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Daily Financial Regulation Update -- Thursday, December 2, 2021

December 02, 2021

By 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.

U.S. House of Representatives

Committee on Financial Services

Oversight of the Pandemic Response by the U.S. Department of the Treasury and Federal Reserve

December 1, 2021

The U.S. House Committee on Financial Services held a meeting titled, "Oversight of the Treasury Department's and Federal Reserve's Pandemic Response."

Waters Announces Cryptocurrency CEOs to Testify at Full Committee Hearing

December 1, 2021

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced witnesses for the December 8 full Committee hearing titled, "Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States."

Federal Agencies

U.S. Department of the Treasury

Remarks: Deputy Secretary of the Treasury Wally Adeyemo at the Aspen Economic Strategy Group's Rebuilding the Post-Pandemic Economic Recovery Event

December 1, 2021

Deputy Secretary of the Treasury Wally Adeyemo delivered remarks at the Aspen Economic Strategy Group's Rebuilding the Post-Pandemic Economic Recovery event.

Federal Reserve Board

Consumer Financial Protection Bureau

Office of the Comptroller of the Currency

Notices: Agencies Announce Threshold for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans

December 1, 2021

The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency announced that the 2022 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $27,200 to $28,500.

Federal Reserve Board

Consumer Financial Protection Bureau

Agencies Announce Dollar Thresholds in Regulations Z And M for Exempt Consumer Credit and Lease Transactions

December 1, 2021

The Federal Reserve Board and the Consumer Financial Protection Bureau announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2022 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing).

Federal Reserve Board

Report: Beige Book – December 1, 2021

December 1, 2021

The Board of Governors of the Federal Reserve published the 2021 Beige Book. The report was prepared at the Federal Reserve Bank of Chicago based on information collected on or before November 19, 2021.

Federal Reserve Bank of New York

Blog Post: Why Central Bank Digital Currencies?

December 1, 2021

The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled, "Why Central Bank Digital Currencies?"

Federal Reserve Bank of Boston

Report: Measuring the US Employment Situation Using Online Panels: The Yale Labor Survey

December 1, 2021

The Federal Reserve Bank of Boston published a report titled, "Measuring the US Employment Situation Using Online Panels: The Yale Labor Survey."

Consumer Financial Protection Bureau

Report: CFPB Research on Overdraft Fees

December 1, 2021

According to research released by the Consumer Financial Protection Bureau (CFPB), banks appear to rely heavily on overdraft and non-sufficient funds (NSF) revenue, which reached an estimated $15.47 billion in 2019. The CFPB also found that although small institutions with overdraft programs charged lower fees on average, consumer outcomes were similar to those found at larger banks.

Federal Financial Institutions Examination Council

Federal and State Regulators Release Updates to the BSA/AML Examination Manual

The Federal Financial Institutions Examination Council (FFIEC) released one new section and updates to three sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual.

International

European Banking Authority

EBA Publishes Sample of Banks Participating in the December 2021 Mandatory Basel III Monitoring Exercise

December 1, 2021

The European Banking Authority (EBA) published the sample of banks for the mandatory Basel III monitoring exercise, which will refer to December 2021 data. The exercise is expected to be launched at the end of January 2022 and its results to be published at the end of September 2022.

Bank of England

Speech: Reforming Solvency II: Delivering Policyholder Protection - Speech by Andrew Bailey

December 1, 2021

Bank of England Governor Andrew Bailey gave a speech titled, "Reforming Solvency II: Delivering Policyholder Protection."

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

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