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Daily Financial Regulation Update -- Thursday, December 16, 2021

December 16, 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. Senate

Committee on Banking, Housing, and Urban Affairs

Letter: U.S. Senators Urge CFPB to Take Action to Ensure Transparency & Oversight of Buy Now Pay Later Products and Providers

December 15, 2021

Six U.S. Senators wrote a letter to Rohit Chopra, Director of the Consumer Financial Protection Bureau (CFPB), asking the CFPB to increase oversight over so-called "buy now, pay later" products and providers due to perceived gaps in regulatory coverage.

Disaster Recovery Assistance – Authorization of the Community Development Block Grant – Disaster Recovery Program

December 15, 2021

The Committee on Banking, Housing, and Urban Affairs conducted a hearing titled, "Disaster Recovery Assistance – Authorization of the Community Development Block Grant – Disaster Recovery Program."

Federal Agencies

Letter: Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Issuance Suspension Period Extension

December 15, 2021

U.S. Secretary of the Treasury Janet L. Yellen sent a letter to members of Congressional leadership regarding an extension of the debt issuance suspension period.

Treasury International Capital Data for October

December 15, 2021

The U.S. Department of the Treasury released Treasury International Capital data for October 2021. The next release, which will report on data for November 2021, is scheduled for January 18, 2022.

Treasury Uses New Sanctions Authority to Combat Global Illicit Drug Trade

December 15, 2021

President Biden signed a new Executive Order to modernize the U.S. Department of the Treasury's (Treasury) sanctions authorities used to combat the illicit drug trade. The Executive Order will provide Treasury with new tools to tackle global illicit drug trade

Federal Reserve Board

Statement: Federal Reserve Issues FOMC Statement

December 15, 2021

The Board of Governors of the Federal Reserve System (the Board) issued a Federal Open Market Committee statement. The Board is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.

Federal Reserve Board and Federal Open Market Committee Release Economic Projections from the December 14-15 FOMC meeting

December 15, 2021

The Board of Governors of the Federal Reserve System and Federal Open Market Committee participants made economic projections in conjunction with the December 14-15 meeting.

Federal Reserve Bank of New York

Report: Empire State Manufacturing Survey

December 15, 2021

Business activity continued to grow strongly in New York State, according to firms responding to the December 2021 Empire State Manufacturing Survey.

Federal Reserve Bank of Boston

Report: Why Did Credit Scores Rise for Households with Low Credit Ratings when COVID-19 Hit?

December 15, 2021

The Federal Reserve Bank of Boston released a working paper analyzing the drivers behind increasing credit scores since the onset of the pandemic.

Office of the Comptroller of the Currency

Community Reinvestment Act: Final Rule to Rescind and Replace Community Reinvestment Act Rule Issued in 2020

December 15, 2021

The Office of the Comptroller of the Currency (OCC) issued a final rule to rescind the June 2020 Community Reinvestment Act (CRA) rule and replace it with a rule based on the rules adopted jointly by the federal banking agencies in 1995, as amended. The final rule aligns the OCC's CRA rules with the current Board of Governors of the Federal Reserve System and Federal Deposit Insurance Corporation rules and thereby facilitates the ongoing interagency work to modernize the CRA regulatory framework and create consistency for all insured depository institutions.

Securities and Exchange Commission

SEC Proposes Rules to Prevent Fraud in Connection With Security-Based Swaps Transactions, to Prevent Undue Influence over CCOs and to Require Reporting of Large Security-Based Swap Positions

December 15, 2021

The Securities and Exchange Commission voted to propose rules to prevent fraud, manipulation and deception in connection with security-based swaps, to prevent undue influence over the chief compliance officer of security-based swap dealers and major security-based swap participants, and to require any person with a large security-based swap position to publicly report certain information related to the position.

SEC Proposes Amendments to Money Market Fund Rules

December 15, 2021

The Securities and Exchange Commission (SEC) voted to propose amendments to certain rules that govern money market funds under the Investment Company Act of 1940.

SEC Proposes New Share Repurchase Disclosure Rules

December 15, 2021

The Securities and Exchange Commission proposed amendments to its rules regarding disclosure about an issuer's repurchases of its equity securities, commonly known as "buybacks."

SEC Proposes Amendments Regarding Rule 10b5-1 Insider Trading Plans and Related Disclosures

December 15, 2021

The Securities and Exchange Commission proposed amendments to Rule 10b5-1 under the Securities Exchange Act of 1934 to enhance disclosure requirements and investor protections against insider trading.

Consumer Financial Protection Bureau

Blog Post: CFPB Seeks Out Whistleblowers in Tech Industry Sound Alert for Potential Violations of Federal Consumer Laws

December 15, 2021

The Consumer Financial Protection Bureau (CFPB) published a blog post titled, "CFPB Calls Tech Workers to Action," announcing the creation of a mechanism for employees in the tech industry to become whistleblowers who can alert the CFPB of potential violations of federal consumer laws.

State Agencies

New York State Department of Financial Services

Acting Superintendent Adrienne A. Harris Announces Proposed Amendment to Protect Consumers from Predatory Debt Collection

December 15, 2021

Acting Superintendent of Financial Services Adrienne A. Harris announced that the New York State Department of Financial Services (DFS) proposed a new amendment to 23 NYCRR 1, DFS' regulation governing debt collectors and debt buyers, to protect consumers from predatory debt collection practices and scams. Considering the findings from DFS' investigations of abusive and deceptive debt collection, as well as data on consumer complaints to regulators, DFS is proposing the amendment to ensure consumers pay only debts they owe and pay them only once.

International

Bank of England

Report: Update on the Future of Wholesale Cash Distribution in the UK

December 15, 2021

The Bank of England published an update on the future of wholesale cash distribution in the UK. Transactional cash use has fallen from over 50% of payments in 2010 to only 17% of all payments in 2020, with the trend accelerating during the COVID-19 pandemic.

Commitments to Support the UK's Wholesale Cash Distribution Network

December 15, 2021

The UK banks that fund or participate in the wholesale cash infrastructure and the UK wholesale cash operators are announcing commitments to ensure an effective, resilient and sustainable cash infrastructure, which in turn will support continued retail access to cash.

Responses to the Public Consultation

December 15, 2021

The Wholesale Distribution Steering Group (WDSG) published a Public Consultation Paper on the Bank of England's website covering the future of the UK's wholesale cash distribution model which outlined the potential benefits of a utility model as identified by the independent industry analysis.

Bank of England Prudential Regulation Authority

Guidance on changes to banking reporting requirements

December 15, 2021

The Prudential Regulation Authority made a number of changes to banking regulatory reporting requirements, and released guidance to explain how these changes are being implemented in the Capital Requirements Regulations reporting modules.

UK Financial Conduct Authority

Statement: FCA and PSR Respond to Announcement from Cash Action Group (CAG)

December 15, 2021

The Financial Conduct Authority and Chris Hemsley, Director of the Payment Systems, Regulator released statements in response to the Cash Action Group's announcement that retail banks and building societies will create an independent body to assess the needs of local communities and direct cash solutions.

Administration Changes

Appointments/Confirmation Hearings

U.S. Department of the Treasury - Janet Yellen (effective January 26, 2021)

Federal Reserve Board

Consumer Financial Protection Bureau - Rohit Chopra (effective October 12, 2021)

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

U.S. Department of Housing and Urban Development - Marcia Fudge (effective March 10, 2021)

Federal Housing Finance Agency – Sandra L. Thompson

U.S. Department of Education - Dr. Miguel Cardona (effective March 2, 2021)