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Daily Financial Regulation Update -- Tuesday, December 14, 2021

December 14, 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

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

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)

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