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Daily Financial Regulation Update -- Saturday, October 30, 2021

October 30, 2021

By 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

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)

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)