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Daily Financial Regulation Update -- Friday, September 3, 2021

September 03, 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

Statement: Senator Sherrod Brown Commends CFPB's Proposed Rule to Improve Small Business Lending Data

September 1, 2021

Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs Senator Sherrod Brown (D-OH) issued a statement regarding the Consumer Financial Protection Bureau's proposed rule to require banks to collect more data on small business lending.

Federal Agencies

Federal Deposit Insurance Corporation

Memorandum: The FDIC's Management of Employee Talent

September 2, 2021

This Memorandum presents the results of our evaluation of The FDIC's Allocation and Retention of Safety and Soundness Examination Staff.

Securities and Exchange Commission

SEC Investor Advisory Committee to Meet Remotely on Sept. 9

September 2, 2021

The Securities and Exchange Commission's Investor Advisory Committee will hold a public meeting on September 9, 2021 at 10 a.m. ET. The meeting is open to the public via live webcast, and will be archived on the committee's website for later viewing.

Digital Asset and "Crypto" Investment Scams – Investor Alert

September 1, 2021

The Securities and Exchange Commission's Office of Investor Education and Advocacy and Division of Enforcement's Retail Strategy Task Force remind investors to watch out for investment schemes involving digital assets and "Crypto."

Department of Housing and Urban Development/Federal Housing Administration

HUD Awards Over $47 Million to Fight Housing Discrimination

September 2, 2021

The U.S. Department of Housing and Urban Development (HUD) awarded $47.4 million to fair housing organizations across the country under its Fair Housing Initiatives Program. The grants will support the efforts of 120 national and local fair housing organizations working to address violations of the Fair Housing Act and helping to end discrimination in housing.

Fannie Mae

Consumer Confidence Slips amid COVID-19 and Inflationary Concerns, Though Manufacturing Industry Continues to Rebound

September 2, 2021

Fannie Mae published an Economic & Housing Weekly Note article titled, "Consumer Confidence Slips amid COVID-19 and Inflationary Concerns, Though Manufacturing Industry Continues to Rebound."

Ginnie Mae

Blog Post: Ginnie Mae Digital Collateral Program Exceeds $2 Billion of Issuance

   

September 2, 2021

Ginnie Mae published a Ginnie in Brief blog post titled, "Ginnie Mae Digital Collateral Program Exceeds $2 Billion of Issuance," discussing Ginnies Mae's its digital collateral program. The first Ginnie Mae mortgage-backed security (MBS) backed by digital collateral settled in January 2021 — a $24-million deal from Quicken Mortgage — and nearly $2.1 billion of MBS have been issued since then.

U.S. Department of Labor

Unemployment Insurance Weekly Claims Report Update

September 2, 2021

In the week ending August 28, the advance figure for seasonally adjusted initial claims was 340,000, a decrease of 14,000 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 353,000 to 354,000. The 4-week moving average was 355,000, a decrease of 11,750 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 366,500 to 366,750.

State Agencies

New York State Department of Financial Services

Governor Kathy Hochul Directs State Agencies to Deploy Additional Assets Downstate to Assist Local Governments in Wake of Historic Storm and Flooding Event

September 2, 2021

Governor Kathy Hochul (D-NY) directed additional State agency assets to the Hudson Valley, New York City, and Long Island regions to help communities recover after the remnants of Hurricane Ida passed through the Downstate area Wednesday night and delivered historic rainfall totals, sparking flash floods, power outages and life-threatening conditions in several areas. Governor Hochul responded by declaring a State of Emergency in New York State within the counties of Bronx, Dutchess, Kings, Nassau, New York, Orange, Putnam, Queens, Richmond, Rockland, Suffolk, Sullivan, Ulster, and Westchester.

International

Bank of England

Monthly Decision Maker Panel Data - August 2021

September 2, 2021

The Bank of England published its August version of the results of the Decision Maker Panel (DMP) survey. The DMP survey is a survey of Chief Financial Officers from small, medium and large UK businesses, and is used to monitor developments in the economy and to track businesses' views.

Administration Changes

Appointments/Confirmation Hearings

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

Department of Housing and Urban Development - Marcia Fudge (effective March 10, 2021)

Department of Education - Dr. Miguel Cardona (effective March 2, 2021)