extension
December 21, 2021
The National Credit Union Administration Board unanimously approved an extension of the effective date of its temporary final rule, which modified certain regulatory requirements to help ensure that federally insured credit unions remain operational and can address economic conditions caused by the COVID-19 pandemic.
Federal Housing Finance Agency
Report: FHFA Releases 3rd Quarter 2021 Foreclosure Prevention and Refinance Report
December 21, 2021
The Federal Housing Finance Agency released its third quarter 2021 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac completed 180,566 foreclosure prevention actions during the quarter, raising the total number of homeowners who have been helped to 6,210,485 since the start of conservatorships in September 2008.
Administration Changes
Appointments/Confirmation Hearings
U.S. Department of the Treasury - Janet Yellen (effective January 26, 2021)
Federal Reserve Board
- Statement by Federal Reserve Board Chair Jerome H. Powell on his nomination by President Biden (November 22, 2021)
- Statement by Governor Lael Brainard on her nomination by President Biden (November 22, 2021)
- Secretary of the Treasury Janet L. Yellen Statement on Federal Reserve Nominations (November 22, 2021)
- Statement by Secretary Walsh on Federal Reserve Nominations (November 22, 2021)
- Brown Statement on the Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Toomey Statement on Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Brown Applauds Biden's Nomination of Governor Lael Brainard for Vice Chair (November 22, 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)
- Statement by Administrator Guzman Applauding President Biden's Appointees to Lead SBA Regional Offices (November 18, 2021)
- Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (December 6, 2021)
Commodity Futures Trade Commission – Rostin Behnam (effective December 17, 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)
- U.S. Senate Unanimously Confirms Behnam as Chairman (December 17, 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)
- Adrianne Todman Sworn in as Deputy Secretary of Housing and Urban Development (June 15, 2021)
- Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (December 15, 2021)
Federal Housing Finance Agency – Sandra L. Thompson
- Brown Statement on the Selection of Sandra Thompson to Lead FHFA (December 14, 2021)
- Waters Applauds Biden's Nomination of Sandra L. Thompson as Permanent Director of the FHFA (December 14, 2021)
- Statement from HUD Secretary Marcia L. Fudge on the Nomination of Sandra Thompson (December 14, 2021)
U.S. Department of Education - Dr. Miguel Cardona (effective March 2, 2021)
- Secretary Cardona Statement on Confirmation of Education Department Officials Brown, Rodriguez and Graham (October 6, 2021)
- Statement from Secretary Miguel Cardona on the Confirmation of Catherine Lhamon as Assistant Secretary for the Office for Civil Rights (October 20, 2021)
- Statement by U.S. Secretary of Education Miguel Cardona on the Confirmation of Sandra Bruce as the Department's Inspector General (December 3, 2021)
- Statement by U.S. Secretary of Education Miguel Cardona on President Biden's Nomination of LaWanda Toney (December 16, 2021)