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Daily Financial Regulation Update -- Tuesday, December 7, 2021

December 07, 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. House of Representatives

Federal Agencies

U.S. Department of the Treasury

Remarks: Deputy Secretary of the Treasury Wally Adeyemo on Anti-Corruption at the Brookings Institution

December 6, 2021

Deputy Secretary of the Treasury Wally Adeyemo gave remarks at the Anti-Corruption at the Brookings Institution.

Federal Deposit Insurance Corporation

FDIC Launches Office of Supervisory Appeals

December 6, 2021

On December 6, 2021, the Federal Deposit Insurance Corporation's (FDIC) new Office of Supervisory Appeals (OSA) became fully operational and will begin to consider and decide appeals of material supervisory determinations. The new OSA will enhance the independence of the FDIC's supervisory appeals process and further the FDIC's goal of ensuring consistency and accountability in the examination process.

Office of the Comptroller of the Currency

Report: OCC Reports on Risks, Effects of COVID-19 Pandemic on Federal Banking System

December 6, 2021

The Office of the Comptroller of the Currency published its Semiannual Risk Perspective for Fall 2021 on the key issues facing the federal banking system and the effects of the COVID-19 pandemic on the federal banking industry.

Securities and Exchange Commission

Statement: OCA's Continued Focus on High Quality Financial Reporting in a Complex Environment

December 6, 2021

Securities and Exchange Commission Acting Chief Accountant Paul Munter gave a statement titled, "OCA's Continued Focus on High Quality Financial Reporting in a Complex Environment."

National Credit Union Administration

Report: Credit Unions See Continued Share and Deposit Growth in Third Quarter

December 6, 2021

According to the latest financial performance data released by the National Credit Union Administration, federally insured credit unions saw shares and deposits increase by $219.9 billion, or 14.4%, to $1.75 trillion over the year ending in the third quarter of 2021. Regular shares increased $95.8 billion, or 17.6 percent, to $640.0 billion. Total assets in federally insured credit unions rose by $231 billion, or 12.9%, to $2.02 trillion in the third quarter of 2021.

International

European Commission

State Aid: Commission Adopts Revised Guidelines on State Aid to Promote Risk Finance Investments

December 6, 2021

The European Commission adopted revised Guidelines on State aid to promote risk finance investments. The revised Guidelines will apply from January 1, 2022. They clarify and simplify the rules under which Member States can support and facilitate access to finance by European start-ups, small and medium-sized enterprises and companies with a medium capitalization, while ensuring a level playing field in the Single Market.

Bank of England

 

Speech: Lags, Trade-offs and the Challenges Facing Monetary Policy - Speech by Ben Broadbent

December 6, 2021

Bank of England Deputy Governor of Monetary Policy Ben Broadbent gave a speech titled, "Lags, Trade-offs and the Challenges Facing Monetary Policy."

UK Financial Conduct Authority

FCA Announces Changes to Its Executive Committee

December 6, 2021

The Financial Conduct Authority (FCA) appointed Stephen Braviner Roman as General Counsel and as a member of its Executive Committee following an open competition. Mr. Roman is expected to join the FCA in February next year.

FCA Launches Discussion on Improving the Financial Services Compensation Framework

December 6, 2021

The Financial Conduct Authority (FCA) published discussion paper DP21/5: Compensation Framework Review aimed at maintaining a compensation framework that provides appropriate protection for consumers, funded in a fair and sustainable way.

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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