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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, October 29, 2021

October 29, 2021

By FedACTion Task Force

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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.

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

The Consumer Financial Protection Bureau's Semi-Annual Report to Congress

October 28, 2021

The Committee on Banking, Housing, and Urban Affairs conducted a hearing titled, "New Era for Consumer Protection: The Consumer Financial Protection Bureau's Semi-Annual Report to Congress."

Federal Agencies

Conference of State Bank Supervisors

State Regulators Urge Early NMLS Renewals Amid Increase in Eligible Licensees

October 28, 2021

State regulators advise individuals and businesses in the mortgage, money transmission, debt collection and consumer financial services industry to start renewing their licenses in the Nationwide Multistate Licensing System starting November 1 to avoid licensing delays.

Office of the Comptroller of the Currency

Truth in Lending Act: Revised Interagency Examination Procedures and Rescissions

October 28, 2021

The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council adopted revised interagency examination procedures for the Truth in Lending Act, implemented by Regulation Z. The revised interagency procedures reflect amendments to Regulation Z published in the Federal Register through May 30, 2021.

Retail Lending: Revised Comptroller's Handbook Booklet and Rescissions

October 28, 2021

The Office of the Comptroller of the Currency issued version 2.0 of the "Retail Lending" booklet of the Comptroller's Handbook. This booklet discusses risks associated with retail lending and provides a framework for examiners' evaluations of risk management activities.

Securities and Exchange Commission

Remarks: October 28, 2021 Meeting of the Asset Management Advisory Committee

October 28, 2021

Sarah ten Siethoff, Acting Director, Division of Investment Management, gave remarks at the October 28, 2021 meeting of the Securities and Exchange Commission's Asset Management Advisory Committee.

U.S. Department of Labor

Unemployment Insurance Weekly Claims Report Update

October 28, 2021

In the week ending October 23, the advance figure for seasonally adjusted initial claims was 281,000, a decrease of 10,000 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 1,000 from 290,000 to 291,000. The 4-week moving average was 299,250, a decrease of 20,750 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 250 from 319,750 to 320,000.

Equal Employment Opportunity Council

EEOC Launches Initiative on Artificial Intelligence and Algorithmic Fairness

October 28, 2021

U.S. Equal Employment Opportunity Commission (EEOC) Chair Charlotte A. Burrows announced at a Genius Machines 2021 event that the EEOC is launching an initiative to ensure that artificial intelligence and other emerging tools used in hiring and other employment decisions comply with federal civil rights laws that the agency enforces.

International

European Banking Authority

EBA Consults on the Amendment to Its Technical Standards on Strong Customer Authentication and Secure Communication In Relation to the 90-Day Exemption for Account Access

October 28, 2021

The European Banking Authority (EBA) launched a public consultation on the amendment of its Regulatory Technical Standards (RTS) on strong customer authentication and secure communication under the Payment Services Directive (PSD2) with regard to 90-day exemption from SCA for account access.

EBA Observes Discrepancies In Relation to the Protection of Client Funds by Deposit Guarantee Schemes and Makes Recommendations to the EU Commission

October 28, 2021

The European Banking Authority (EBA) published an opinion on the treatment of client funds under deposit guarantee schemes directives (DGSD), where it assessed the current approaches to the protection of funds deposited with credit institutions on behalf of clients by entities that are themselves excluded from DGSD protection.

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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