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Daily Financial Regulation Update -- Thursday, September 23, 2021

September 23, 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

Letters: Senators Warren, Brown, Smith, and Van Hollen Request Information from SPAC Creators

September 22, 2021

Senators Elizabeth Warren (D-MA), Sherrod Brown (D-OH), Tina Smith (D-MN), and Chris Van Hollen (D-MD) sent letters to six creators of prominent Special Purpose Acquisition Companies (SPACs) addressing concerns about abuses by the creators and operators of SPACs, including reports that insiders are taking advantage of legislative and regulatory gaps at the expense of ordinary investors.

Federal Agencies

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U.S. Department of the Treasury

Letter: Former Secretaries of the Treasury Send Letter to Congressional Leadership on the Debt Limit

September 22, 2021

Former U.S. Secretaries of the U.S. Department of the Treasury sent a letter to all members of Congressional leadership regarding the debt limit.

Federal Reserve Board

Statement: Federal Reserve Issues FOMC Statement

September 22, 2021

The Federal Reserve Board issued a Federal Open Market Committee Statement, stating that it is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.

Federal Reserve Board and Federal Open Market Committee Release Economic Projections from the September 21-22 FOMC Meeting

September 22, 2021

The Federal Reserve Board and Federal Open Market Committee (FOMC) released economic projections from the September 21-22 FOMC meeting.

Federal Reserve Bank of New York

Statement: Revise Terms of Overnight Reverse Repurchase Agreements

September 22, 2021

The Federal Open Market Committee directed the Open Market Trading Desk at the Federal Reserve Bank of New York to conduct overnight reverse repurchase agreement (ON RRP) operations with a per-counterparty limit of $160 billion per day, effective September 23, 2021. The increase in the per-counterparty limit from the current level of $80 billion per day helps ensure that the ON RRP facility continues to support effective policy implementation.

Securities and Exchange Commission

Sample Letter: CF Sample Letter to Companies Regarding Climate Change Disclosures

September 22, 2021

The Securities and Exchange Commission's Division of Corporation Finance has posted a sample letter to companies regarding climate change disclosures.

National Credit Union Administration

Remarks: NCUA Chairman Todd M. Harper Remarks at Inclusiv's 2021 Conference

September 22, 2021

National Credit Union Chairman Todd M. Harper gave remarks at Inclusiv's 2021 Conference.

U.S. Small Business Administration

SBA Administrator Announces New Paycheck Protection Program (PPP) Milestone: In Less Than Two Months, One Million Borrowers Apply for Direct Forgiveness through Agency's PPP Portal

September 22, 2021

The U.S. Small Business Administration reached a major milestone as its Paycheck Protection Program (PPP) Direct Borrower Forgiveness Portal recorded its one millionth PPP loan forgiveness application for borrowers seeking forgiveness for loans of $150,000 or less.

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

HUD and FHFA Announce Clarifications to Freddie Mac's Policies on Purchasing Mortgages Secured by Group Homes

September 22, 2021

The U.S. Department of Housing and Urban Development and the Federal Housing Finance Agency announced important clarifications to Freddie Mac's policies that make clear it will purchase mortgages secured by a property owned by an individual and rented to a group home for persons with disabilities.

International

Bank of England

Speech: Prudentist - Speech by Sam Woods

September 22, 2021

Deputy Governor for Prudential Regulation Sam Woods gave a speech titled, "Prudentist," discussing the Prudential Regulation Authority's future work.

Speech: Solvency II Review: Unlocking the Potential - Speech by Gareth Truran

September 22, 2021

Director of Prudential Policy of the Bank of England Gareth Truran gave a speech titled, "Solvency II Review: Unlocking the Potential."

UK Financial Conduct Authority

Speech: Seizing opportunity – Challenges and Priorities for the FCA

September 22, 2021

CEO of the Financial Conduct Authority (FCA) Nikhil Rathi gave a speech titled, "Seizing Opportunity – Challenges and Priorities for the FCA."

Administration Changes

Appointments/Confirmation Hearings

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

Consumer Financial Protection Bureau - Rohit Chopra (Nominee)

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)