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Daily Financial Regulation Update -- Tuesday, November 30, 2021

November 30, 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

Federal Reserve Board

Statement: Testimony by Chair Powell on Coronavirus and CARES Act

November 29, 2021

Chair of the Board of Governors of the Federal Reserve System Jerome H. Powell will testify about COVID-19 and the CARES Act before the Senate Committee on Banking, Housing, and Urban Affairs.

Paper: The Smart Money is in Cash? Financial Literacy and Liquid Savings Among U.S. Families

November 29, 2021

The Board of Governors of the Federal Reserve published a paper titled, "The Smart Money is in Cash? Financial Literacy and Liquid Savings Among U.S. Families."

Speech: Chair Powell, Opening Remarks

November 29, 2021

Chair of the Board of Governors of the Federal Reserve System Jerome H. Powell gave opening remarks at the Introducing the New York Innovation Center Event.

Speech: Engagement, Research and Policy: Integrating Indigenous Voices into Economic Inclusion at the Federal Reserve

November 29, 2021

Governor of the Federal Reserve System Michelle W. Bowman gave a speech titled, "Engagement, Research and Policy: Integrating Indigenous Voices into Economic Inclusion at the Federal Reserve," at the Symposium on Indigenous Economies.

Federal Reserve Bank of New York

New York Fed Launches the New York Innovation Center to Support Financial Technology Innovation in Central Banking

November 29, 2021

The Federal Reserve Bank of New York (New York Fed) launched the New York Innovation Center (NYIC), to advance a strategic partnership with the Bank for International Settlements (BIS) Innovation Hub. As part of the New York Fed, the NYIC is collaborating with the Federal Reserve System, the BIS Innovation Hub, and public and private sector experts to validate, design, build, and launch new financial technology products and services for the central bank community.

Report: Why Do Supervisors Rate Banking Organizations?

November 29, 2021

The Federal Reserve Bank of New York published a report titled, "Why Do Supervisors Rate Banking Organizations?"

Securities and Exchange Commission

Bulletin: SEC Staff Issues Accounting Guidance on "Spring-Loaded" Compensation Awards to Executives

November 29, 2021

Securities and Exchange Commission staff released guidance for companies about how to properly recognize and disclose compensation cost for "spring-loaded awards" made to executives.

Commodity Futures Trading Commission

Statement: Commissioner Dawn Stump Regarding Recent Joint Statement by the OCC, Federal Reserve & FDIC on Crypto-Assets

November 29, 2021

Commodity Futures Trading Commission Commissioner Dawn Stump made a statement regarding the recent Joint Statement by the Office of the Comptroller of the Currency, the Federal Reserve, and the Federal Deposit Insurance Corporation on crypto-assets.

Consumer Financial Protection Bureau

CFPB Announces Asset-size Threshold Adjustments under FCRA

November 29, 2021

The Consumer Financial Protection Bureau announced the annual adjustment to the maximum amount consumer reporting agencies may charge consumers for making a file disclosure to a consumer under the Fair Credit Report Act (FCRA). The ceiling on allowable charges under Section 612(f) of the FCRA will increase to $13.50, effective for 2022.

National Credit Union Administration

Letter: NCUA Board Calls on Congress to Make CLF Enhancements Permanent

November 29, 2021

The National Credit Union Administration Board wrote a letter to Congress, requesting that Congress make permanent the enhancements to the Central Liquidity Facility contained in the CARES Act.

Federal Housing Finance Agency

Report: Prepayment Monitoring Report Third Quarter 2021

November 29, 2021

The Federal Housing Finance Agency (FHFA) published its quarterly Prepayment Monitoring Report for the third quarter of 2021. The FHFA report provides market participants with additional transparency into a sample of the data the FHFA receives and reviews on a monthly basis.

FHFA Announces Deemed-Issuance Ratio for 2022

November 29, 2021

The Federal Housing Finance Agency announced the deemed-issuance ratio for the 2022 calendar year in accordance with Internal Revenue Service guidelines on the trading of the Uniform Mortgage-Backed Security. The deemed-issuance-ratio will be used for diversification reporting on the bonds ultimately delivered to the purchaser until the bonds have been disposed of, regardless of the issuing Enterprise on the underlying bonds.

International

Capital Markets Union: Commission Proposes New Measures to Boost Europe's Capital Markets

November 25, 2021

The European Commission adopted a package of measures to improve the ability of companies to raise capital across the EU and ensure that Europeans get the best deals for their savings and investments. One year on from the 2020 Capital Markets Union Action Plan, the Commission is delivering on its commitments, proposing measures to boost European capital markets. This will help Europe's economic recovery from the COVID-19 crisis, as well as the digital and green transitions.

Financial Conduct Authority

Bank of England

Changes to Reporting Requirements, Procedures for Data Quality and Registration of Trade Repositories Under UK EMIR

November 29, 2021

The Financial Conduct Authority and Bank of England published a consultation paper titled, "Changes to Reporting Requirements, Procedures for Data Quality, and Registration of Trade Repositories under UK European Market Infrastructure Regulation."

Bank of England

Paper: Global Spillovers of the Fed Information Effect

November 26, 2021

The Bank of England published a staff working paper titled, "Global Spillovers of the Fed Information Effect," shedding light on the open economy dimension of the Fed information effect, by evaluating its international spillovers on exchange rates, capital flows and global economic activity.

Speech: UK Monetary Policy – Crossing the River by Feeling the Stones

November 29, 2021

Bank of England Chief Economist Huw Pill gave a speech titled, "UK Monetary Policy – 'Crossing the River by Feeling the Stones.'"

Speech: The PRA's role in improving the processes that support insurers' investment - speech by Charlotte Gerken

November 29, 2021

Executive Director of Insurance of the Bank of England Charlotte Gerkin gave a speech titled, "The PRA's Role in Improving the Processes that Support Insurers' Investment."

Consultation Paper: CP21/21 - Operational Resilience and Operational Continuity in Resolution: CRR firms, Solvency II Firms, and Financial Holding Companies (for Operational Resilience)

November 25, 2021

The Bank of England and Prudential Regulation Authority (PRA) published Discussion Paper CP21/21, "Operational Resilience and Operational Continuity in Resolution: CRR Firms, Solvency II Firms, and Financial Holding Companies (for Operational Resilience)," setting out the PRA's proposals to apply the group provisions in the Operational Resilience Part of the PRA Rulebook relevant to Capital Requirements Regulation firms to holding companies, and to make other minor formatting and clarification amendments to the Operational Resilience and Operational Continuity Parts of the PRA Rulebook.

UK Financial Conduct Authority

Policy Statement: FCA Reforms Decision-making to Tackle Consumer Harm

November 26, 2021

The Financial Conduct Authority published Policy Statement PS 21/16 titled, "Issuing Statutory Notices – A New Approach to Decision Makers."

FCA Announces Proposals to Improve Outcomes for Non-workplace Pension Customers

November 25, 2021

The Financial Conduct Authority (FCA) published Consultation Paper CP21/32, "Improving Outcomes in Non-workplace Pensions." The FCA is proposing that firms offer a new "default" investment option to help non-workplace pension customers save for their retirement.

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)