PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, December 31, 2021

December 31, 2021

FedACTion Task Force

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PH Client Alerts

Click here to read more from our Coronavirus series.


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

Office of the Comptroller of the Currency

Community Reinvestment Act: Revision of Small and Intermediate Small Bank and Savings Association Asset Thresholds

December 30, 2021

The Office of the Comptroller of the Currency (OCC) announced revisions to the asset-size threshold amounts used to define "small bank or savings association" and "intermediate small bank or savings association" under the Community Reinvestment Act (CRA) regulations. The thresholds – which apply to any national bank, federal savings association, or state savings association – become effective January 1, 2022. The bulletin adjusts the threshold amounts based on the annual percentage change in a measure of the consumer price index and updates the thresholds included in the OCC's 2021 CRA final rule.

Fannie Mae

Fannie Mae Releases November 2021 Monthly Summary

December 30, 2021

Fannie Mae published its November 2021 Monthly Summary. The monthly summary report contains information about Fannie Mae's monthly and year-to-date activities for its gross mortgage portfolio, mortgage-backed securities and other guarantees, interest rate risk measures, serious delinquency rates and loan modifications.

Freddie Mac

Paper: Freddie Mac White Paper Examines Multifamily Housing in High Opportunity Areas

December 30, 2021

Freddie Mac released a white paper examining the availability of affordable housing for renters in "High Opportunity Areas," which provide residents with access to quality education, employment, health care and transportation.

U.S. Department of Labor

Bulletin: US Department of Labor Announces Enforcement Policy on Disclosure Requirements for Group Health Plan Service Providers

December 30, 2021

The U.S. Department of Labor's Employee Benefits Security Administration released Field Assistance Bulletin 2021-03 announcing a temporary enforcement policy regarding the new fee transparency disclosure requirements added to the Employee Retirement Income Security Act (ERISA) for persons providing brokerage services and consulting to ERISA group health plans.


UK Financial Conduct Authority

New Year Delivers Fairer Home and Motor Insurance Renewals

December 30, 2021

From January 1, 2022, insurers will be banned from quoting customers a higher price for renewing their home or motor insurance than they would pay if they were a new customer.

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)

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