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Daily Financial Regulation Update -- Thursday, January 6, 2022

January 06, 2022

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

Federal Reserve Board

Minutes of the Federal Open Market Committee, December 14-15, 2021

January 5, 2022

The Federal Reserve Board and the Federal Open Market Committee released the minutes of the Committee meeting held on December 14-15, 2021.

Federal Reserve Bank of New York

New York Fed to Release Series on the Federal Reserve's Monetary Policy Implementation Framework

January 5, 2022

Beginning January 10, 2022, Federal Reserve Bank of New York staff will release a four-part series on its Liberty Street Economics blog about the Federal Reserve's monetary policy implementation framework.

Consumer Financial Protection Bureau

Report: CFPB Releases Report Detailing Consumer Complaint Response Deficiencies of the Big Three Credit Bureaus

January 5, 2022

The Consumer Financial Protection Bureau (CFPB) issued a new report addressing deficiencies in the complaint resolution process by nationwide consumer reporting companies. The CFPB documented deficiencies in the credit bureaus' procedures to address consumer complaints and noted that in 2021, Equifax, Experian, and TransUnion together reported relief in response to less than 2% of covered complaints, down from nearly 25% of covered complaints in 2019.

Federal Housing Finance Agency

FHFA Announces Targeted Increases to Enterprise Pricing Framework

January 5, 2022

The Federal Housing Finance Agency announced targeted increases to Fannie Mae and Freddie Mac's upfront fees for certain high balance loans and second home loans. High balance loans are mortgages originated in certain designated areas above the baseline conforming loan limit. The new fees will go into effect for deliveries and acquisitions beginning April 1, 2022, in order to minimize market and pipeline disruption.

U.S. Department of Labor

Blog Post: Putting "Management" Back Into the Labor-Management Reporting and Disclosure Act

January 5, 2022

The U.S. Department of Labor published a blog post titled, "Putting 'Management' Back into the Labor-Management Reporting and Disclosure Act."

State Agencies

New York State Department of Financial Services

Acting Superintendent of the Department of Financial Services Adrienne A. Harris Issues Request for Information on Two-Week Absence Requirement for Banking Organizations

January 5, 2022

New York State Department of Financial Services (DFS) Acting Superintendent Adrienne A. Harris issued a request for information to banking organizations regarding the 1996 DFS Guidance Letter, "Vacation Policy as an Internal Control Safeguard."

International

European Banking Authority

EBA Alerts on the Detrimental Impact of Unwarranted De-Risking and Ineffective Management of Money Laundering and Terrorist Financing Risks

January 5, 2022

The European Banking Authority (EBA) published its opinion on the scale and impact of de-risking in the EU and the steps competent authorities should take to tackle unwarranted de-risking. Providing access to at least basic financial products and services is a prerequisite for the participation in modern economic and social life and de-risking, when unwarranted, can cause the financial exclusion of legitimate customers. It can also affect competition and financial stability.

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 – Rostin Behnam (effective December 17, 2021)

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)