PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, October 23, 2021
October 23, 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
Federal Reserve Board
Speech: Governor Bowman on the Lack of New Bank Formations Being a Significant Issue for the Banking Industry
October 22, 2021
Federal Reserve System Governor Michelle W. Bowman have a speech titled, "The Lack of New Bank Formations is a Significant Issue for the Banking Industry," at the 2021 Community Bankers Symposium: Banking on the Future.
Federal Reserve Bank of New York
Blog Post: How Much Have Consumers Spent on Imports during the Pandemic?
October 22, 2021
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled, "How Much Have Consumers Spent on Imports during the Pandemic?"
Federal Deposit Insurance Corporation
Final Rulemaking Amends Interagency Real Estate Lending Standards
October 22, 2021
The Federal Deposit Insurance Corporation (FDIC) adopted a final rule to amend the Interagency Guidelines for Real Estate Lending Policies to incorporate consideration of the capital framework established in the community bank leverage ratio rule into the method for calculating the ratio of loans in excess of the supervisory loan-to-value limits (LTV limits). The amendment provides a consistent approach for calculating the ratio of loans in excess of the supervisory LTV limits at all FDIC-supervised institutions without requiring the computation of total capital.
Remarks by FDIC Chairman Jelena McWilliams at the 2021 Community Bankers Symposium: Banking on the Future
October 22, 2021
Federal Deposit Insurance Corporation Chairman Jelena McWilliams gave a speech at the 2021 Community Bankers Symposium: Banking on the Future.
International
European Banking Authority
EBA Replies to the European Commission's Call for Advice on Funding in Resolution and Insolvency as Part of the Review of the Crisis Management and Deposit Insurance Framework
October 22, 2021
The European Banking Authority (EBA) published its advice to the EU Commission on funding in resolution and insolvency as part of the review of the crisis management and deposit insurance framework
Bank of England
Paper: Optimal monetary policy mix at the zero lower bound
October 22, 2021
The Bank of England published a staff working paper titled, "Optimal Monetary Policy Mix at the Zero Lower Bound."
UK Financial Conduct Authority
Investment Firms Prudential Regime Final Rules Published
October 22, 2021
The Financial Conduct Authority published final rules to streamline and simplify prudential requirements for solo-regulated UK firms authorized under the Markets in Financial Instruments Directive.
Administration Changes
Appointments/Confirmation Hearings
U.S. Department of the Treasury - Janet Yellen (effective January 26, 2021)
Consumer Financial Protection Bureau - Rohit Chopra (effective October 12, 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)