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Daily Financial Regulation Update -- Friday, December 3, 2021

December 03, 2021

By FedACTion Task Force

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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

U.S. Department of the Treasury

Readout: Secretary of the Treasury Janet L. Yellen's Virtual Meeting with Technology CEO Council

December 1, 2021

U.S. Secretary of the Treasury Janet L. Yellen attended a meeting with the Technology CEO Council, a policy advocacy organization for the country's leading information technology companies and manufacturers. Secretary Yellen highlighted the progress being made on America's economic recovery and outlined steps the Administration is taking to address semiconductor shortages and supply chain constraints.

Federal Reserve Board

Paper: Entry, Variable Markups, and Business Cycles

December 2, 2021

The Board of Governors of the Federal Reserve published a paper titled, "Entry, Variable Markups, and Business Cycles."

Speech: Departing Thoughts by Governor Quarles

December 2, 2021

Federal Reserve Board Governor Randal K. Quarles gave a speech titled, "Between the Hither and the Father Shore: Thoughts on Unfinished Business."

Securities and Exchange Commission

SEC Adopts Amendments to Finalize Rules Relating to the Holding Foreign Companies Accountable Act

December 2, 2021

The Securities and Exchange Commission adopted amendments to finalize rules implementing the submission and disclosure requirements in the Holding Foreign Companies Accountable Act. The rules apply to registrants the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board is unable to inspect or investigate.

Remarks Before the Investor Advisory Committee

December 2, 2021

Securities and Exchange Commission (SEC) Chair Gary Gensler and SEC Commissioner Hester M. Peirce gave remarks before the Investor Advisory Committee.

Commodity Futures Trading Commission

CFTC's Interest Rate Benchmark Reform Subcommittee Selects December 13 for SOFR First for Additional Cross-Currency Derivatives

December 2, 2021

The Interest Rate Benchmark Reform Subcommittee, a subcommittee of the Commodity Futures Trading Commission's Market Risk Advisory Committee (MRAC), announced that it has selected December 13 to switch interdealer trading conventions from LIBOR to the Secured Overnight Financing Rate (SOFR) for the U.S. dollar (USD) leg of newly-executed cross-currency derivatives under the MRAC's SOFR First initiative. Acting Chairman Rostin Behnam is the sponsor of MRAC.

National Credit Union Administration

Speech: NCUA Chairman Todd M. Harper Remarks at the American Association of Credit Union Leagues' Winter Meeting

December 2, 2021

National Credit Union Administration Todd M. Harper gave prepared remarks at the American Association of Credit Union Leagues' Winter Meeting.

Fannie Mae

Paper: Barriers to Entry: Closing Costs for First-Time and Low-Income Homebuyers

December 2, 2021

Fannie Mae published a working paper titled, "Barriers to Entry: Closing Costs for First-Time and Low-Income Homebuyers."

U.S. Department of Labor

Unemployment Insurance Weekly Claims Report Update

December 2, 2021

In the week ending November 27, the advance figure for seasonally adjusted initial claims was 222,000, an increase of 28,000 from the previous week's revised level. The previous week's level was revised down by 5,000 from 199,000 to 194,000. The 4-week moving average was 238,750, a decrease of 12,250 from the previous week's revised average. This is the lowest level for this average since March 14, 2020 when it was 225,500. The previous week's average was revised down by 1,250 from 252,250 to 251,000.

International

European Commission

Report: EU Financial Instruments Supported European SMEs during the COVID-19 Crises With €29 Billion In 2020

December 2, 2021

The European Commission published the Annual Summary Report on the implementation of financial instruments in 2020. The report shows that financial instruments have supported European small- and medium-sized companies (SMEs) and other recipients for a total of €29 billion in 2020. Out of these, €21.6 billion (of which €7 billion for working capital) under the European Structural and Investment Funds (ESIF) have underpinned 478,000 SMEs, including 375,000 microenterprises.

Bank of England

The Alternative Liquidity Facility

December 2, 2021

The Bank of England opened the Alternative Liquidity Facility, which has taken deposits from participating UK-based Islamic banks for the first time.

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)