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Daily Financial Regulation Update -- Thursday, August 26, 2021

August 26, 2021

By FedACTion Task Force

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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

U.S. Department of the Treasury

Treasury Announces Seven Additional Policies to Encourage State and Local Governments to Expedite Emergency Rental Assistance

August 25, 2021

The U.S. Department of the Treasury announced seven additional policies to encourage state and local governments to expedite emergency rental assistance.

Conference of State Bank Supervisors

New Analysis Shows State-Chartered Banks Played Major Role in PPP Lending

August 25, 2021

The Conference of State Bank Supervisors published data analysis showing that state-chartered banks were the primary distributor of Paycheck Protection Program funds.

Federal Deposit Insurance Corporation

Paper: Determinants of Losses on Construction Loans: Bad Loans, Bad Banks, or Bad Markets?

August 25, 2021

The Federal Deposit Insurance Corporation's Center for Financial Research published a working paper titled, "Determinants of Losses on Construction Loans: Bad Loans, Bad Banks, or Bad Markets?"

Securities and Exchange Commission

SEC Chair Gary Gensler Announces Addition of Barbara Roper to Senior Staff

August 25, 2021

The Securities and Exchange Commission (SEC) announced the appointment of Barbara Roper as Senior Advisor to SEC Chair Gary Gensler. Ms. Roper's focus will be on issues relating to retail investor protection, including matters relating to policy, broker-dealer oversight, investment adviser oversight, and examinations.

Federal Housing Finance Agency

Bulletin: Framework for Adversely Classifying Loans, Other Real Estate Owned, and Other Assets and Listing Assets for Special Mention

August 25, 2021

The Federal Housing Finance Agency published a notice, establishing guidelines for adverse and non-adverse classification of assets at Fannie Mae and Freddie Mac and the Federal Home Loan Banks.

International

UK Financial Conduct Authority

FCA Warns Insurance Firms over Product Governance Rules Deadline

August 25, 2021

The UK Financial Conduct Authority published a review looking at how insurance firms designed, sold and reviewed their products to ensure they met the needs of their customers.

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)