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Daily Financial Regulation Update -- Tuesday, August 3, 2021

August 03, 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.

Federal Agencies

U.S. Department of the Treasury

Letter: Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit

August 2, 2021

U.S. Secretary of the Treasury Janet L. Yellen sent a letter to Congressional leadership regarding the debt limit.

Statement: Acting Assistant Secretary for Economy Policy Catherine Wolfram Releases Economy Statement for the Treasury Borrowing Advisory Committee

August 2, 2021

Treasury Acting Assistant Secretary for Economy Policy Catherine Wolfram released an economy statement for the Treasury Borrowing Advisory Committee.

Federal Reserve Board

Paper: A Brief History of the U.S. Regulatory Perimeter

August 2, 2021

The Board of Governors of the Federal Reserve System published a paper titled, "A Brief History of the U.S. Regulatory Perimeter," providing a brief history of the U.S. financial regulatory perimeter, a legal cordon comprised of "positive" and "negative" restrictions on the conduct of banking organizations.

Paper: Observing Enforcement: Evidence from Banking

August 2, 2021

The Board of Governors of the Federal Reserve System published a paper titled, "Observing Enforcement: Evidence from Banking," finding that the disclosure of supervisory actions is associated with changes in regulators' enforcement behavior.

Survey: The July 2021 Senior Loan Officer Opinion Survey on Bank Lending Practices

August 2, 2021

The Board of Governors of the Federal Reserve System published the results of the July 2021 Senior Loan Officer Opinion Survey on Bank Lending Practices.

Office of the Comptroller of the Currency

Bulletin: Electronic Fund Transfer Act: Supplemental OCC Examination Procedures on Remittance Transfer Amendments; Summary of Amendments; and Rescissions

August 2, 2021

The Office of the Comptroller of the Currency (OCC) published a bulletin titled, "Electronic Fund Transfer Act: Supplemental OCC Examination Procedures on Remittance Transfer Amendments; Summary of Amendments; and Rescissions."

Securities and Exchange Commission

Statement: SEC Chair Gary Gensler Releases Statement in Connection with the SEC's Whistleblower Program

August 2, 2021

Securities and Exchange Commission (SEC) Chair Gary Gensler released a public statement titled, "Statement in Connection with the SEC's Whistleblower Program," discussing the SEC's adopted amendments to the SEC's whistleblower program rules.

State Agencies

California Department of Financial Protection and Innovation

Report: DFPI Report Shows Mortgage Lending Increases and Foreclosure Declines During COVID-19 Pandemic

August 2, 2021

The California Department of Financial Protection and Innovation (DFPI) published the 2020 version of its Annual Report of Activity under the California Residential Mortgage Lending Act. The report shows nonbank residential mortgage loans doubled from 2019 to 2020 despite the economic downturn that resulted from the COVID-19 pandemic. DFPI licensees also reported a more than 68% decrease in foreclosures in response to COVID-19 moratoriums intended to protect consumers and logged an almost 19%.

International

European Banking Authority

EBA Consults on New Guidelines on the Role of AML/CFT Compliance Officers

August 2, 2021

The European Banking Authority launched a public consultation on new guidelines (Guidelines) on the role, tasks, and responsibilities of anti-money laundering and countering the financing of terrorism (AML/CFT) compliance officers. The Guidelines also include provisions on the wider AML/CFT governance set-up, including at the level of the group. Once adopted, these Guidelines will apply to all financial sector operators that are within the scope of the AML Directive. This consultation runs until November 2, 2021.

Administration Changes

Appointments/Confirmation Hearings

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

Department of Housing and Urban Development - Marcia Fudge (effective March 10, 2021)

Department of Education - Dr. Miguel Cardona (effective March 2, 2021)

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