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Daily Financial Regulation Update -- Saturday, December 4, 2021

December 04, 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

Letter: Gensler Skips Chance to Give Regulatory Clarity on Cryptocurrencies

December 3, 2021

U.S. Senate Banking Committee Ranking Member Toomey (R-PA) expressed disappointment in Securities and Enforcement Commission Chairman Gary Gensler's responses to the Senator's request for public guidance surrounding emerging technologies like cryptocurrencies.

Federal Agencies

Federal Reserve Bank of New York

Paper: Financial Transaction Taxes and the Informational Efficiency of Financial Markets: A Structural Estimation

December 3, 2021

The Federal Reserve Bank of New York published a paper titled, "Financial Transaction Taxes and the Informational Efficiency of Financial Markets: A Structural Estimation."

Blog Post: At the New York Fed: Seventh Annual Conference on the U.S. Treasury Market

December 3, 2021

The Federal Reserve Bank of New York (New York Fed) published a Liberty Street Economics blog post titled, "At the New York Fed: Seventh Annual Conference on the U.S. Treasury Market."

Federal Reserve Bank of Boston

Paper: Consumption Spending During the COVID-19 Pandemic

December 3, 2021

The Federal Reserve Bank of Boston published a paper titled, "Consumption Spending During the COVID-19 Pandemic."

Office of the Comptroller of the Currency

OCC Solicits Academic Papers, Research on Climate Risk in Banking and Finance

December 3, 2021

The Office of the Comptroller of the Currency (OCC) is soliciting academic-focused papers and policy-focused research on climate risk in banking and finance for presentation to the OCC on June 6-7, 2022. Information presented will inform the OCC's approach to developing climate-related financial risk management guidance for regulated institutions.

Securities and Exchange Commission

Ernesto A. Lanza Named Acting Director of SEC Office of Municipal Securities

December 3, 2021

The Securities and Exchange Commission announced that Ernesto A. Lanza will serve as Acting Director of the Office of Municipal Securities.

Remarks before the Investor Advisory Committee

December 3, 2021

Securities and Exchange Commission Commissioner Elad L. Roisman gave remarks before the Investor Advisory Committee.

International

European Banking Authority

Report: EBA Risk Assessment Shows Improvements in EU Banks Solvency, Profitability and Liquidity, but Asset Price Corrections Remain a Key Threat

December 3, 2021

The European Banking Authority (EBA) published its annual risk assessment of the European banking system.

Bank of England


December 2021 Resolution Publications: MREL Review

December 3, 2021

The Bank of England published a Policy Statement concluding its review of its approach to setting a minimum requirement for own funds and eligible liabilities (MREL), accompanied by a revised MREL Statement of Policy.

Policy Statement: Derivatives Clearing Obligation – Introduction of Contracts Referencing TONA: Amendment to BTS 2015/2205

December 3, 2021

The Bank of England published a Policy Statement containing its final policy on the proposal to add Overnight Index Swaps (OIS) that reference TONA to the scope of contracts subject to the derivatives clearing obligation. This policy was set out in the consultation paper published in September titled, "Derivatives Clearing Obligation – Introduction of Contracts Referencing TONA: Amendment to BTS 2015/2205."

Improving Depositor Outcomes in Bank or Building Society Insolvency

December 3, 2021

The Bank of England is soliciting ideas to support its work to improve depositor outcomes in the event of bank or building society insolvency.

Statement: G7 Finance Track – Central Bank Governors Meeting: Chair's Statement on Diversity and Inclusion, December 2021

December 3, 2021

Bank of England Governor Andrew Bailey hosted a meeting of G7 Central Bank Governors earlier this week, which included a discussion on progressing diversity and inclusion in our central banks and the wider financial system.

Speech: The Outlook for Inflation and Monetary Policy - Speech by Michael Saunders

December 3, 2021

Michael Saunders, a member of the Bank of England's Monetary Policy Committee, gave a speech titled, "The Outlook for Inflation and Monetary Policy."

Administration Changes

Appointments/Confirmation Hearings

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

Federal Reserve Board

Consumer Financial Protection Bureau - Rohit Chopra (effective October 12, 2021)

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)

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