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Daily Financial Regulation Update -- Friday, December 24, 2021

December 24, 2021

By FedACTion Task Force

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PH Client Alerts

Click here to read more from our Coronavirus series.

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

Federal Reserve Bank of Boston

Paper: Debt, Deficits, and Interest Rates

December 23, 2021

The Federal Reserve Bank of Boston published a paper titled, "Debt, Deficits, and Interest Rates."

Paper: On the Origins of the Multinational Premium

December 23, 2021

The Federal Reserve Bank of Boston published a paper titled, "On the Origins of the Multinational Premium."

Consumer Financial Protection Bureau

CFPB Announces Asset-size Threshold Adjustments under HMDA (Regulation C) and TILA (Regulation Z)

December 23, 2021

The Consumer Financial Protection Bureau (CFPB) issued two annual threshold adjustment final rules. First, the CFPB announced the asset-size exemption thresholds for depository institutions under Regulation C. Second, the CFPB announced the asset-size exemption thresholds for certain creditors under the escrow requirements and small creditor portfolio and balloon-payment qualified mortgage requirements, and the small creditor exemption from the prohibition against balloon-payment high-cost mortgages under Regulation Z.

These adjustments are effective on January 1, 2022, consistent with relevant statutory or regulatory provisions.

FINRA

Notice: Business Continuity Planning and Lessons from the COVID-19 Pandemic

December 23, 2021

The Financial Industry Regulatory Authority published Regulatory Notice 21-44: Business Continuity Planning and Lessons from the COVID-19 Pandemic.

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 – Rostin Behnam (effective December 17, 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 – Sandra L. Thompson

U.S. Department of Education - Dr. Miguel Cardona (effective March 2, 2021)