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Daily Financial Regulation Update -- Saturday, October 9, 2021

October 09, 2021

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. Senate

Committee on Banking, Housing, and Urban Affairs

Letter: Senator Toomey on Administration's Forthcoming Stablecoin Report

October 8, 2021

U.S. Senate Banking Committee Ranking Member Pat Toomey (R-PA) wrote a letter to Secretary of the Treasury Janet L. Yellen about the process and the reported content of the President's Working Group on Financial Markets' (PWG) forthcoming report on stablecoins. In July, the Department of the Treasury and the PWG announced they would issue a report this year with written recommendations on the regulation of stablecoins.

Federal Agencies

U.S. Department of the Treasury

Statement: Secretary of the Treasury Janet L. Yellen on the OECD Inclusive Framework Announcement

October 8, 2021

Secretary of the Treasury Janet L. Yellen gave a statement on the Organization for Economic Co-operation and Development Inclusive Framework announcement.

Remarks: Secretary of the Treasury Janet L. Yellen at the B20 Summit

October 8, 2021

Secretary of the Treasury Janet L. Yellen gave prepared remarks at the B20 Summit.

Consumer Financial Protection Bureau

Report: Semi-Annual Report of the Consumer Financial Protection Bureau

October 8, 2021

The Consumer Financial Protection Bureau published its Semi-Annual Report to Congress for the period beginning October 1, 2020 and ending March 31, 2021.

Financial Stability Oversight Council

Meeting: Council Meetings

October 8, 2021

On Monday, October 18, Secretary of the Treasury Janet L. Yellen will preside over a meeting of the Financial Stability Oversight Council (FSOC). The preliminary agenda for the open session includes the FSOC report on climate-related financial risk. The preliminary agenda for the executive session includes an update on the FSOC's 2021 annual report, and an update on the report on stablecoins being developed by the President's Working Group on Financial Markets.

FINRA

Notice: FINRA Encourages Firms to Consider How to Incorporate the Government-wide Anti-Money Laundering and Countering the Financing of Terrorism Priorities Into Their AML Programs

October 8, 2021

The Financial Crimes Enforcement Network (FinCEN) issued the first government-wide priorities for anti-money laundering and countering the financing of terrorism policy, which was mandated by the Anti-Money Laundering Act of 2020. FinCEN also issued a statement to provide covered non-bank financial institutions, including broker-dealers, with guidance on how to approach the AML/CFT Priorities.

International

Bank of England

No Economy Is an Island: How Foreign Shocks Affect UK Macrofinancial Stability

October 8, 2021

The Bank of England published its Quarterly Bulletin 2021 Q3 titled, "No Economy Is an Island: How Foreign Shocks Affect UK Macrofinancial Stability."

Financial Policy Summary and Record - October 2021

October 8, 2021

The Bank of England's Financial Policy Committee published its Financial Policy Summary and Record for October 2021.

Survey: Systemic Risk Survey Results - H2 2021

October 8, 2021

The Bank of England published the results to its H2 2021 Systemic Risk Survey, a biannual survey that asks market participants about perceived risks to, and their confidence in, the stability of the UK financial system.

Bank of England Prudential Regulation Authority

Statement: PRA Statement on Freezing O-SII Buffer Rates for a Further Year

October 8, 2021

The Prudential Regulation Authority published a statement on freezing O-SII buffer rates for a further year in response to the ongoing economic shock from the COVID-19 pandemic.

Paper: CP20/21 – Trading Activity Wind-Down

October 8, 2021

The Bank of England published a Consultation Paper 20/21, setting out the Prudential Regulation Authority's proposed expectations in respect of firms' engagement in trading activities that may affect the financial stability of the UK.

UK Financial Conduct Authority

Speech: Regulating for better outcomes - next steps in consumer credit

October 8, 2021

Director of Consumer and Retail Policy of the Financial Conduct Authority Nisha Arora gave a speech titled, "Regulating for Better Outcomes – Next Steps in Consumer Credit," at the Westminster Business Forum.

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)

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)