PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, November 24, 2021
November 24, 2021
FedACTion Task Force
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Major Developments
Office of the Comptroller of the Currency
Office of the Comptroller of the Currency Clarifies Bank Authority to Engage in Certain Cryptocurrency Activities and Authority of OCC to Charter National Trust Banks
November 23, 2021
The Office of the Comptroller of the Currency (OCC) published a letter confirming that national banks and federal savings associations have the authority to engage in digital assets, confirming the legal analysis in three recent OCC legal opinions. The OCC, however, noted that such activities must be conducted in a safe and sound manner in order to be legally permissible and that banks seeking to engage in digital asset activities must demonstrate that they have adequate controls in place before they can engage in certain cryptocurrency, distributed ledger, and stablecoin activities.
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
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Joint Statement: Agencies Issue Joint Statement on Crypto-Asset Policy Initiative and Next Steps
November 23, 2021
The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency issued a joint statement summarizing their interagency "policy sprints" focused on crypto-assets and providing a roadmap of future work related to crypto-assets.
Computer-Security Incident Notification: Final Rule
November 23, 2021
On November 23, 2021, the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation published a final rule to establish computer-security incident notification requirements for banking organizations and their bank service providers.
Federal Reserve Bank of New York
Blog Post: Is Higher Financial Stress Lurking around the Corner for China?
November 23, 2021
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled, "Is Higher Financial Stress Lurking Around the Corner for China?"
Investments: Venture Capital Funds
November 23, 2021
The Office of the Comptroller of the Currency issued a bulletin to remind banks that they are prohibited from making most equity investments in venture capital funds even when relying on exemptions set forth in related laws such as the Volcker Rule under the Bank Holding Company Act.
U.S. Department of Housing and Urban Development/Federal Housing Administration
HUD Awards $20 Million for Eviction Protection and Diversion
November 23, 2021
The U.S. Department of Housing and Urban Development (HUD) announced $20 million in inaugural grants from its Eviction Protection Grant Program, the first of its kind for HUD. These grants will be awarded to legal service providers to assist in providing legal assistance to low-income tenants at risk of or subject to eviction. The Eviction Protection Grant Program is part of HUD's continued work, as part of a whole of government approach, to support families recovering from the public health and economic impacts of the COVID-19 pandemic.
International
Bank of England
Speech: Inflation Now and Then - Speech by Jonathan Haskel
November 23, 2021
External Member of the Bank of England's Monetary Policy Committee Jonathan Haskel gave a speech titled, "Inflation Now and Then."
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)
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)