PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, October 16, 2021
October 16, 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. House of Representatives
Committee on Financial Services
Congresswoman Waters Announces Updates to October Hearing Schedule
October 14, 2021
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced the following updates to the hearing schedule for the month of October:
October 20, 2021 at 10:00 a.m. E.T.: The State of the International Financial System and U.S. Participation in the International Financial Institutions.
October 21, 2021 at 10:00 a.m. E.T.: A Strong Foundation: How Housing is the Key to Building Back a Better America
October 26, 2021 at 10:00 a.m. E.T.: Taking Stock of 'China, Inc.': Examining Risks to Investors and the U.S. Posed by Foreign Issuers in U.S. Markets
October 27, 2021 at 10:00 a.m. E.T.: Bringing Consumer Protection Back: A Semi-Annual Review of the Consumer Financial Protection Bureau
Federal Agencies
U.S. Department of the Treasury
Treasury Continues Campaign to Combat Ransomware as Part of Whole-of-Government Effort
October 15, 2021
Building on the first-ever designation of a virtual currency exchange for facilitating transactions for ransomware actors, the U.S. Department of the Treasury announced additional steps to help the virtual currency industry prevent exploitation by sanctioned persons and other illicit actors.
Federal Reserve Board
Paper: Bill of Lading Data in International Trade Research with an Application to the COVID-19 Pandemic
October 15, 2021
The Board of Governors of the Federal Reserve Board published a paper titled, "Bill of Lading Data in International Trade Research with an Application to the COVID-19 Pandemic."
Federal Reserve Bank of New York
U.S. Economy in a Snapshot
October 15, 2021
The Federal Reserve Bank of New York published its October 2021 U.S. Economy in a Snapshot.
Blog Post: At the New York Fed: Implications of Federal Reserve Actions in Response to the COVID-19 Pandemic
October 15, 2021
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled, "At the New York Fed: Implications of Federal Reserve Actions in Response to the COVID-19 Pandemic."
Office of the Comptroller of the Currency
OCC Releases Bank Supervision Operating Plan for Fiscal Year 2022
October 15, 2021
The Office of the Comptroller of the Currency (OCC) released its bank supervision operating plan for fiscal year 2022.
Commodity Futures Trading Commission
CFTC's Interest Rate Benchmark Reform Subcommittee Selects November 8 for SOFR First for Non-Linear Derivatives
October 15, 2021
The Interest Rate Benchmark Reform Subcommittee, a subcommittee of the Commodity Futures Trading Commission's Market Risk Advisory Committee (MRAC), voted to select November 8, 2021 as the date for switching interdealer trading conventions from the London Interbank Offered Rate to the Secured Overnight Financing Rate (SOFR) for U.S. Dollar non-linear derivatives under the MRAC's SOFR First initiative.
Fannie Mae
Economic Growth Again Revised Downward Due to Supply Chain and Inflation Concerns
October 15, 2021
Global supply constraints continue to cap economic output amid growing inflationary and consumer-spending concerns, according to the October 2021 commentary from the Fannie Mae Economic and Strategic Research Group.
Freddie Mac
Freddie Mac Releases Quarterly Forecast
October 15, 2021
Freddie Mac published a new quarterly forecast titled, "Strong Housing Market Expected to Persist Notwithstanding Rising Mortgage Rates and Continued High Home Prices," and predicted the continued strength of the single-family housing market even as mortgage rates are expected to modestly increase and home prices rise.
International
Bank of England
Working Paper: Did the COVID-19 Local Lockdowns Reduce Business Activity? Evidence from UK SMEs
October 15, 2021
The Bank of England published a staff working paper titled, "Did the COVID-19 Local Lockdowns Reduce Business Activity? Evidence from UK SMEs."
UK Financial Conduct Authority
Charles Randell to Step Down as FCA and PSR Chair in Spring 2022
October 15, 2021
Charles Randell has asked the Chancellor of the Exchequer to commence the process to appoint his successor as Chair of the Financial Conduct Authority and Payment Systems Regulator. Randell plans to step down in Spring 2022.
Administration Changes
Appointments/Confirmation Hearings
U.S. Department of the Treasury - Janet Yellen (effective January 26, 2021)
Consumer Financial Protection Bureau - Rohit Chopra (effective September 30, 2021)
- Statement by House Committee on Financial Services Chair Maxine Waters on Rohit Chopra's Confirmation (September 30, 2021)
- CSBS Statement on Rohit Chopra Confirmation as CFPB Director (September 30, 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
- Acting Chair: Rostin Behnam (January 21, 2021)
- Rostin Behnam, Nominee for Chair and Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- Kristin Johnson, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- Christy Goldsmith Romero, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 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
- Acting Director: Sandra. L. Thompson (June 23, 2021)
- Statement by House Committee on Financial Services Chair Maxine Waters Endorsing Nomination of Sandra L. Thompson as Director of FHFA (September 17, 2021)
U.S. Department of Education - Dr. Miguel Cardona (effective March 2, 2021)