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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, September 15, 2021

September 15, 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. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: Oversight of the U.S. Securities and Exchange Commission

September 14, 2021

The Senate Committee on Banking, Housing, and Urban Affairs conducted a hearing titled, "Oversight of the U.S. Securities and Exchange Commission."

Statement: Senator Sherrod Brown on Nomination of Reta Jo Lewis for Export-Import Bank President and Chair

September 13, 2021

Chairman of the Senate Committee on Banking, Housing, and Urban Affairs Sherrod Brown (D-OH) released a statement after the Biden Administration announced the nomination of Reta Jo Lewis to be President and Chair of the Export-Import Bank (EXIM). If confirmed, Lewis would be the first Black woman to lead EXIM.

Statement

U.S. House of Representatives

Committee on Financial Services

Committee Passes Build Back Better Agenda to Provide Investments in Housing Resources

September 14, 2021

The House Financial Services Committee passed the Financial Services Committee Title of the Build Back Better Act to provide investments in housing resources, such as affordable housing, down payment assistance and efforts to end homelessness.

September Full Committee Markup to Advance the Build Back Better Act and Critical Housing Legislation

September 14, 2021

The House Financial Services Committee met to mark up a key part of the Biden Administration's Build Back Better agenda that will provide a $322 billion investment toward the United States' affordable housing infrastructure.

Federal Agencies

U.S. Department of the Treasury

Treasury Department and Federal Housing Finance Agency Suspend Certain Requirements Under Preferred Stock Purchase Agreements with Fannie Mae and Freddie Mac

September 14, 2021

The U.S. Department of the Treasury (Treasury) and the Federal Housing Finance Agency (FHFA) agreed to suspend certain requirements that were added to the Preferred Stock Purchase Agreements between the Treasury and Fannie Mae and Freddie Mac. FHFA will continue to measure, manage and monitor the financial and operational risks of the Fannie Mae and Freddie Mac to ensure that they operate in a safe and sound manner and consistent with the public interest. During the suspension, FHFA will review the suspended requirements and consult with Treasury on any recommended revisions.

Treasury Releases Additional Emergency Rental Assistance Funds to High-Performing State and Local Government Grantees

September 14, 2021

The U.S. Department of the Treasury announced it will make the remaining more than $13 billion in funding under the second wave of Emergency Rental Assistance available to the high-performing state and local government grantees.

Press Release

Conference of State Bank Supervisors

Letter: State Regulators Support the Department of Education's Revised Student Lending Policy

September 14, 2021

State financial regulators expressed support for the U.S. Department of Education's new legal interpretation regarding state regulation of federal student loan servicers and debt collectors.

Federal Trade Commission

Lina Khan Issues Statement on Nomination of Alvaro Bedoya as Commissioner

September 13, 2021

Federal Trade Commission (FTC) Chair Lina Khan issued a statement on the White House nomination of Alvaro Bedoya to serve as an FTC Commissioner.

Statement

FINRA

Notice: FINRA Requests Comment on Its Policy Relating to the Assignment of OTC Symbols to Unlisted Equity Securities

September 14, 2021

The Financial Industry Regulatory Authority (FINRA) requests comment on a proposed change to its current policy relating to the assignment of Over-the-Counter (OTC) symbols to unlisted equity securities. Specifically, FINRA is considering whether it should begin assigning OTC symbols to unlisted equity securities that do not have a valid CUSIP identifier, in the limited circumstance where a member firm demonstrates its best efforts to obtain a CUSIP identifier and provides documentation to identify the security.

Regulatory Notice

International

Bank of England

Approach to the Monitoring of Third Country Systems Designated Under the Settlement Finality Regulations

September 14, 2021

The Bank of England published its approach to monitoring of third-country systems designated under the UK's Settlement Finality Regulations. In light of the UK's withdrawal from the EU, the UK amended its legislation to enable third-country CCPs, CSDs and payment systems, which are not subject to UK law, to receive settlement finality designation within the UK. Any system previously covered by the EU's Settlement Finality Directive that submitted an application for permanent designation by June 30, 2021 continues to benefit from the UK's settlement finality protection under the Temporary Designation Regime, which ends on December 31, 2023.