PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, November 19, 2021
November 19, 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. Senate
Committee on Banking, Housing, and Urban Affairs
Nomination Hearing
November 18, 2021
The Committee on Banking, Housing, and Urban Affairs conducted a hearing on the nomination of Dr. Saule T. Omarova to be Comptroller of the Currency.
Federal Agencies
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Agencies Approve Final Rule Requiring Computer-Security Incident Notification
November 18, 2021
Federal bank regulatory agencies announced the approval of a final rule to improve the sharing of information about cyber incidents that may affect the U.S. banking system. The final rule requires a banking organization to notify its primary federal regulator of any significant computer-security incident as soon as possible and no later than 36 hours after the banking organization determines that a cyber incident has occurred. Notification is required for incidents that have materially affected – or are reasonably likely to materially affect – the viability of a banking organization's operations, its ability to deliver banking products and services, or the stability of the financial sector.
Federal Reserve Board
Paper: Words Speak as Loudly as Actions: Central Bank Communication and the Response of Equity Prices to Macroeconomic Announcements
November 18, 2021
The Federal Reserve Board published a paper titled, "Words Speak as Loudly as Actions: Central Bank Communication and the Response of Equity Prices to Macroeconomic Announcements."
Paper: Decomposing Gender Differences in Bankcard Credit Limits
November 18, 2021
The Federal Reserve Board published a paper titled, "Decomposing Gender Differences in Bankcard Credit Limits."
Federal Reserve Bank of Boston
Boston Fed's 65th Economic Research Conference Examines Impact of Rising U.S. Debt Levels
November 18, 2021
Economists and central bankers gathered last week for the Federal Reserve Bank of Boston's 65th annual economic conference to discuss whether rising debt levels threaten the financial stability of the United States.
Commodity Futures Trading Commission
CFTC Staff Extends Existing Temporary No Action Relief Related to Brexit
November 18, 2021
The Commodity Futures Trading Commission's Division of Market Oversight and Market Participants Division announced that they are extending previously granted temporary no-action relief in connection with the withdrawal of the UK from the EU, known as Brexit.
Financial Crimes Enforcement Network
Notice: FinCEN Issues Notice on Environmental Crimes and Related Financial Activity
November 18, 2021
The Financial Crimes Enforcement Network issued a notice to raise awareness of an upward trend in environmental crimes and associated illicit financial activity. The notice provides financial institutions with specific suspicious activity report filing instructions, and highlights the likelihood of illicit financial activity related to several types of environmental crimes.
National Credit Union Administration
NCUA Board Approves Draft Strategic Plan, Final Rule on Shared Services Facilities
November 18, 2021
The National Credit Union Administration Board (NCUA) held its tenth open meeting of 2021 and approved two items:
- The publication of the NCUA's draft Strategic Plan 2022–2026 for public comment.
- A final rule that changes the definition of a service facility in the agency's chartering in field-of-membership requirements.
In addition, the NCUA Board was briefed on the performance of the National Credit Union Share Insurance Fund in the third quarter of 2021, along with the agency's modernized examination tools and response to the COVID-19 pandemic.
- Draft Strategic Plan
- Final Rule
- Share Insurance Fund Report
- Modernized Examination Tools Brief
- Press Release
Fannie Mae
Inflation Remains Primary Macroeconomic Concern, as Fed Contemplates Additional Action
November 18, 2021
Inflation is a key forecast concern for the economy, according to the November 2021 commentary from the Fannie Mae Economic and Strategic Research Group.
U.S. Department of Labor
Unemployment Insurance Weekly Claims Report Update
November 18, 2021
In the week ending November 13, the advance figure for seasonally adjusted initial claims was 268,000, a decrease of 1,000 from the previous week's revised level. This is the lowest level for initial claims since March 14, 2020 when it was 256,000. The previous week's level was revised up by 2,000 from 267,000 to 269,000. The 4-week moving average was 272,750, a decrease of 5,750 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 up by 500 from 278,000 to 278,500.
International
European Commission
Commission Sets Out Future of Temporary Framework to Support Economic Recovery in Context of COVID-19 Outbreak
November 18, 2021
The European Commission has decided to prolong the State Aid Temporary Framework until June 30, 2022 (currently set to expire by December 31, 2021). In order to further accelerate the recovery, the Commission has also decided to introduce two new measures to create direct incentives for forward-looking private investment and solvency support measures, for an additional limited period.
European Banking Authority
EBA and ESMA Consult on Framework for the Supervisory Review and Evaluation Process of Investment Firms
November 18, 2021
The European Banking Authority (EBA) and the European Securities and Markets Authority launched a public consultation on their Guidelines on common procedures and methodologies for the supervisory review and evaluation process. The EBA is also consulting on draft Regulatory Technical Standards on the additional own funds requirements that could be determined by competent authorities for investment firms. Both regulatory products are based on the Investment Firms Directive and aim at consistent supervisory practices with regard to the review and evaluation of investment firms. The consultations run until February 18, 2022.
Administration Changes
Appointments/Confirmation Hearings
U.S. Department of the Treasury - Janet Yellen (effective January 26, 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)
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)