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Daily Financial Regulation Update -- Thursday, August 5, 2021

August 05, 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.

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Amendment Would Clarify Digital Asset Reporting Requirements

August 4, 2021

U.S. Senate Banking Committee Ranking Member Pat Toomey (R-PA), Senate Finance Committee Chair Ron Wyden (D-OR), and Senator Cynthia Lummis (R-WY) filed an amendment clarifying the definition of "broker" with respect to digital asset third-party reporting requirements.

Federal Agencies

U.S. Department of the Treasury

Treasury Reiterates Call for State and Local Governments to Follow Treasury Guidance on Eliminating Undue Documentation Burdens to Speed the Delivery Emergency Rental Assistance

August 4, 2021

The U.S. Department of the Treasury reiterated its call for state and local governments operating Emergency Rental Assistance (ERA) programs to speed the delivery of assistance to those in need by eliminating undue documentation burdens.

Remarks: Secretary Janet L. Yellen Gave Remarks on the State of the U.S. Economy

August 4, 2021

Secretary Janet L. Yellen gave remarks on the state of the U.S. economy.

Letter: Report to the Secretary of the Treasury from the Chair and Vice Chair of the Treasury Borrowing Advisory Committee

August 4, 2021

Chair of the Treasury Borrowing Advisory Committee (TBAC) Beth Hammack and Vice Chair of the TBAC Brian Sack wrote a Letter to Secretary Janet L. Yellen about the current fiscal and economic outlook of the United States.

Federal Reserve Board

Speech: Vice Chair Richard H. Clarida on Outlooks, Outcomes, and Prospects for U.S. Monetary Policy

August 4, 2021

Vice Chair of the Board of Governors of the Federal Reserve System Richard H. Clarida gave a speech titled, "Outlooks, Outcomes, and Prospects for U.S. Monetary Policy."

Paper: Banks as Regulated Traders

August 4, 2021

The Board of Governors of the Federal Reserve System published a paper titled, "Banks as Regulated Traders," analyzing banks' trading activities.

Federal Reserve Bank of New York

Blog Post: How Communities on the Front Lines of Climate Change Are Mobilizing

August 4, 2021

The Federal Reserve Bank of New York published a blog post titled, "How Communities on the Front Lines of Climate Change Are Mobilizing."

Staff Report: Insurance Companies and the Growth of Corporate Loans' Securitization

August 4, 2021

The Federal Reserve Bank of New York published a staff report titled, "Insurance Companies and the Growth of Corporate Loans' Securitization."

Consumer Financial Protection Bureau

CFPB Releases updated Mortgage Servicing Small Entity Compliance Guide

August 4, 2021

The Consumer Financial Protection Bureau updated the Mortgage Servicing Small Entity Compliance Guide to incorporate references to the most recent Mortgage Servicing Rules. The updates provide an overview of the 2021 Mortgage Servicing COVID-19 Final Rule and 2020 Mortgage Servicing COVID-19 Interim Final Rule (Rules) provisions, as well as identify what areas of the underlying Mortgage Servicing Rules are impacted by these Rules.

Department of Housing and Urban Development/Federal Housing Administration

Statement: HUD Deputy Secretary Todman on the Department Efforts to Connect People to Emergency Rental Assistance and Prevent Evictions

August 4, 2021

U.S. Department of Housing and Urban Development (HUD) Deputy Secretary Adrianne Todman issued a statement following the Centers for Disease Control's order halting evictions in communities with high or substantial rates of COVID-19 transmission levels through October 3, 2021.

International

Bank of England

UK International Reserves – July 2021

August 4, 2021

The Bank of England published its monthly data on U.K. holdings of international reserves and foreign currency liquidity.

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)