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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, August 12, 2021

August 12, 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. House of Representatives

Committee on Financial Services

Statement: Congresswoman Waters Issues Statement on SEC's Approval of Nasdaq's Rule to Require Diversity Data Reporting

August 11, 2021

Chairwoman of the House Committee on Financial Services Congresswoman Maxine Waters (D-CA) released a statement on the Securities and Exchange Commission's approval of a proposed rule that would require companies listed on Nasdaq to meet gender and racial diversity requirements and provide diversity data of their board members.

Federal Agencies

Federal Reserve Bank of New York

Speech: Liquidity Shocks: Lessons Learned from the Global Financial Crisis and the Pandemic

August 11, 2021

Executive Vice President of the Federal Reserve Bank of New York Lorie K. Logan, gave a speech titled "Liquidity Shocks: Lessons Learned from the Global Financial Crisis and the Pandemic."

Consumer Financial Protection Bureau

Blog Post: Credit Card Limits Are Rising For Most Groups After Stagnating During the Pandemic

August 11, 2021

The Consumer Financial Protection Bureau published a blog post titled, "Credit Card Limits Are Rising For Most Groups After Stagnating During the Pandemic," examining whether credit has tightened on existing credit card accounts.

Federal Financial Institutions Examination Council

FFIEC Issues Guidance on Authentication and Access to Financial Institution Services and Systems

August 11, 2021

The Federal Financial Institutions Examination Council issued guidance that provides financial institutions with examples of effective authentication and access risk management principles and practices for customers, employees, and third parties accessing digital banking services and information systems.

Federal Housing Finance Agency

FHFA Announces Inclusion of Rental Payment History in Fannie Mae's Underwriting Process

August 11, 2021

To expand access to credit in a safe and sound manner, the Federal Housing Finance Agency announced that Fannie Mae will consider rental payment history in its risk assessment processes. With the update to Fannie Mae's systems, future borrowers will have the benefit of a positive rental payment history being included in an underwriting decision. There is no additional burden – either for the borrower or for the lender – to make use of this feature.

Ginnie Mae

Report: Global Market Analysis for July 2021

August 11, 2021

Ginnie Mae published its July 2021 edition of the Global Markets Analysis Report.

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)

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