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Daily Financial Regulation Update -- Saturday, August 28, 2021

August 28, 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.

Federal Agencies

Federal Reserve Board
Office of the Comptroller of the Currency

Federal Deposit Insurance Corporation

Agencies Issue Guide to Help Community Banks Evaluate Fintech Relationships

August 27, 2021

The federal bank regulatory agencies released a guide intended to help community banks assess risks when considering relationships with financial technology companies.

Federal Reserve Board

Speech: Chair Jerome H. Powell on the Economic Outlook: Monetary Policy in the Time of COVID-19

August 27, 2021

Board of Governors of the Federal Reserve System Chair Jerome H. Powell gave a speech titled, "Monetary Policy in the Time of COVID-19."

Federal Deposit Insurance Corporation

Remarks: FDIC Chairman Jelena McWilliams at the Texas Bankers Association Annual Convention

August 27, 2021

Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams gave a speech at the Texas Bankers Association Annual Convention, speaking on banking conditions that the FDIC is monitoring and the FDIC's initiatives looking forward.

U.S. Small Business Administration

SBA Opens Supplemental Grant Applications for Shuttered Venue Operators Grant Awardees

August 27, 2021

The U.S. Small Business Administration announced it will begin sending invitations for supplemental awards for the Shuttered Venue Operators Grant program.

International

Bank of England

Paper: Risk-Taking and Uncertainty: Do Contingent Convertible Bonds Increase the Risk Appetite of Banks?

August 27, 2021

The Bank of England published a staff working paper titled, "Risk-Taking and Uncertainty: Do Contingent Convertible Bonds Increase the Risk Appetite of Banks?," assessing the impact of contingent convertible bonds and the wealth transfers they imply conditional on conversion on the risk-taking behavior of the issuing bank.

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)