PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, October 30, 2021
October 30, 2021
FedACTion Task Force
Subscribe to PH FedACTion: Financial Regulatory Updates
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
U.S. Department of the Treasury
Report: U.S. Portfolio Holdings of Foreign Securities at End-Year 2020
October 29, 2021
The U.S. Department of the Treasury, the Federal Reserve Bank of New York, and the Board of Governors of the Federal Reserve System jointly published the findings from the annual survey of U.S. portfolio holdings of foreign securities at year-end 2020.
Statement: Joint G20 Finance and Health Ministers Meeting Communiqué
October 29, 2021
The G20 Finance and Health Ministers published a joint communique addressing the COVID-19 pandemic's continued worldwide profound impact.
Consumer Financial Protection Bureau
CFPB Issues Guidance on Debt Collection Rule Validation Information Requirements
October 29, 2021
The CFPB released several guidance documents to assist industry with providing the validation information in preparation for the Debt Collection Rule's upcoming effective date.
Financial Crimes Enforcement Network
FinCEN Renews Real Estate Geographic Targeting Orders for 12 Metropolitan Areas
October 29, 2021
The Financial Crimes Enforcement Network announced the renewal of its Geographic Targeting Orders that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate. The purchase amount threshold remains $300,000 for each covered metropolitan area.
Fannie Mae
Fannie Mae Releases September 2021 Monthly Summary
October 29, 2021
Fannie Mae published its September 2021 Monthly Summary. The monthly summary report contains information about Fannie Mae's monthly and year-to-date activities for our gross mortgage portfolio, mortgage-backed securities and other guarantees, interest rate risk measures, serious delinquency rates, and loan modifications.
GDP Growth Slows as Supply Constraints Weigh on Economic Output
October 29, 2021
Fannie Mae published an Economic & Housing Weekly Note titled, "GDP Growth Slows as Supply Constraints Weigh on Economic Output."
Freddie Mac
Report: Freddie Mac Reports Third Quarter 2021 Financial Results
October 29, 2021
Freddie Mac reported its third quarter 2021 financial results and filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission.
International
European Commission
Commission Strengthens Cybersecurity of Wireless Devices and Products
October 29, 2021
The European Commission has taken action to improve the cybersecurity of wireless devices available on the European market. The delegated act to the Radio Equipment Directive aims to make sure that all wireless devices are safe before being sold on the EU market. This act lays down new legal requirements for cybersecurity safeguards, which manufacturers will have to take into account in the design and production of the concerned products. It will also protect citizens' privacy and personal data, prevent the risks of monetary fraud as well as ensure better resilience of our communication networks.
Bank of England
Paper: Software Validation and Artificial Intelligence in Finance – A Primer
October 29, 2021
The Bank of England published a staff working paper titled, "Software Validation and Artificial Intelligence in Finance – A Primer."
Paper: Does Regulation Only Bite the Less Profitable? Evidence from the Too-Big-To-Fail Reforms
October 29, 2021
The Bank of England published a staff working paper titled, "Does Regulation Only Bite the Less Profitable? Evidence from the Too-Big-To-Fail Reforms."
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)