PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, December 7, 2021
December 07, 2021
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
- 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)