PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, December 10, 2021
December 10, 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. 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
- Statement by Federal Reserve Board Chair Jerome H. Powell on his nomination by President Biden (November 22, 2021)
- Statement by Governor Lael Brainard on her nomination by President Biden (November 22, 2021)
- Secretary of the Treasury Janet L. Yellen Statement on Federal Reserve Nominations (November 22, 2021)
- Statement by Secretary Walsh on Federal Reserve Nominations (November 22, 2021)
- Brown Statement on the Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Toomey Statement on Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Brown Applauds Biden's Nomination of Governor Lael Brainard for Vice Chair (November 22, 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)
- Statement by Administrator Guzman Applauding President Biden's Appointees to Lead SBA Regional Offices (November 18, 2021)
- Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (December 6, 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)
- 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)
- Statement by U.S. Secretary of Education Miguel Cardona on the Confirmation of Sandra Bruce as the Department's Inspector General (December 3, 2021)