PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, September 29, 2021
September 29, 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
CARES Act Oversight Hearing of the Treasury and Federal Reserve: Supporting an Equitable Pandemic Recovery
September 28, 2021
The Senate Committee on Banking, Housing, and Urban Affairs conducted a hearing entitled, "CARES Act Oversight of the Treasury and Federal Reserve: Supporting an Equitable Pandemic Recovery."
- Hearing Page
- Statement by Committee Chair Sherrod Brown
- Statement by Committee Ranking Member Patrick J. Toomey
- Testimony of Treasury Secretary Janet L. Yellen
- Testimony of Federal Reserve Board Chair Jerome H. Powell
Federal Agencies
U.S. Department of the Treasury
Remarks: Secretary of the Treasury Janet L. Yellen to the National Association for Business Economics
September 28, 2021
Secretary of the Treasury Janet L. Yellen gave remarks to the National Association for Business Economics regarding economic challenges.
Letter: Secretary of the Treasury Janet L. Yellen to Congressional Leadership on the Debt Limit
September 28, 2021
U.S. Secretary of the Treasury Janet L. Yellen sent a letter to Congressional leadership regarding the debt limit.
Federal Reserve Board
Speech: Governor Bowman on Creating a New Model for the Future of Supervision
September 28, 2021
Governor of the Federal Reserve System Michelle W. Bowman gave a speech titled, "Creating a New Model for the Future of Supervision."
Conference of State Bank Supervisors
CSBS Survey: COVID-19 Pandemic Impact on Community Banks
September 28, 2021
The Conference of State Bank Supervisors released its eighth annual national community bank survey, finding that the lingering effect of the COVID-19 pandemic on local economies has created a new concern for community banks – historic levels of deposits and narrow net interest margins.
Federal Deposit Insurance Corporation
Speech: FDIC Chairwoman Jelena McWilliams at the Federal Reserve System, Conference of State Bank Supervisors, and Federal Deposit Insurance Corporation 2021 Community Banking in the 21st Century Research and Policy Conference
September 28, 2021
Chairwoman of the Federal Deposit Insurance Corporation (FDIC) Jelena McWilliams gave a speech at the Federal Reserve System, Conference of State Bank Supervisors, and FDIC 2021 Community Banking in the 21st Century Research and Policy Conference.
Securities and Exchange Commission
Speech: SEC Commissioner Crenshaw on Assessing the Unknown
September 27, 2021
Securities and Exchange Commissioner Caroline A. Crenshaw gave a speech titled, "Assessing the Unknown."
FINRA
FINRA Adopts Rules to Address Firms with a Significant History of Misconduct
September 28, 2021
The Financial Industry Regulatory Authority (FINRA) adopted new rules to address firms with a significant history of misconduct. New Rule 4111 requires member firms that are identified as "Restricted Firms" to deposit cash or qualified securities in a segregated, restricted account, adhere to specified conditions or restrictions, or comply with a combination of such obligations.
Federal Housing Finance Agency
Report: FHFA House Price Index Up 1.4 Percent in July; Up 19.2 Percent from Last Year
September 28, 2021
The Federal Housing Finance Agency (FHFA) published its House Price Index Monthly Report. According to the latest Federal Housing Finance Agency House Price Index, house prices rose nationwide in July, up 1.4% from the previous month. House prices rose 19.2% from July 2020 to July 2021. The previously reported 1.6% price change for June 2021 was revised upward to 1.7%.
Ginnie Mae
Report: Global Market Analysis for September 2021
September 28, 2021
Ginnie Mae published its monthly Global Markets Analysis Report for September 2021. In the report, Ginnie Mae posed a series of questions to Wall Street mortgage-backed securities (MBS) experts to provide perspective on the Agency MBS market and the relative value of Ginnie Mae MBS.
Bank Policy Institute
BPI Calls for Expanding Employment Opportunities for Rehabilitated Individuals with Criminal Records
September 28, 2021
In advance of the U.S. House Financial Services Committee Subcommittee on Diversity and Inclusion's hearing entitled, "Access Denied: Eliminating Barriers and Increasing Economic Opportunity for Justice-Involved Individuals," the Bank Policy Institute released a statement for the record urging clarity on Section 19 of the Federal Deposit Insurance Act in order to foster employment opportunities for rehabilitated job seekers with criminal records.
Administration Changes
Appointments/Confirmation Hearings
U.S. Department of the Treasury - Janet Yellen (effective January 26, 2021)
Consumer Financial Protection Bureau - Rohit Chopra (Nominee)
- Acting Director: Dave Uejio (January 20, 2020)
- Confirmation hearing held on March 2, 2021
- Committee approval March 10, 2021
Securities and Exchange Commission - Gary Gensler (effective April 17, 2021)
- Renee Jones to Join SEC as Director of Corporation Finance; John Coates Named SEC General Counsel (June 14, 2021)
- Daniel S. Kahl Appointed Acting Director of the Division of Examinations; Peter B. Driscoll to Depart Agency (July 14, 2021)
Small Business Administration - Isabella Casillas Guzman (effective March 16, 2021)
- Small Business Committee Advances SBA Deputy Administrator Nominee Dilawar Syed (June 17, 2021)
- U.S. Small Business Administration Announces Key Staff (August 18, 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
U.S. Department of Education - Dr. Miguel Cardona (effective March 2, 2021)
- U.S. Department of Education Announces More Biden-Harris Appointees (June 14, 2021)
- Statement by Secretary Cardona on Nomination of Sandra Bruce as Inspector General (June 14, 2021)
- Statement by U.S. Secretary of Education Cardona on President Biden's Nomination of Amy Loyd (August 12, 2021)
- Statement by Secretary Cardona on Confirmation of James Kvaal as Under Secretary of Education (September 14, 2021)