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Daily Financial Regulation Update -- Saturday, September 4, 2021

September 04, 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.

Federal Agencies

U.S. Department of the Treasury

U.S. Department of the Treasury Financial Stability Oversight Council Update

September 3, 2021

The U.S. Department of the Treasury announced the preliminary agenda for an executive meeting of the Financial Stability Oversight Council (Council). The preliminary agenda includes the proposed Council report to be issued under the Executive Order on Climate-Related Financial Risk, commercial real estate, the Council's 2021 annual report and the Council's fiscal year 2022 budget.

Federal Reserve Board

Supervisory Expectations for Supervised Institutions Regarding Juneteenth Federal Holiday and Certain Provisions of Regulation Z

September 2, 2021

The Federal Reserve Board issued guidance as to its supervisory expectations in connection with the examination of institutions supervised by the Federal Reserve for compliance with certain provisions of Regulation Z, which implements the Truth in Lending Act, implicated by the designation of Juneteenth as a new federal holiday.

Federal Deposit Insurance Corporation

FDIC Releases Results of Summary of Deposits Annual Survey

September 3, 2021

The Federal Deposit Insurance Corporation (FDIC) released results of its annual survey of branch office deposits for all FDIC-insured institutions as of June 30, 2021.

Office of the Comptroller of the Currency

OCC to Host Virtual Minority Depository Institutions Advisory Committee Meeting

September 3, 2021

The Office of the Comptroller of the Currency (OCC) announced it will host a virtual public meeting of the Minority Depository Institutions Advisory Committee (MDIAC) on Tuesday, September 21, 2021 at 10:00 AM, Eastern. The MDIAC advises the OCC on steps the OCC may take to ensure the continued health and viability of minority depository institutions and other issues of concern to these institutions.

Securities and Exchange Commission

Commissioner's Statement Regarding Information Bundling and Corporate Penalties

September 3, 2021

U.S. Securities and Exchange Commission Commissioner Caroline A. Crenshaw gave a statement regarding information bundling and corporate penalties.

FINRA

FINRA Establishes New Supplemental Liquidity Schedule

September 3, 2021

The Financial Industry Regulatory Authority (FINRA) announced that it has established a new Supplemental Liquidity Schedule (SLS). The new SLS, which members subject to the requirement will need to file as a supplement to the FOCUS Report, is designed to improve FINRA's ability to monitor for events that signal an adverse change in the liquidity risk of the members with the largest customer and counterparty exposures. The new requirement will become effective on March 1, 2022. For members subject to the requirement, the first SLS must be completed as of the end of March 2022 and will be due by May 4, 2022.

International

Bank of England Prudential Regulation Authority

PRA Statement on Remuneration Benchmarking and High Earners 2020 Submissions

September 3, 2021

The Bank of England Prudential Regulation Authority (PRA) issued an update on the Remuneration Benchmarking and High Earners 2020 submissions, relevant to PRA-regulated firms within scope.

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)