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Daily Financial Regulation Update -- Saturday, September 11, 2021

September 11, 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.

U.S. House of Representatives

Committee on Financial Services

Protecting Renters during the Pandemic: Reviewing Reforms to Expedite Emergency Rental Assistance

September 10, 2021

The U.S. House Committee on Financial Services held a hearing titled "Protecting Renters during the Pandemic: Reviewing Reforms to Expedite Emergency Rental Assistance."

Federal Agencies

Federal Reserve Board

Paper: The Pitfalls of Using Location Quotients to Identify Clusters and Represent Industry Specialization in Small Regions

September 10, 2021

The Board of Governors of the Federal Reserve System released a paper as part of its International Finance Discussion Papers series titled "The Pitfalls of Using Location Quotients to Identify Clusters and Represent Industry Specialization in Small Regions."

Paper: Financial Stability Governance and Central Bank Communications

September 10, 2021

The Board of Governors of the Federal Reserve System released a paper as part of its International Finance Discussion Papers series titled "Financial Stability Governance and Central Bank Communications."

Federal Reserve Bank of New York

Blog Post: Twenty Years After 9/11, New York City's Resilience Is Tested Once Again

September 10, 2021

The Federal Reserve Bank of New York's Liberty Street Economics blog issued a post titled "Twenty Years After 9/11, New York City's Resilience Is Tested Once Again."

Federal Reserve Bank of Boston

Paper: The Mortgage Cash Flow Channel of Monetary Policy Transmission: A Tale of Two Countries

September 10, 2021

The Federal Reserve Bank of Boston released a working paper titled "The Mortgage Cash Flow Channel of Monetary Policy Transmission: A Tale of Two Countries."

Report: Was Main Street Lending Program its Borrowers' Best Option for Credit? Risk Scores Suggest 'Yes'

September 10, 2021

The Federal Reserve Bank of Boston issued a report titled "Was Main Street Lending Program its Borrowers' Best Option for Credit? Risk Scores Suggest 'Yes,'" which indicates that businesses borrowing from the Federal Reserve's Main Street Lending Program (MSLP) had higher credit risks compared with similar-sized businesses in the same state and industry. However, MSLP borrowers may have shown greater potential to overcome the economic impact of the COVID-19 pandemic.

International

European Commission

Eurobarometer: Optimism about the Future of the EU at its Highest Since 2009

September 10, 2021

The European Commission released findings from its Standard Eurobarometer conducted in June through July 2021, which found that optimism about the future of the EU has reached its highest level since 2009.

Bank of England

Paper: Preferred Habitat Investors in the UK Government Bond Market

September 10, 2021

The Bank of England released a staff working paper titled "Preferred Habitat Investors of the UK Government Bond Market."

Bank of England Prudential Regulation Authority

Letter from PRA on Thematic findings on the Reliability of Regulatory Reporting

September 10, 2021

The Prudential Regulation Authority released a letter to Chief Executives highlighting thematic findings on the reliability of regulatory reporting and reiterating its supervisory expectations in this area.

Administration Changes

Appointments/Confirmation Hearings

Department of the Treasury - Janet Yellen (effective January 26, 2021)

Consumer Financial Protection Bureau - Rohit Chopra (Nominee)

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

Department of Housing and Urban Development - Marcia Fudge (effective March 10, 2021)

Department of Education - Dr. Miguel Cardona (effective March 2, 2021)