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Daily Financial Regulation Update -- Thursday, November 4, 2021

November 04, 2021

By FedACTion Task Force

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Major Developments

Network for Greening the Financial System

The NGFS publishes the "NGFS Glasgow Declaration" and continues to foster climate action by central banks and supervisors

November 3, 2021

The Network for Greening the Financial System (NGFS) released the NGFS Glasgow Declaration: Committed to Action at the 2021 United Nations Climate Change Conference (COP26), in which NGFS members reiterate their willingness to contribute to the global response required to meet the objectives of the Paris Agreement.

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

Cyber Threats, Consumer Data, and the Financial System

November 3, 2021

The U.S. House Committee on Financial Services Subcommittee on Consumer Protection and Financial Institutions held a meeting titled, "Cyber Threats, Consumer Data, and the Financial System."

Committee on Small Business

Entrepreneurship in the New Economy

November 3, 2021

The Committee on Small Business held hearing titled, "Entrepreneurship in the New Economy."

Federal Agencies

U.S. Department of the Treasury

Report: Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee

November 3, 2021

Beth Hammack, Chair of the Treasury Borrowing Advisory Committee and Brian Sack, Vice Chair of the Treasury Borrowing Advisory Committee gave a report to Secretary of Treasury Janet L. Yellen on economic activity in the U.S.

Remarks: Keynote Remarks by Secretary of the Treasury Janet L. Yellen at COP26 in Glasgow, Scotland at the Finance Day Opening Event

November 3, 2021

Secretary of the Treasury Janet L. Yellen gave keynote remarks at the Finance Day Opening Event at COP26.

Federal Reserve Board

Statement: Federal Reserve Issues FOMC Statement

November 3, 2021

The Board of Governors of the Federal Reserve issued a Federal Open Market Committee statement.

Office of the Comptroller of the Currency

Remarks: Acting Comptroller Discusses Regulatory Perimeter

November 3, 2021

Acting Comptroller of the Currency Michael J. Hsu gave remarks before the American Fintech Council's Fintech Policy Summit 2021 titled, "Leveling Up Banking and Finance," discussing clarifying and modernizing the bank regulatory perimeter to reflect a digital economy that requires regulation. In the speech, the Acting Comptroller also noted the Office of the Comptroller of the Currency (OCC) has completed its review of cryptocurrency approvals and guidance issued by the OCC and would soon be communicating with applicable parties.

Securities and Exchange Commission

Bulletin: Shareholder Proposals: Staff Legal Bulletin No. 14L (CF)

November 3, 2021

The Securities and Exchange Commission published a staff legal bulletin to provide information for companies and shareholders regarding Rule 14a-8 under the Securities Exchange Act of 1934.

Remarks: SEC Chair Gensler and SEC Commissioner Peirce Before Asset Management Advisory Committee

November 3, 2021

Securities and Exchange Commission (SEC) Chair Gary Gensler and SEC Commissioner Hester M. Peirce gave remarks before the Asset Management Advisory Committee.

U.S. Small Business Administration

Frequently Asked Questions About Small Business, 2021

November 3, 2021

The Small Business Administration published Frequently Asked Questions About Small business.

U.S. Department of Housing and Urban Development/Federal Housing Administration

HUD Releases More Than $13 Million in American Rescue Plan Funds to Assist Victims of Housing Discrimination Related to the COVID-19 Pandemic

November 3, 2021

The U.S. Department of Housing and Urban Development (HUD) announced that it is providing $13.6 million in American Rescue Plan funding to enable 51 HUD Fair Housing Initiatives Program agencies to conduct a range of fair housing enforcement and education and outreach activities related to the COVID-19 pandemic. Among the activities that will be conducted by the organizations is addressing discriminatory practices in underserved communities.

State Agencies

New York State Department of Financial Services

On Cop26 Finance Day Acting Superintendent Adrienne A. Harris Announces Newly Created Climate Risk Division, New Executive Appointment

November 3, 2021

On COP26 Finance Day, Acting Superintendent of Financial Services Adrienne A. Harris announced the establishment of a new Climate Risk Division at the New York State Department of Financial Services (DFS), as well as the appointment of the new division's leader, as climate change poses wide-ranging and material risks to the financial system. Dr. Yue (Nina) Chen, who is DFS's inaugural Director of Sustainability and Climate Initiatives, will lead the new division as Executive Deputy Superintendent.

International

European Banking Authority

EBA Reaffirms Its Commitment to Support Green Finance in View of the UN Climate Change Conference

November 3, 2021

The European Banking Authority (EBA) published its environmental statement in the context of the 2021 United Nations Climate Change Conference, highlighting its efforts to update and enhance the entire supervisory and prudential regulatory framework in the environmental, social and governance (ESG) domain. This will facilitate the transition of the banking and financial sector to a more sustainable economy and mitigate risks stemming from climate change and ESG factors.

Bank of England

Speech: Andrew Bailey on Laying the Foundations for a Net Zero Financial System

November 3, 2021

Governor of the Bank of England Andrew Bailey gave a speech titled, "Laying the Foundations for a Net Zero Financial System."

BIS Appoints Innovation Hub Heads for London, Nordic and Toronto Centers

November 3, 2021

The Bank for International Settlements (BIS) announced three new senior appointments to the BIS Innovation Hub, expanding its network to support central bank collaboration on new financial technology.

UK Financial Conduct Authority

FCA Acts to Help Investors Make More Informed ESG Investment Decisions

November 3, 2021

The Financial Conduct Authority published a discussion paper inviting views on potential criteria to classify and label investment products.

Speech: A strategy for positive sustainable change

November 3, 2021

Financial Conduct Authority CEO Nikhil Rathi gave a speech titled, "A Strategy for Positive Sustainable Change."

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)

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