PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, December 8, 2021
December 08, 2021
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Major Developments
Financial Crimes Enforcement Network
Notice: FinCEN Issues Proposed Rule for Beneficial Ownership Reporting to Counter Illicit Finance and Increase Transparency
December 7, 2021
The Financial Crimes Enforcement Network issued a Notice of Proposed Rulemaking to implement the beneficial ownership information reporting provisions of the Corporate Transparency Act. The proposed rule is designed to protect the U.S. financial system from illicit use and impede malign actors from abusing legal entities, like shell companies, to conceal proceeds of corrupt and criminal acts. Such abuses undermine U.S. national security, economic fairness, and the integrity of the U.S. financial system.
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
Nomination Hearing
December 7, 2021
The Committee on Banking, Housing, and Urban Affairs conducted a hearing on the following nominations:
- Ms. Parisa Salehi, to be Inspector General, Export Import Bank; and
- Mr. Brian Michael Tomney, to be Inspector General of the Federal Housing Finance Agency.
- Hearing Page
- Chair Brown Statement
- Ranking Member Toomey Statement
- Export Import Bank Designate Salehi Statement
- FHFA Designate Tomney Statement
U.S. House of Representatives
Committee on Financial Services
Report: Congresswomen Waters and Beatty Release Committee Staff Report Highlighting Diversity Shortcomings at Investment Firms
December 7, 2021
Congresswoman Maxine Waters (D-CA), Chairwoman of the Committee on Financial Services, and Congresswoman Joyce Beatty (D-OH), Chair of the Subcommittee on Diversity and Inclusion, released a Majority Staff Report titled, "Diversity and Inclusion: Holding America's Largest Investment Firms Accountable."
Federal Agencies
U.S. Department of the Treasury
Remarks: Assistant Secretary of the Treasury for Economic Policy Ben Harris on Promoting Competition in Labor Markets
December 7, 2021
Assistant Secretary of the Treasury for Economic Policy Ben Harris delivered remarks at a public workshop on promoting competition in labor markets.
Securities and Exchange Commission
Statement: SEC Staff Statement on LIBOR Transition – Key Considerations for Market Participants
December 7, 2021
The Securities and Exchange Commission (SEC) released a SEC Staff Statement titled, "LIBOR Transition – Key Considerations for Market Participants" to remind investment professionals of their obligations when recommending LIBOR-linked securities and to remind companies and issuers of asset-backed securities of their disclosure obligations related to the LIBOR transition.
Consumer Financial Protection Bureau
CFPB Issues Final Rule to Facilitate Transition from LIBOR
December 7, 2021
The Consumer Financial Protection Bureau finalized a rule facilitating the transition away from the LIBOR interest rate index for consumer financial products. The rule establishes requirements for how creditors must select replacement indices for existing LIBOR-linked consumer loans after April 1, 2022. Under the final rule, no new financial contracts may reference LIBOR as the relevant index after the end of 2021 and starting in June 2023, LIBOR can no longer be used for existing financial contracts.
U.S. Department of Housing and Urban Development/Federal Housing Administration
Statement: FHEO's Statement by HUD's Office of Fair Housing and Equal Opportunity on Special Purpose Credit Programs as a Remedy for Disparities in Access to Homeownership
December 7, 2021
The U.S. Department of Housing and Urban Development (HUD) published a statement titled, "FHEO's Statement by HUD's Office of Fair Housing and Equal Opportunity on Special Purpose Credit Programs as a Remedy for Disparities in Access to Homeownership."
International
European Commission
Competition: EU-US Kaunch Joint Technology Competition Policy Dialogue to Foster Cooperation in Competition Policy and Enforcement in Technology Sector
December 7, 2021
European Commission Executive Vice-President Margrethe Vestager, U.S. Federal Trade Commission Chair Lina Khan, and the Assistant Attorney General for Antitrust of the U.S. Department of Justice Jonathan Kanter launched the EU-U.S. Joint Technology Competition Policy Dialogue.
UK Financial Conduct Authority
CP21/36: FCA to Introduce New Consumer Duty to Drive a Fundamental Shift in Industry Mindset
December 7, 2021
The Financial Conduct Authority published consultation paper CP21/36 titled, "A New Consumer Duty: Feedback to CP21/13 and Further Consultation."
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
- 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)
- 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)