Daily Financial Regulation Update -- Wednesday, November 3, 2021

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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

Hearing: The Libor Transition: Protecting Consumers and Investors

November 2, 2021

The U.S. Senate Committee on Banking, Housing, and Urban Affairs conducted a hearing titled, "The Libor Transition: Protecting Consumers and Investors."

• Hearing Page
• Chair Sherrod Brown Statement
• Ranking Member Patrick J. Toomey Statement

Federal Agencies

Federal Deposit Insurance Corporation

FDIC Creates New Office of Minority and Community Development Banking to Support Mission-Driven Banks

November 2, 2021

Federal Deposit Insurance Corporation Chairman Jelena McWilliams announced the creation of a new office to support the agency's ongoing strategic and direct engagement with Minority Depository Institutions, Community Development Financial Institutions and other mission-driven banks. The new office will further promote private sector investments in low- and moderate-income communities.

• Press Release

Securities and Exchange Commission

Remarks: SEC Chair Gensler Before the SIFMA Annual Meeting

November 2, 2021

Securities and Exchange Commission Chair Gary Gensler gave prepared remarks before the Securities Industry and Financial Markets Association Annual Meeting.

• Remarks

International

European Commission

Commission, Breakthrough Energy Catalyst and European Investment Bank advance partnership in climate technologies

November 2, 2021

At the United Nations Climate Change Conference of the Parties (COP26) in Glasgow, European Commission President Ursula von der Leyen and Bill Gates, the Founder of Breakthrough Energy, together with European Investment Bank President Werner Hoyer, have officially entered into a pioneering partnership that will boost investments in critical climate technologies. Today's signing of a Memorandum of Understanding follows up on the initial announcement made in June this year at the Mission Innovation Ministerial Conference.

• Questions and Answers
• Factsheet
• Memorandum of Understanding
• COP26 Announcement
• Joint Statement
• Press Release

UK Financial Conduct Authority

Speech: Drivers of Change in the Financial Services Industry and How We are Responding

November 2, 2021

Jessica Rusu, Chief Data, Information and Intelligence Officer of the Financial Conduct Authority, gave a speech titled, "Drivers of Change in the Financial Services Industry and How We Are Responding."

• Speech

Administration Changes

Appointments/Confirmation Hearings

U.S. Department of the Treasury - Janet Yellen (effective January 26, 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

• FinCEN Announces Acting Director and New Deputy Director (April 2, 2021)

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)

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)