PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, October 13, 2021
October 13, 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.
Federal Agencies
U.S. Department of the Treasury
Secretary of the Treasury Janet L. Yellen's Second Meeting with the Heads and Private-Sector Leads of the Multilateral Development Banks to Discuss Climate Finance
October 12, 2021
Secretary of the Treasury Janet L. Yellen reconvened the heads and private sector leads of several of the multilateral development banks (MDBs) to follow-up on an initial July meeting in which she urged the MDBs to rapidly align their portfolios with the goals of the Paris Agreement and to redouble their efforts to mobilize significantly more private capital for climate. Participants included U.S. Special Presidential Envoy for Climate John Kerry and representatives from the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank Group and the World Bank Group.
Remarks: Secretary of the Treasury Yellen at the Countdown Summit regarding Climate Finance
October 12, 2021
Secretary of the Treasury Janet L. Yellen gave prepared remarks about climate finance at the Countdown Summit.
Federal Reserve Board
Speech: Vice Chair Clarida on the U.S. Economic Outlook and Monetary Policy
October 12, 2021
Vice Chair of the Federal Reserve Board Richard H. Clarida gave a speech titled, "U.S. Economic Outlook and Monetary Policy," at the 2021 Institute of International Finance Annual Membership Meeting: Sustainable Economic Growth and Financial Stability in a Diverging, Decarbonizing, Digitizing, Indebted World.
OIG Report: The Board Can Improve the Efficiency and Effectiveness of Certain Aspects of Its Consumer Compliance Examination and Enforcement Action Issuance Processes
October 12, 2021
The Board of Governors of the Federal Reserve System's Office of Inspector General published Board Report 2021-SR-B-012 titled, "The Board Can Improve the Efficiency and Effectiveness of Certain Aspects of Its Consumer Compliance Examination and Enforcement Action Issuance Processes."
Federal Reserve Bank of New York
Report: Consumers' Inflation Expectations Remain Elevated for the Short- and Medium-Term
October 12, 2021
The Federal Reserve Bank of New York's Center for Microeconomic Data released the September 2021 Survey of Consumer Expectations, which shows that short- and medium-term inflation expectations rose to their highest levels since the inception of the survey in 2013. In contrast, year-ahead home price and commodity price expectations all subsided in September. Labor market expectations improved slightly, while household finance expectations (e.g., income or spending growth) remained mostly unchanged.
Report: The Option Value of Municipal Liquidity: Evidence from Federal Lending Cutoffs during COVID-19
October 12, 2021
The Federal Reserve Bank of New York published a staff report titled, "The Option Value of Municipal Liquidity: Evidence from Federal Lending Cutoffs during COVID-19."
Securities and Exchange Commission
Remarks: Commissioner Peirce on Lawless in Austin
October 12, 2021
Securities and Exchange Commission Commissioner Hester M. Peirce gave remarks titled, "Lawless in Austin," before the Texas Blockchain Summit.
Remarks: SEC Chair Gensler and SEC Commissioners Crenshaw, Roisman, and Lee at SEC Speaks
October 12, 2021
Securities and Exchange Commission (SEC) Chair Gary Gensler and SEC Commissioners Caroline A. Crenshaw, Elad L. Roisman, and Allison Herren Lee gave prepared remarks at "SEC Speaks."
- Remarks by Chair Gary Gensler
- Remarks by Commissioner Caroline A. Crenshaw
- Remarks by Commissioner Elad L. Roisman
- Remarks by Commissioner Allison Herren Lee
Consumer Financial Protection Bureau
Statement: Rohit Chopra on Swearing In as CFPB Director
October 12, 2021
Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra gave a statement on being sworn in as CFPB director.
Federal Housing Finance Agency
Report: 2020 Low-Income Housing and Community Development Activities of the Federal Home Loan Banks
October 12, 2021
The Federal Housing Finance Agency's Division of Housing Mission and Goals published a report titled, "2020 Low-Income Housing and Community Development Activities of the Federal Home Loan Banks."
International
European Commission
NextGenerationEU: European Commission Successfully Issues First Green Bond to Finance the Sustainable Recovery
October 12, 2021
The European Commission issued the first NextGenerationEU green bond, thus raising €12 billion to be used exclusively for green and sustainable investments across the EU. The offering represents the world's largest green bond issuance ever.
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
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)