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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, August 14, 2021

August 14, 2021

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.

Federal Agencies

U.S. Department of the Treasury

Treasury and IRS Disburse Second Month of Advance Child Tax Credit Payments

August 13, 2021

The U.S. Department of the Treasury and the Internal Revenue Service announced that more than $15 billion were paid to families that include roughly 61 million eligible children in the second monthly payment of the expanded and newly-advanceable Child Tax Credit from the American Rescue Plan passed in March. The number of payments this month increased and cover an additional 1.6 million children. Eligible families received a payment of up to $300 per month for each child under age 6 and up to $250 per month for each child age 6 to 17.

Press Release

Federal Reserve Bank of New York

U.S. Economy in a Snapshot

August 13, 2021

The Federal Reserve Bank of New York published its monthly "U.S. Economy in a Snapshot," with data over the month suggesting an ongoing recovery and some easing of inflation.

Conference of State Bank Supervisors

Statement: CSBS and Ginnie Mae to Cooperate on Nonbank Mortgage Servicing

August 13, 2021

Conference of State Bank Supervisors (CSBS) Senior Vice President of Nonbank Supervision Chuck Cross made a statement welcoming the CSBS's coordination with Ginnie Mae as it develops financial requirements for nonbanks that service mortgages in Ginnie Mae mortgage-backed securities.

Statement

Federal Deposit Insurance Corporation

Request for Information on the FDIC's Supervisory Approach to Examinations During the Pandemic

August 13, 2021

The Federal Deposit Insurance Corporation (FDIC) issued a Request for Information seeking feedback and comments from FDIC-supervised financial institutions regarding the FDIC's supervisory approach to examinations during the pandemic, including the impact of off-site activities on institution operations, the effectiveness of technology used to carry out off-site activities and the effectiveness of communication methods used to support off-site activities.

Federal Housing Finance Agency

FHFA Announces Results of Fannie Mae and Freddie Mac Dodd-Frank Act Stress Tests

August 13, 2021

The Federal Housing Finance Agency (FHFA) released reports providing the results of the 2020 and 2021 annual stress tests Fannie Mae and Freddie Mac are required to conduct under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Occupational Safety and Health Administration

U.S. Department of Labor issues updated guidance on protecting unvaccinated and other at-risk workers from the coronavirus

August 13, 2021

The U.S. Department of Labor's Occupational Safety and Health Administration issued updated guidance to help employers protect workers from the coronavirus. The updated guidance reflects developments in science and data, including the Centers for Disease Control and Prevention's updated COVID-19 guidance issued on July 27.

State Agencies

New York State Department of Financial Services

DFS Superintendent Announces Resignation

Linda A. Lacewell, the Superintendent of the New York Department of Financial Services, will resign effective August 24, 2021.

Letter

International

Bank of England

Paper: Corporate Debt Booms, Financial Constraints and the Investment Nexus

August 13, 2021

The Bank of England published a staff working paper titled, "Corporate Debt Booms, Financial Constraints and the Investment Nexus."

Staff Working Paper

Paper: Mortgage Pricing and Monetary Policy

August 13, 2021

The Bank of England published a staff working paper titled, "Mortgage Pricing and Monetary Policy," providing novel evidence on lenders' mortgage pricing and on how central bank operations affected it.

Staff Working Paper

Bank of England Prudential Regulation Authority

Letter: PRA Executive Director, Insurance Division Charlotte Gerken on 'Gathering information for the Solvency II Review: Qualitative Questionnaire'

August 13, 2021

Prudential Regulation Authority (PRA) Executive Director, Insurance Charlotte Gerken published a letter to the Chief Financial Officers of PRA-regulated Solvency II firms, introducing a qualitative questionnaire aimed at supporting the development of potential reforms, including cost benefit analysis, as part of the Government's review of Solvency II.