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Daily Financial Regulation Update -- Tuesday, July 27, 2021

July 27, 2021

By FedACTion Task Force

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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

Freddie Mac

Freddie Mac Multifamily Midyear Outlook Projects Return to Pre-Pandemic Trends

July 26, 2021

Demand for multifamily housing currently exceeds pre-pandemic levels, according to Freddie Mac's Multifamily Midyear Outlook. As a result, Freddie Mac projects rising rents, falling vacancies and a record-setting origination market for the remainder of 2021. Freddie Mac projects that overall multifamily origination volume will continue to rise in the second half of 2021, growing to within the record-setting range of between $385 billion to $410 billion over the full year.

International

European Banking Authority

EBA Consults on Technical Standards to Identify Shadow Banking Entities

July 26, 2021

The European Banking Authority (EBA) launched a public consultation on draft regulatory technical standards setting out criteria for the identification of shadow banking entities for the purposes of reporting large exposures. The consultation runs until October 26, 2021.

Bank of England

Speech: Running Out of Room: Revisiting the 3D Perspective on Low Interest Rates by Gertjan Vlieghe

July 26, 2021

Gertjan Vlieghe, External Member of the Monetary Policy Committee of the Bank of England, gave a speech titled, "Running Out of Room: Revisiting the 3D Perspective on Low Interest Rates." He considers what we have learned in the past five years about some of the structural drivers of low interest rates, such as demographics, debt, and the distribution of income.

Bank of England Prudential Regulation Authority

Policy Statement: International Banks: The PRA's Approach to Branch and Subsidiary Supervision

July 26, 2021

The Bank of England published a policy statement that provides feedback to responses to the consultation paper titled, "International banks: The PRA's approach to branch and subsidiary supervision."

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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