PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, December 14, 2021
December 14, 2021
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
Readout: Secretary of the Treasury Janet L. Yellen's Meeting with G7 Finance Ministers and Central Bank Governors
December 13, 2021
Secretary of the Treasury Janet L. Yellen participated in a meeting of the G7 finance ministers and central bank governors.
Readout: Secretary of the Treasury Janet L. Yellen's Meeting with the Mid-Size Bank Coalition of America
December 13, 2021
U.S. Secretary of the Treasury Janet L. Yellen met with the Mid-Size Bank Coalition of America, a coalition of banks serving local and regional communities with assets between $10 billion and $100 billion, to discuss the economic recovery and the Biden-Harris Administration's economic agenda.
Federal Reserve Bank of New York
Inflation Expectations Increase in Short-Term, Decline in Medium-Term; Consumers' Spending Expectations Rise
December 13, 2021
The Federal Reserve Bank of New York's Center for Microeconomic Data released the November 2021 Survey of Consumer Expectations, which shows another increase in short-term inflation expectations, but a decline in medium-term inflation expectations. However, consumers conveyed increased uncertainty about future inflation.
Office of the Comptroller of the Currency
Acting Comptroller of the Currency Kicks Off DC REACh
December 13, 2021
Acting Comptroller of the Currency Michael J. Hsu joined civic leaders, community advocates, and bankers to launch DC REACh, thereby expanding the Office of the Comptroller of the Currency's Project REACh efforts to Washington, D.C.
Consumer Financial Protection Bureau
CFPB Issues updated Electronic Fund Transfers FAQs
December 13, 2021
The Consumer Financial Protection Bureau (CFPB) has updated the Electronic Fund Transfers Frequently Asked Questions (FAQs) to add FAQs to address questions received by the CFPB.
Blog Post: Fall 2021 Rulemaking Agenda
December 13, 2021
The Consumer Financial Protection Bureau (CFPB) published the CFPB's Fall 2021 Agenda. The Agenda lists the regulatory matters the CFPB plans to pursue during the period from November 1, 2021 to October 31, 2022.
Report: The Bureau Can Further Enhance Certain Aspects of Its Approach to Supervising Nondepository Institutions
December 13, 2021
The Office of Inspector General examined the Consumer Financial Protection Bureau's (CFPB) Division of Supervision, Enforcement and Fair Lending's (SEFL) approach to supervising nondepository institutions, such as mortgage lenders, debt collectors, and student loan servicers, and released a report titled, "The CFPB Can Further Enhance Certain Aspects of Its Approach to Supervising Nondepository Institutions."
Financial Crimes Enforcement Network
Notice: FinCEN Further Extends FBAR Deadline for Certain Financial Professionals
December 13, 2021
The Financial Crimes Enforcement Network (FinCEN) announced a further extension of time for certain Report of Foreign Bank and Financial Accounts (FBAR) filings in light of the notice of proposed rulemaking FinCEN issued on March 10, 2016, which proposes to revise the regulations implementing the Bank Secrecy Act regarding FBARs.
International
Bank of England
Blog Post: How Much of the Recent House Price Growth Can Be Explained by the 'Race for Space'?
December 13, 2021
The Bank of England published a Bank Overground blog post titled, "How Much of the Recent House Price Growth Can Be Explained by the 'Race for Space'?"
Report: Financial Stability Report
December 13, 2021
The Bank of England published its Financial Stability Report to set out its Financial Policy Committee's view on the stability of the UK financial system and what it is doing to remove or reduce any risks to it.
Bank of England Prudential Regulation Authority
Statement: Prudential Regulation Authority Statement on the 2022 Cyber Stress Test: Retail Payment System
December 13, 2021
The Prudential Regulation Authority (PRA) announced that it will invite a number of firms to participate in a voluntary cyber stress test. The stress test, which was announced in March 2021, will focus on a severe data integrity incident as the disruption scenario and will test firms' ability to meet the impact tolerance for payments in a severe but plausible scenario.
Administration Changes
Appointments/Confirmation Hearings
U.S. Department of the Treasury - Janet Yellen (effective January 26, 2021)
Federal Reserve Board
- Statement by Federal Reserve Board Chair Jerome H. Powell on his nomination by President Biden (November 22, 2021)
- Statement by Governor Lael Brainard on her nomination by President Biden (November 22, 2021)
- Secretary of the Treasury Janet L. Yellen Statement on Federal Reserve Nominations (November 22, 2021)
- Statement by Secretary Walsh on Federal Reserve Nominations (November 22, 2021)
- Brown Statement on the Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Toomey Statement on Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Brown Applauds Biden's Nomination of Governor Lael Brainard for Vice Chair (November 22, 2021)
Consumer Financial Protection Bureau - Rohit Chopra (effective October 12, 2021)
- Statement by House Committee on Financial Services Chair Maxine Waters on Rohit Chopra's Confirmation (September 30, 2021)
- CSBS Statement on Rohit Chopra Confirmation as CFPB Director (September 30, 2021)
Securities and Exchange Commission - Gary Gensler (effective April 17, 2021)
Small Business Administration - Isabella Casillas Guzman (effective March 16, 2021)
- Statement by Administrator Guzman Applauding President Biden's Appointees to Lead SBA Regional Offices (November 18, 2021)
- Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (December 6, 2021)
Commodity Futures Trade Commission
- Acting Chair: Rostin Behnam (January 21, 2021)
- Rostin Behnam, Nominee for Chair and Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- Kristin Johnson, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- Christy Goldsmith Romero, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
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
- Acting Director: Sandra. L. Thompson (June 23, 2021)
- Statement by House Committee on Financial Services Chair Maxine Waters Endorsing Nomination of Sandra L. Thompson as Director of FHFA (September 17, 2021)
U.S. Department of Education - Dr. Miguel Cardona (effective March 2, 2021)
- Secretary Cardona Statement on Confirmation of Education Department Officials Brown, Rodriguez and Graham (October 6, 2021)
- Statement from Secretary Miguel Cardona on the Confirmation of Catherine Lhamon as Assistant Secretary for the Office for Civil Rights (October 20, 2021)
- Statement by U.S. Secretary of Education Miguel Cardona on the Confirmation of Sandra Bruce as the Department's Inspector General (December 3, 2021)