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Daily Financial Regulation Update -- Thursday, October 6, 2021

October 07, 2021

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

U.S. Department of the Treasury

Remarks: Secretary of the Treasury Janet L. Yellen to CEOs and Business Leaders at the White House on Debt Limit

October 6, 2021

Secretary of the Treasury Janet L. Yellen gave prepared remarks to chief executives and business leaders on the debt limit.

Federal Reserve Bank of New York

Report: The Heterogeneous Impact of Referrals on Labor Market Outcomes

October 6, 2021

The Federal Reserve Bank of New York published a staff report titled, "The Heterogeneous Impact of Referrals on Labor Market Outcomes."

Blog Post: An Update on the U.S.–China Phase One Trade Deal

October 6, 2021

The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled, "An Update on the U.S. – China Phase One Trade Deal." An August 2020 post on the Phase One trade agreement between the U.S. and China found that the deal's impact on U.S. economic growth could have been much larger than originally foreseen by many of its critics because the COVID-19 pandemic had depressed the U.S. economy. This post revisits those considerations with an additional year's worth of trade data and a much different economic environment in the United States.

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

HUD to Issue Rule Protecting Tenants Facing Evictions for Non-Payment of Rent in HUD-Assisted Properties

October 6, 2021

The U.S. Department of Housing and Urban Development (HUD) announced that it will issue a rule that prohibits the eviction of tenants facing eviction for nonpayment of rent from HUD-subsidized public housing and certain properties with project-based rental assistance without providing a 30-day notice period that includes information about available federal emergency rental assistance.

U.S. Department of Education

U.S. Department of Education Announces Transformational Changes to the Public Service Loan Forgiveness Program, Will Put Over 550,000 Public Service Workers Closer to Loan Forgiveness

October 6, 2021

The U.S. Department of Education (DoE) announced an overhaul of the Public Service Loan Forgiveness (PSLF) Program that it will implement over the next year. This policy will result in approximately 22,000 borrowers who have consolidated loans – including previously ineligible loans – being immediately eligible for $1.74 billion in forgiveness without the need for further action on their part. Another approximately 27,000 borrowers could potentially qualify for an additional $2.82 billion in forgiveness if they certify additional periods of employment. The DoE estimates that more than 550,000 borrowers who have previously consolidated will see an increase in qualifying payments with the average borrower receiving another two years of progress toward forgiveness.

International

European Banking Authority

EBA Risk Dashboard Points to Stabilizing Return on Equity in EU Banks but Challenges Remain for Those Banks with Exposures to the Sectors Most Affected by the Pandemic

October 6, 2021

The European Banking Authority published its Risk Dashboard for the second quarter of 2021. The data indicates that banks are benefitting from the economic recovery with return equity remaining broadly similar to the previous quarter. Capital ratios remained stable and there was a further decline in NPLs. Operational risks remain elevated mainly due to cyber- and information and communications technology-related risks.

EBA Publishes its Work Program for 2022

October 5, 2021

The European Banking Authority (EBA) published its annual work program for 2022, describing the EBA's key strategic areas of work for the upcoming year.

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)