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Daily Financial Regulation Update -- Thursday, October 14, 2021

October 14, 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 Launches Effort to Study Impact of Climate Change on Households and Communities

October 13, 2021

The U.S. Department of the Treasury (Treasury) launched a new effort to study the impact of climate change on households and communities. The Financial Literacy and Education Commission convened a meeting, which was chaired by Treasury Under Secretary for Domestic Finance Nellie Liang, to begin to explore the financial risks to households and communities, especially low-income and historically disadvantaged communities, of climate change and climate transition.

Readout: Secretary of the Treasury Janet L. Yellen's Meeting with G20 Finance Ministers and Central Bank Governors

October 13, 2021

Secretary of the Treasury Janet L. Yellen participated in a meeting of the G20 finance ministers and central bank governors. They discussed a range of topics, including the current macroeconomic conditions, further progress on reforms to international taxation, coordination on vaccine distribution and longer-term pandemic preparedness, efforts within the G20 Finance Track on climate change mitigation, and financial regulatory issues.

Minutes of the Federal Open Market Committee, September 21-22, 2021

October 13, 2021

The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on September 21–22, 2021.

Federal Reserve Bank of New York

Underlying Inflation Gauge (UIG)

October 13, 2021

The Federal Reserve Bank of New York published its Underlying Inflation Gauge (UIG) full data set measure for September, which is currently estimated at 4.0%, a 0.1 percentage point increase from the previous month.

National Credit Union Administration

Registration Open for the NCUA Automated Cybersecurity Evaluation Toolbox Webinar

October 13, 2021

The National Credit Union Administration is hosting a webinar on the National Credit Union Administration's Automated Cybersecurity Evaluation Toolbox beginning at 3 p.m. E.T. on October 28, 2021.

Federal Housing Finance Agency

Working Paper: Borrower Expectations and Mortgage Performance: Evidence from the COVID-19 Pandemic

October 13, 2021

The Federal Housing Finance Agency published a staff working paper titled, "Borrower Expectations and Mortgage Performance: Evidence from the COVID-19 Pandemic."

International

European Commission

Statement: Commissioner Gentiloni on the G20's Endorsement of the Agreement on International Taxation Reform

October 13, 2021

European Commission Commissioner Paolo Gentiloni gave a statement on the endorsement by G20 finance ministers of the agreement on international taxation reform.

Bank of England

Speech: Jon Cunliffe: Is 'Crypto' a Financial Stability Risk?

October 13, 2021

Sir Jon Cunliffe, Deputy Governor of Financial Stablilty of the Bank of England, gave a speech titled, "Is 'Crypto' a Financial Stability Risk?," looking at the impact of cryptocurrency on the stability of the UK's financial system.

Administration Changes

Appointments/Confirmation Hearings

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

Consumer Financial Protection Bureau - Rohit Chopra (effective September 30, 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)