PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, August 19, 2021
August 19, 2021
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
Federal Reserve Board
Minutes of the Federal Open Market Committee, July 27-28, 2021
August 18, 2021
The Federal Reserve Board released the minutes of the Federal Open Market Committee meeting held on July 27-28, 2021.
Office of the Comptroller of the Currency
Model Risk Management: New Comptroller's Handbook Booklet
August 18, 2021
The Office of the Comptroller of the Currency (OCC) issued the new "Model Risk Management" booklet of the Comptroller's Handbook.
Consumer Financial Protection Bureau
The CFPB Addresses Housing Insecurity through New Tech Sprint Program
August 18, 2021
Consumer Financial Protection Bureau (CFPB) Acting Director Dave Uejio announced that the CFPB will participate in the Census Bureau's The Opportunity Project "The World Post COVID-19" tech sprint program. The CFPB is partnering with the Department of Housing and Urban Development to lead a tech sprint on post-pandemic housing challenges.
Federal Housing Finance Agency
FHFA Proposes 2022-2024 Housing Goals for Fannie Mae and Freddie Mac
August 18, 2021
The Federal Housing Finance Agency proposed housing goals for Fannie Mae and Freddie Mac for 2022 to 2024. The proposed housing goals are designed to ensure Fannie Mae and Freddie Mac responsibly promote equitable access to affordable housing that reaches low- and moderate-income families, minority communities, rural areas and other underserved populations.
- Proposed Housing Goals
- Market Estimates
- Press Release
- Statement by Senate Banking, Housing, and Urban Affairs Chair Sherrod Brown
International
European Banking Authority
The EBA Observes That the Number of High Earners in EU Banks Remained Overall Stable in 2019
August 18, 2021
The European Banking Authority (EBA) published its Report on high earners for 2019. The analysis shows that in 2019, 4,963 individuals working for EU banks received a remuneration of more than €1 million, which is mostly the same as in 2018.
Administration Changes
Appointments/Confirmation Hearings
Department of the Treasury - Janet Yellen (effective January 26, 2021)
Consumer Financial Protection Bureau - Rohit Chopra (Nominee)
- Acting Director: Dave Uejio (January 20, 2020)
- Confirmation hearing held on March 2, 2021
- Committee approval March 10, 2021
Securities and Exchange Commission - Gary Gensler (effective April 17, 2021)
- Renee Jones to Join SEC as Director of Corporation Finance; John Coates Named SEC General Counsel (June 14, 2021)
- Daniel S. Kahl Appointed Acting Director of the Division of Examinations; Peter B. Driscoll to Depart Agency (July 14, 2021)
Small Business Administration - Isabella Casillas Guzman (effective March 16, 2021)
- Small Business Committee Advances SBA Deputy Administrator Nominee Dilawar Syed (June 17, 2021)
- U.S. Small Business Administration Announces Key Staff (August 18, 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)