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Daily Financial Regulation Update -- Friday, November 5, 2021

November 05, 2021

By 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

Letter: Brown, Waters, Maloney Urge Treasury to Take Action to Implement Corporate Transparency Act

November 4, 2021

Senator Sherrod Brown (D-OH), Chair of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Congresswoman Carolyn B. Maloney (D-NY), Chairwoman of the House Committee on Oversight and Reform, wrote to Treasury Secretary Janet L. Yellen asking the Department of the Treasury to implement the Corporate Transparency Act to create a registry of beneficial ownership of private companies that can be used for illicit purposes.

Senate Banking and Housing Committee Advances Key Biden Administration Nominees

November 3, 2021

The U.S. Senate Committee on Banking, Housing, and Urban Affairs, approved four Biden Administration nominees, whose nominations will proceed to a full Senate vote:

  • Ms. Reta Jo Lewis, of Georgia, to be President and Chair of the Export-Import Bank of the United States;
  • The Honorable Judith Del Zoppo Pryor, of Ohio, to be First Vice President of the Export-Import Bank of the United States;
  • Mr. Owen Edward Herrnstadt, of Maryland, to be a Member of the Board of Directors of the Export-Import Bank of the United States; and
  • Mr. Matthew Axelrod, to be an Assistant Secretary of Commerce.
  • Press Release
  • Ranking Member Toomey Statement

Federal Agencies

U.S. Department of the Treasury

Remarks: Deputy Secretary of the Treasury Wally Adeyemo at LINKS Conference

November 4, 2021

Deputy Secretary of the Treasury Wally Adeyemo gave prepared remarks at the LINKS Conference.

Securities and Exchange Commission

SEC Updates Electronic Filing Requirements

November 4, 2021

The Securities and Exchange Commission (SEC) published proposed amendments to update electronic filing requirements. The SEC currently permits and sometimes requires certain forms to be filed or submitted in paper format. The proposed rule and form amendments would require certain forms to be filed or submitted electronically. The proposed amendments also would make technical amendments to certain forms to require structured data reporting and remove outdated references.

SEC Chairman Gensler Delivers Remarks at the Securities Enforcement Forum

November 4, 2021

Securities and Exchange Commission Chair Gary Gensler gave prepared remarks at the Securities Enforcement Forum.

Consumer Financial Protection Bureau

Advisory Opinion: Addressing False Identification by Background Screeners

November 4, 2021

The Consumer Financial Protection Bureau (CFPB) issued an advisory opinion affirming that consumer reporting companies, including tenant and employment screening companies, are violating the law if they engage in shoddy name-matching procedures. Regulators are concerned about the significant harms caused by false identity matching, where an applicant is disqualified from rental housing or a job based on having the same name as another individual with negative information in their credit history. Specifically, the CFPB affirmed that the practice of matching consumer records solely through the matching of names is illegal under the Fair Credit Reporting Act.

Report: The Bureau Can Improve Aspects of Its Quality Management Program for Supervision Activities

November 4, 2021

The Consumer Financial Protection Bureau published a report titled, "The Bureau Can Improve Aspects of Its Quality Management Program for Supervision Activities."

Occupational Safety and Health Administration

US Department of Labor Issues Emergency Temporary Standard to Protect Workers from COVID-19

November 4, 2021

The U.S. Department of Labor's Occupational Safety and Health Administration announced a new emergency temporary standard to protect more than 84 million workers from the spread of COVID-19 on the job.

International

Bank of England

Report: Monetary Policy Report - November 2021

November 4, 2021

The Bank of England published its monthly Monetary Policy Report for November 2021. Spending, jobs and incomes have continued to recover from the effects of COVID-19. The size of the UK economy is getting close to where it was before the pandemic. Unemployment has fallen, although it is higher than it was before the pandemic.

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)

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)

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