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Daily Financial Regulation Update -- Tuesday, November 16, 2021

November 16, 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

Treasury and IRS Disburse Fifth Month of Advance Child Tax Credit Payments

November 15, 2021

The U.S. Department of the Treasury and the Internal Revenue Service announced that more than $15 billion in payments were made to families that include roughly 61 million eligible children as a part of the fifth monthly payment of the expanded and advanceable Child Tax Credit included in the American Rescue Plan. Since the first payments were sent in July, Treasury and the IRS have delivered roughly $77 billion to families across the country. Eligible families received a payment of up to $300 per month for each child under age 6 and up to $250 per month for each child age 6 to 17.

Federal Reserve Bank of New York

Report: Empire State Manufacturing Survey

November 15, 2021

The Federal Reserve Bank of New York published its November 2021 Empire State Manufacturing Survey. The headline general business conditions index climbed eleven points to 30.9.

Blog Post: Banking System Vulnerability through the COVID-19 Pandemic

November 15, 2021

The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled, "Banking System Vulnerability through the COVID-19 Pandemic." In the post, the authors provide their annual update of four analytical models that aim to capture different aspects of banking system vulnerability, and they discuss the models' perspective on the COVID-19 pandemic.

Federal Deposit Insurance Corporation

Speech: FDIC Chairman Jelena McWilliams at the 2021 Bank On National Conference

November 15, 2021

Federal Deposit Insurance Corporation Chairman Jelena McWilliams gave a speech at the 2021 Bank On National Conference.

Financial Stability Oversight Council

Council Meetings

November 15, 2021

On Monday, November 15, the Financial Stability Oversight Council convened in executive session.

National Credit Union Administration

Letter: Federal Credit Union Meeting Flexibility in 2022 Due to the COVID-19 Pandemic

November 15, 2021

National Credit Union Administration (NCUA) Chairman Todd M. Harper wrote a letter to the chief executive officers and boards of directors of federal credit unions. The NCUA is extending the flexibility for federal credit unions to conduct meetings virtually in 2022.

State Agencies

New York State Department of Financial Services

Acting Superintendent Adrienne A. Harris Announces DFS Issues Final Guidance to New York Domestic Insurers on Managing Financial Risks from Climate Change

November 15, 2021

Acting Superintendent of Financial Services Adrienne A. Harris announced that the New York State Department of Financial Services (DFS) has issued final guidance to New York-regulated domestic insurers detailing DFS's expectations related to their management of the financial risks from climate change. After issuing a proposed version of the guidance in March, DFS received comments from a broad range of stakeholders, including insurers, trade groups, consumer advocates, climate experts, rating agencies and other financial regulators.

International

Bank of England

Amendments to the FPC's Framework for the O-SII Buffer

November 15, 2021

The Bank of England published a consultation paper with amendments to the Financial Policy Committee's framework for the O-SII buffer.

UK Financial Conduct Authority

Position Limits for Commodity Derivative Contracts

November 15, 2021

The Financial Conduct Authority set limits on the maximum size of positions which a person can hold in commodity derivatives.

Bulletin: Primary Market Bulletin 36

November 15, 2021

The Financial Conduct Authority (FCA) published its 36th edition of the Primary Market Bulletin. In this special edition, the FCA introduced specific Task Force on Climate-related Financial Disclosures aligned climate-related disclosure requirements for listed companies and set out our disclosure expectations and supervisory strategy.

Administration Changes

Appointments/Confirmation Hearings

U.S. Department of the Treasury - Janet Yellen (effective January 26, 2021)

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)