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Daily Financial Regulation Update -- Thursday, November 11, 2021

November 11, 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.

Federal Agencies

U.S. Department of the Treasury

Treasury Issues State Small Business Credit Initiative Program Implementation Guidance

November 10, 2021

The U.S. Department of the Treasury issued capital program implementation guidance for the State Small Business Credit Initiative (SSBCI) Program. The American Rescue Plan Act reauthorized and expanded the Small Business Jobs Act of 2010, which established the original SSBCI program. The new version of the program will provide a combined $10 billion to states, the District of Columbia, territories, and Tribal governments to empower small businesses to access capital needed to invest in job-creating opportunities as the country emerges from the pandemic.

Federal Reserve Board

Consumer Financial Protection Bureau

Federal Deposit Insurance Corporation

National Credit Union Administration

Office of the Comptroller of the Currency

Statement: Joint Statement on Supervisory and Enforcement Practices Regarding the Mortgage Servicing Rules in Response to the Continuing COVID-19 Pandemic and CARES Act

November 10, 2021

The Board of Governors of the Federal Reserve, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and state financial regulators issued a joint statement to alert the industry that the supervisory flexibilities outlined in the April 2020 Joint Statement on Supervisory and Enforcement Practices Regarding the Mortgage Servicing Rules in Response to the COVID-19 Emergency and the CARES Act no longer apply.

Federal Reserve Bank of New York

Report: The Term Structure of Expectations

November 10, 2021

The Federal Reserve Bank of New York published a staff report titled, "The Term Structure of Expectations."

Underlying Inflation Gauge (UIG)

November 10, 2021

The Federal Reserve Bank of New York published its monthly Underlying Inflation Gauge (UIG). The UIG full data set measure for October 2021 is currently estimated at 4.3%, a 0.3 percentage point increase from the previous month.

New York Fed Releases New Podcast Series Focused on Norms, Mindsets, and Decision-Making in Banking Culture

November 10, 2021

The Federal Reserve Bank of New York released the latest podcast season of Bank Notes, titled "Banking Culture Reform: Norms, Mindsets, and Decision-Making."

Blog Post: How Does Market Power Affect Fire-Sale Externalities

November 10, 2021

The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled, "How Does Market Power Affect Fire-Sale Externalities?"

Conference of State Bank Supervisors

CSBS 2022 Community Bank Case Study Competition Opens

November 10, 2021

The Conference of State Bank Supervisors opened its 2022 Community Bank Case Study Competition. Student teams are asked to examine how community banking has changed in the last 10 years and expectations for the next decade.

Securities and Exchange Commission

Speech: The Lessons of Structured Data

November 10, 2021

Securities and Exchange Commission Commissioner Caroline A. Crenshaw gave a speech titled, "The Lessons of Structured Data."

Speech: Prepared Remarks at the Institutional Limited Partners Association Summit

November 10, 2021

Securities and Exchange Commission Chair Gary Gensler gave prepared remarks at the Institutional Limited Partners Association Summit.

U.S. Department of Labor

Unemployment Insurance Weekly Claims Report Update

November 10, 2021

In the week ending November 6, the advance figure for seasonally adjusted initial claims was 267,000, a decrease of 4,000 from the previous week's revised level. This is the lowest level for initial claims since March 14, 2020 when it was 256,000. The previous week's level was revised up by 2,000 from 269,000 to 271,000. The 4-week moving average was 278,000, a decrease of 7,250 from the previous week's revised average. This is the lowest level for this average since March 14, 2020 when it was 225,500. The previous week's average was revised up by 500 from 284,750 to 285,250.

International

European Banking Authority

EBA Issues Requirements on Institutions' Pillar 3 Disclosure of Interest Rate Risk Exposures

November 10, 2021

The European Banking Authority (EBA) published its first draft implementing technical standards (ITS) on Pillar 3 disclosure of institutions' exposures to interest rate risk on positions not held in the trading book.

Administration Changes

Appointments/Confirmation Hearings

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

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)