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Daily Financial Regulation Update -- Friday, December 10, 2021

December 10, 2021

By 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. House of Representatives

Committee on Financial Services

A Review of Diversity and Inclusion Performance at America's Large Investment Firms

The Diversity and Inclusion Subcommittee of the Committee on Financial Services held a hearing titled "A Review of Diversity and Inclusion at America's Large Investment Firms."

December 9, 2021

Federal Agencies

U.S. Department of the Treasury

Remarks by Secretary of the Treasury Janet L. Yellen at the Summit for Democracy

Secretary of the U.S. Department of the Treasury Janet L. Yellen gave remarks at the Summit for Democracy.

December 9, 2021

Secretary of the Treasury Janet L. Yellen's Meeting with Regional Bank CEOs

December 9, 2021

Secretary of the U.S. Department of the Treasury Janet L. Yellen held a virtual roundtable with CEOs of regional banks to discuss the state of the economy and the Administration's economic agenda.

Secretary of the Treasury Janet L. Yellen's Meeting with the Bank Policy Institute

December 8, 2021

Secretary of the U.S. Department of the Treasury Janet L. Yellen met with the board of the Bank Policy Institute to discuss the state of the economy and the Administration's economic agenda.

Secretary of the Treasury Janet L. Yellen's Meeting with the Semiconductor Industry Association

December 8, 2021

Secretary of the U.S. Department of the Treasury Janet L. Yellen met with the Semiconductor Industry Association's Board of Directors to discuss how the recently signed infrastructure law will modernize U.S. infrastructure and strengthen the U.S. economy.

Office of the Comptroller of the Currency

Acting Comptroller Issues Statement on HUD Guidance for Special Purpose Credit Programs

December 9, 2021

Acting Comptroller of the Currency Michael J. Hsu issued a statement regarding special purpose credit programs.

Securities and Exchange Commission

Report From SEC Small Business Advocate Details Capital Raising During Past Year

December 9, 2021

The U.S. Securities and Exchange Commission's Office of the Advocate for Small Business Capital Formation issued its 2021 Annual Report that details how entrepreneurs and investors are building companies together from startups to small public companies.

Remarks Before the Healthy Markets Association Conference

December 9, 2021

U.S. Securities and Exchange Commission Chair Gary Gensler gave remarks at the Healthy Markets Association conference.

Commodity Futures Trading Commission

Statement of Commissioner Dawn D. Stump

December 9, 2021

Commodity Futures Trading Commission Commissioner Dawn D. Stump issued a statement indicating she will not be seeking another five-year term at the conclusion of her current term.

Consumer Financial Protection Bureau

Seven Examples of Unfair Practices and Other Violations by Mortgage Servicers: CFPB Supervision Activities Uncover Red Flags

December 9, 2021

The Consumer Financial Protection Bureau (CFPB) issued a blog post titled "Seven Examples of Unfair Practices and Other Violations by Mortgage Servicers: CFPB Supervision Activities Uncover Red Flags."

How Should Regulators Review Bank Mergers?

December 9, 2021

The Consumer Financial Protection Bureau (CFPB) issued a blog post titled "How Should Regulators Review Bank Mergers?" The Federal Deposit Insurance Corporation responded with a statement concerning documents posted on the CFPB's website related to the blog post.

National Credit Union Administration

Remarks at the Women in Housing and Finance Luncheon

December 9, 2021

National Credit Union Administration Chairman Todd M. Harper gave remarks at the Women in Housing and Financing luncheon discussing the U.S. economic situation and near-term outlook, inflation and interest rate risk, economic impact on households, and other issues.

International

European Banking Authority

EBA Report Highlights Shortcomings in the Application of its Guidelines on the Remuneration of Sales Staff

December 9, 2021

The European Banking Authority (EBA) published a report on the application of its Guidelines on the remuneration of sales staff in force since 2016. The EBA's assessment revealed that financial institutions focus more on prudential requirements and commercial interests than on meeting the interests of consumers. However, the EBA also identified good practices that are considered to be compliant with the Guidelines.

Administration Changes

Appointments/Confirmation Hearings

U.S. Department of the Treasury - Janet Yellen (effective January 26, 2021)

Federal Reserve Board

Consumer Financial Protection Bureau - Rohit Chopra (effective October 12, 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

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)