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Daily Financial Regulation Update -- Thursday, October 21, 2021

October 21, 2021

By FedACTion Task Force

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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. Senate

Committee on Banking, Housing, and Urban Affairs

Letter: Senator Brown Asks Newly-Confirmed CFPB Director Chopra to Review the Tenant Screening Industry

October 20, 2021

Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Rohit Chopra, the newly-confirmed Director of the Consumer Financial Protection Bureau, asking him to review the tenant screening industry and protect renters.

Letter: Senators to Mark Zuckerberg: Facebook Cannot Be Trusted To Manage Cryptocurrency, Stop Launch of Diem and Novi

October 19, 2021

A group of U.S. Senators urged Facebook CEO Mark Zuckerberg to immediately discontinue the company's pilot of Novi and to commit not to bring Diem to market.

U.S. House of Representatives

Committee on Small Business

Global Supply Chains and Small Business Trade Challenges

October 20, 2021

The Committee on Small Business Subcommittee on Oversight, Investigations, and Regulations held a hearing titled, "Global Supply Chains and Small Business Trade Challenges."

Federal Agencies

Federal Reserve Board

Federal Deposit Insurance Corporation

National Credit Union Administration

Office of the Comptroller of the Currency

Consumer Financial Protection Bureau

Statement: Joint Statement on Managing the LIBOR Transition

October 20, 2021

Five federal financial institution regulatory agencies, in conjunction with the state bank and state credit union regulators, issued a joint statement to emphasize the expectation that supervised institutions with London Interbank Overnight Rate (LIBOR) exposure to continue to progress toward an orderly transition away from LIBOR. Additionally, the joint statement includes clarification regarding new LIBOR contracts, considerations when assessing appropriateness of alternative reference rates, and expectations for fallback language. According to the joint statement, failure to adequately prepare for LIBOR's discontinuance could undermine financial stability and institutions' safety and soundness and create litigation, operational, and consumer protection risks.

Federal Reserve Board

Paper: Relative Prices and Pure Inflation Since the Mid-1990s

October 20, 2021

The Federal Reserve Board published a paper titled, "Relative Prices and Pure Inflation Since the Mid-1990s."

Report: Beige Book

October 20, 2021

The Federal Reserve Board published its yearly Beige Book. Economic activity grew at a modest to moderate rate, according to the majority of Federal Reserve Districts. Several Districts noted, however, that the pace of growth slowed this period, constrained by supply chain disruptions, labor shortages and uncertainty around the Delta variant of COVID-19.

Speech: Governor Quarles on the Economic Outlook

October 20, 2021

Federal Reserve System Governor Randal K. Quarles gave a speech titled, "How Long is Too Long? How High is Too High?: Managing Recent Inflation Developments within the Federal Open Market Committee's Monetary Policy Framework."

Federal Reserve Bank of New York

Blog Post: The International Experience of Central Bank Asset Purchases and Inflation

October 20, 2021

The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled, "The International Experience of Central Bank Asset Purchases and Inflation."

Securities and Exchange Commission

Remarks at the PRI/LSEG Investor Action on Climate Webinar

October 20, 2021

Securities and Exchange Commission Commissioner Allison Herren Lee gave remarks at the Principles for Responsible Investment/London Stock Exchange Group Investor Action on Climate webinar.

Consumer Financial Protection Bureau

2022 HMDA Filing Instructions Guide Update

October 20, 2021

The Consumer Financial Protection Bureau has released an update to the Filing Instructions Guide (FIG) for data collected in 2022. The FIG is a technical resource to help financial institutions file HMDA data collected in 2022 and reported in 2023.

International

European Banking Authority

EBA Publishes Clarifications to the Seventh Set of Issues Raised By Its Industry Working Group on Application Programming Interfaces Under the Payment Services Directive

October 20, 2021

The European Banking Authority (EBA) published clarifications to a seventh set of issues that had been raised by participants of its working group on Application Programming Interfaces under the Payment Services Directive.

Bank of England

Notice: Statistical Notice 2021/11

October 20, 2021

The Bank of England published statistical notice 2021/11 regarding cash ratio deposits.

Speech: Sarah Breeden on Driving Different Decisions Today: Putting Climate Scenarios into Action

October 20, 2021

Executive Director of the Bank of England's UK Deposit Takers Supervision Sarah Breeden gave a speech titled, "Driving Different Decisions Today: Putting Climate Scenarios into Action."

Bank of England Prudential Regulation Authority

PRA Publishes PS23/21

October 20, 2021

The Prudential Regulation Authority (PRA) published a policy statement providing feedback to responses to Consultation Paper (CP) 7/21 |Credit risk: The identification of the Nature, Severity, and Duration of an Economic Downturn for the Purposes of Internal Ratings Based Models."

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)