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Daily Financial Regulation Update -- Saturday, January 8, 2022

January 08, 2022

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. House of Representatives

Committee on Financial Services

Waters Announces January Committee Schedule

January 7, 2022

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced an update to the schedule for the month of January:

  • January 19 at 10:00 A.M. E.T.: "Ensuring Equitable Delivery of Disaster Benefits to Vulnerable Communities and Peoples: An Examination of GAO's Findings of the CDBG Program."
  • January 20 at 10:00 A.M. E.T.: "Ending Homelessness: Addressing Local Challenges in Housing the Most Vulnerable."
  • Press Release

Federal Agencies

U.S. Department of the Treasury

Treasury Announces November Sets New Record for Emergency Rental Assistance Disbursed—$2.9 Billion to Aid 665,000 Households—As Eviction Filings Remain Below Pre-Pandemic Levels Nationally

January 7, 2022

State and local governments provided assistance to approximately 665,000 renters and landlords in November 2021 with funding through the Department of the Treasury's Emergency Rental Assistance (ERA) programs, bringing the total number of payments for the ERA programs to more than 3.1 million. The $2.9 billion in ERA expenditures from both ERA 1 and ERA 2 funds in November 2021 represents the largest amount of assistance paid to eligible households and the largest number of payments made in any month since the programs were created.

Federal Reserve Bank of New York

Blog Post: The Effect of Inequality on the Transmission of Monetary and Fiscal Policy

January 7, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled, "The Effect of Inequality on the Transmission of Monetary and Fiscal Policy."

Federal Deposit Insurance Corporation

Consolidated Reports of Condition and Income for Fourth Quarter 2021

January 7, 2022

The Federal Deposit Insurance Corporation published a Financial Institution Letter and the Supplemental Instructions to be shared with the individual responsible for preparing the Call Report.

U.S. Department of Housing and Urban Development/Federal Housing Administration

Report: Opportunities Exist to Improve CPD's Oversight of and Monitoring Tools for Slow-Spending Grantees

January 7, 2022

The U.S. Department of Housing and Urban Development's (HUD) Office of Inspector General published a report titled, "Community Development Block Grant Disaster Recovery."

Fannie Mae

Softening HPSI May Portend Slower Housing Market in 2022

January 7, 2022

The Fannie Mae Home Purchase Sentiment Index® (HPSI) decreased 0.5 points to 74.2 in December, as consumers continued to report substantially divergent views of homebuying and home-selling conditions.

Freddie Mac

Freddie Mac Publishes 2020 Sustainability Accounting Standards Board Report

January 7, 2022

Freddie Mac published its first annual sustainability disclosure in accordance with standards issued by the Sustainability Accounting Standards Board. Freddie Mac primarily reported against relevant Mortgage Finance standards within the Financials sector, but also responded to relevant metrics pertaining to Commercial Banks and Investment Banking & Brokerages.

Report: 2022 Multifamily Outlook

January 7, 2022

Freddie Mac published its 2022 Multifamily Outlook. Throughout 2021, strong economic conditions and changing migration patterns have pushed multifamily market fundamentals to record-breaking levels. The economic and multifamily recovery is expected to continue through 2022, which could cause fresh waves of economic uncertainty that will likely persist throughout this year.

International

European Banking Authority

ESAs Publish List of Financial Conglomerates for 2021

January 7, 2022

The Joint Committee of the European Supervisory Authorities – European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority – published the list of identified financial conglomerates for 2021.

Bank of England

Paper: Mainly Employment: Survey-based News and the Business Cycle

January 7, 2022

The Bank of England published a staff working paper titled, "Mainly Employment: Survey-based News and the Business Cycle."

Paper: Monetary Policy Transmission, the Labor Share and HANK Models

January 7, 2022

The Bank of England published a staff working paper titled, "Monetary Policy Transmission, the Labor Share and HANK Models."

Paper: Why You Should Not Use the LSV Herding Measure

January 7, 2022

The Bank of England published a staff working paper titled, "Why You Should Not Use the LSV Herding Measure."

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 – Rostin Behnam (effective December 17, 2021)

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 – Sandra L. Thompson

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