PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, August 10, 2021
August 10, 2021
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
Senators Announce Agreement on Digital Asset Reporting Requirements in Infrastructure Bill
August 9, 2021
Senators Pat Toomey (R-PA) Mark Warner (D-VA) and Cynthia Lummis (R-WY), Kyrsten Sinema (D-AZ) and Rob Portman (R-OH) announced an agreement on an amendment to fix digital asset reporting requirements in the infrastructure bill.
Federal Agencies
U.S. Department of the Treasury
Statement: Secretary of the Treasury Janet L. Yellen on the Debt Limit
August 9, 2021
U.S. Secretary of the Treasury Janet L. Yellen released a statement regarding the debt limit.
Federal Reserve Board
Paper: Growth at Risk From Climate Change
August 9, 2021
The Federal Reserve Board published a paper titled, "Growth at Risk From Climate Change," discussing how climate change affect risks to economic activity.
Federal Reserve Bank of New York
Consumers Expect Higher Earnings Growth and Greater Ease of Finding Jobs Over the Next Year
August 9, 2021
The Federal Reserve Bank of New York's Center for Microeconomic Data released the July 2021 Survey of Consumer Expectations, which shows that households' expectations about year-ahead earnings growth and the likelihood of finding a job increased sharply in July. Short-term inflation expectations were unchanged while medium-term inflation expectation ticked up. While remaining elevated, home price growth expectations declined.
Federal Deposit Insurance Corporation
FDIC Requests Four Companies to Submit Pilot Proposals in Next Phase of Rapid Phased Prototyping Competition
August 9, 2021
The Federal Deposit Insurance Corporation requested that four companies submit proposals as part of the next phase of an ongoing Rapid Phased Prototyping Competition to accelerate the adoption of modern technological tools. These tools would help financial institutions draw inferences from their data, and improve data structure, portability, and processing that may support more efficient back-office operations and reporting.
Consumer Financial Protection Bureau
Blog Post: Four Reasons Why Landlords Should Take Advantage of Federal Rental Assistance
August 9, 2021
The Consumer Financial Protection Bureau posted a blog titled, "Four Reasons Why Landlords Should Take Advantage of Federal Rental Assistance."
U.S. Department of Education
New Interpretation to Encourage State Collaboration on Student Loan Servicing
August 9, 2021
The U.S. Department of Education released a new legal interpretation that revises and clarifies its position on the legality of state laws and regulations that govern various aspects of the servicing of federal student loans. This action will help states enforce borrower bills of rights or other similar laws to address issues with servicing of federal student loans. This change is part of Federal Student Aid's efforts to strengthen the student loan program by enhancing oversight and accountability for student loan servicers in order to protect students, borrowers, and taxpayers.
International
Bank of England
How Have Payment Holidays Supported Mortgage Borrowers During the COVID-19 Crisis?
August 9, 2021
The Bank Overground Blog of the Bank of England published a blog post titled, "How Have Payment Holidays Supported Mortgage Borrowers During the COVID-19 Crisis?"
What Are Negative Interest Rates, And How Would They Affect Me?
August 9, 2021
The KnowledgeBank Blog of the Bank of England published a blog post titled, "What Are Negative Interest Rates, and How Would They Affect Me?"
Administration Changes
Appointments/Confirmation Hearings
Department of the Treasury - Janet Yellen (effective January 26, 2021)
Consumer Financial Protection Bureau - Rohit Chopra (Nominee)
- Acting Director: Dave Uejio (January 20, 2020)
- Confirmation hearing held on March 2, 2021
- Committee approval March 10, 2021
Securities and Exchange Commission - Gary Gensler (effective April 17, 2021)
- Renee Jones to Join SEC as Director of Corporation Finance; John Coates Named SEC General Counsel (June 14, 2021)
- Daniel S. Kahl Appointed Acting Director of the Division of Examinations; Peter B. Driscoll to Depart Agency (July 14, 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)