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Daily Financial Regulation Update -- Friday, September 24, 2021

September 24, 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. House of Representatives

Committee on Financial Services

Hearing: Lending in a Crisis: Reviewing the Federal Reserve's Emergency Lending Powers During the Pandemic and Examining Proposals to Address Future Economic Crises

September 23, 2021

The House Committee on Financial Services Subcommittee on National Security, International Development and Monetary Policy held a hearing titled, "Lending in a Crisis: Reviewing the Federal Reserve's Emergency Lending Powers During the Pandemic and Examining Proposals to Address Future Economic Crises."

Federal Agencies

U.S. Department of the Treasury

U.S. Treasury Announces Inaugural Round of Small Dollar Loan Program Awards

September 23, 2021

The U.S. Department of the Treasury's Community Development Financial Institutions Fund awarded more than $10.8 million in grants to Community Development Financial Institutions, through the fiscal year 2021 round of the Small Dollar Loan Program, to help expand consumer access to financial institutions by providing alternatives to high cost small dollar lending.

Federal Reserve Bank of New York

White Paper: New York Fed Releases White Paper on Effective Eviction Prevention and New Data Collection Efforts Focused on Renters and Landlords

September 23, 2021

The Federal Reserve Bank of New York, in partnership with the University of Pennsylvania's Housing Initiative at Penn, released a white paper titled "Current Responses to Housing Insecurity: A Focus on Vulnerable Residential Renters and Landlords."

Consumer Financial Protection Bureau

CFPB Report: Consumer Complaint Submission Patterns Vary by Demographic Characteristics of Census Tract

September 23, 2021

The Consumer Financial Protection Bureau (CFPB) released its first in-depth report analyzing complaint submission patterns by U.S. Census tract. The report, "Consumer Complaints throughout the Credit Life Cycle, by Demographic Characteristics," finds that the complaints from wealthier communities and communities with higher percentages of white, non-Hispanic residents were more frequently about loan origination and performing servicing, while the complaints from communities of color and lower income communities were more frequently about credit reporting, identity theft, and delinquent servicing.

Federal Housing Finance Agency

Report: FHFA Releases 2nd Quarter 2021 Foreclosure Prevention and Refinance Report

September 23, 2021

The Federal Housing Finance Agency released its second quarter 2021 Foreclosure Prevention and Refinance Report, which shows that Fannie Mae and Freddie Mac completed 217,020 foreclosure prevention actions in the second quarter of 2021, bringing the total number of homeowners who have been helped during conservatorships to 6.03 million.

U.S. Department of Labor

Report: Unemployment Insurance Weekly Claims Report Update

September 23, 2021

In the week ending September 18, the advance figure for seasonally adjusted initial claims was 351,000, an increase of 16,000 from the previous week's revised level. The previous week's level was revised up by 3,000 from 332,000 to 335,000. The 4-week moving average was 335,750, a decrease of 750 from the previous week's revised average. The previous week's average was revised up by 750 from 335,750 to 336,500.

International

Bank of England

Meeting: Bank Rate Maintained at 0.1% - September 2021

September 23, 2021

The Bank of England's Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target. At its meeting ending on September 22, 2021, the MPC judged that the existing stance of monetary policy remained appropriate. The MPC voted unanimously to maintain Bank Rate at 0.1%.

Bank of England Prudential Regulation Authority

Report: Exercise by the Bank of England and Prudential Regulation Authority of Sub-Delegated Powers under the European Union (Withdrawal) Act 2018

September 23, 2021

The Bank of England published a report titled, "Exercise by the Bank of England and Prudential Regulation Authority of Sub-Delegated Powers Under the European Union (Withdrawal) Act 2018: Report for the Financial Year Ending February 28, 2021."

Administration Changes

Appointments/Confirmation Hearings

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

Consumer Financial Protection Bureau - Rohit Chopra (Nominee)

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)