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Daily Financial Regulation Update -- Friday, October 1, 2021

October 01, 2021

By FedACTion Task Force

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Major Developments

Report: Banks and the BIS Explore What a Retail CBDC Might Look Like

September 30, 2021

Seven central banks and the Bank for International Settlements issued a new set of reports that looked into users' needs, technological design options, and financial stability implications of retail or "general purpose" central bank digital currencies (CBDC). The reports conclude that for CBDCs to work effectively, public and private institutions need to cooperate: 1) to ensure integration with existing payments systems; 2) to anticipate customers' future needs; and 3) to support innovation while preserving public trust, privacy and stability in the broader financial system.

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

September 30, 2021

The U.S. Senate Committee on Banking, Housing, and Urban Affairs will meet in open session to conduct a hearing on the following nominations:

  1. The Honorable Todd M. Harper to be a Member of the National Credit Union Administration;
  2. The Honorable Judith DelZoppo Pryor to be First Vice President of the Export-Import Bank of the United States; and
  3. Mr. Owen Edward Herrnstadt, to be a Member of the Board of Directors of the Export-Import Bank of the United States.

U.S. House of Representatives

Committee on Financial Services

Oversight of the Treasury Department's and Federal Reserve's Pandemic Response

September 30, 2021

The U.S. House Committee on Financial Services held a meeting titled, "Oversight of the Treasury Department's and Federal Reserve's Pandemic Response."

Federal Agencies

U.S. Department of the Treasury

Report: Treasury's Federal Insurance Office Releases Annual Report on the Insurance Industry

September 30, 2021

The U.S. Department of the Treasury's Federal Insurance Office (FIO) released its Annual Report on the Insurance Industry. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the FIO must report annually to the President and Congress on the state of the insurance industry and any other information deemed relevant or requested.

Federal Reserve Board

Survey: Senior Credit Officer Opinion Survey on Dealer Financing Terms

September 30, 2021

The Board of Governors of the Federal Reserve System published its September 2021 Senior Credit Officer Opinion Survey on Dealer Financing Terms. The survey collected qualitative information on changes in credit terms and conditions in securities financing and over-the-counter derivatives markets between mid-May 2021 and mid-August 2021.

Paper: When Uncertainty and Volatility Are Disconnected: Implications for Asset Pricing and Portfolio Performance

September 30, 2021

The Board of Governors of the Federal Reserve System's Divisions of Research & Statistics and Monetary Affairs published a paper titled, "When Uncertainty and Volatility Are Disconnected: Implications for Asset Pricing and Portfolio Performance."

U.S. Department of Labor

Unemployment Insurance Weekly Claims Report Update

September 30, 2021

In the week ending September 25, the advance figure for seasonally adjusted initial claims was 362,000, an increase of 11,000 from the previous week's unrevised level of 351,000. The 4-week moving average was 340,000, an increase of 4,250 from the previous week's unrevised average of 335,750.

International

European Commission

Commission Statement on Consulting Member States on Proposal on the Future of the State Aid Temporary Framework

September 30, 2021

The European Commission has sent to Member States for consultation a draft proposal to prolong the State Aid Temporary Framework until June 30, 2022, while setting out the path for the progressive phase-out of crisis support in light of the ongoing recovery of the European economy.

Bank of England Prudential Regulation Authority

Letter: Letter from the Bank, PRA, and FCA "2021 CBEST Thematic Findings"

September 30, 2021

The supervisory teams of the Bank of England, Prudential Regulation Authority, and Financial Conduct Authority wrote a letter to senior management functions with responsibility for cybersecurity, highlighting the thematic findings from the latest cycle of CBEST assessments.

Letter: Letter from PRA Executive Director Saporta on Thematic Feedback from the 2020/2021 Round of Written Auditor Reporting'

September 30, 2021

Executive Director of Prudential Policy of the Prudential Regulation Authority (PRA) Victoria Saporta published a letter to chief financial officers of selected deposit-takers, which provides thematic feedback from the PRA's review of written auditor reports received in 2021.

UK Financial Conduct Authority

Letter: Wealth Management and Stockbroking Supervision Strategy

September 30, 2021

Financial Conduct Authority Director of Consumer Investments Supervision Debbie Gupta published a letter to chief executive officers (CEOs) of firms in the wealth management and stockbroking sector. The letter provided an update of the FCA's view of key harms in this sector, its expectations of the CEOs, and a summary of the work the FCA intends to do.

Administration Changes

Appointments/Confirmation Hearings

U.S. Department of the Treasury - Janet Yellen (effective January 26, 2021)

Consumer Financial Protection Bureau - Rohit Chopra (effective 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

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)