left-caret
Insights

ph fedaction financial regulatory updates homepage

Daily Financial Regulation Update -- Friday, January 7, 2022

January 07, 2022

By FedACTion Task Force

Subscribe to PH FedACTion: Financial Regulatory Updates

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

U.S. Department of the Treasury

Treasury Issues Final Rule for State and Local Fiscal Recovery Funds Program to Support the Ongoing COVID Response

January 6, 2022

The U.S. Department of the Treasury issued the Final Rule for the State and Local Fiscal Recovery Funds program, enacted as a part of the American Rescue Plan, which delivers $350 billion to state, local and Tribal governments to support their response to and recovery from the COVID-19 pandemic.

Federal Reserve Bank of New York

Blog Post: The Effect of Monetary and Fiscal Policy on Inequality

January 6, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled, "The Effect of Monetary and Fiscal Policy on Inequality."

Bank Policy Institute

7 Guiding Principles to Promote Lending, Further Objectives of CFPB Small Business Data Rule

January 6, 2022

The Bank Policy Institute commented on a proposed rule by the Consumer Financial Protection Bureau that would implement changes to the Equal Credit Opportunity Act by requiring certain financial institutions to collect and report data on small businesses' credit applications, including businesses that are owned by women or minorities. The proposed rule defines which institutions would be required to collect data, which institutions would be considered "small businesses," what data would be requested and proposes general compliance expectations.

State Agencies

California Department of Financial Protection and Innovation

DFPI Efforts Spur Participation in Mortgage Relief Program Funded by U.S. Treasury

January 6, 2022

Following the announcement on December 20, 2021 from Governor Gavin Newsom of the approval by the U.S. Treasury to provide $1 billion in mortgage relief grants to homeowners, the California Department of Financial Protection and Innovation highlights efforts that spurred participation in the program and helped forge a national model to protect homeowners impacted by the COVID-19 pandemic.

International

Bank of England

Monthly Decision Maker Panel data - December 2021

January 6, 2022

The Bank of England published its December 2021 Decision Maker Panel (DMP) data. The DMP is a survey of Chief Financial Officers from small, medium and large UK businesses.

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)