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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, October 26, 2021

October 26, 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

More than 510,000 Households Received Emergency Rental Assistance in September, Totaling Nearly $2.8 Billion in Payments

October 25, 2021

The U.S. Department of the Treasury (Treasury) reported that state and local governments distributed nearly $2.8 billion from the Treasury's Emergency Rental Assistance program to more than 510,000 households in September, up from 459,000 in August. Through September 30, state, local, and tribal governments have made more than two million payments to households and distributed more than $10 billion.

U.S. Department of the Treasury Appoints First Counselor for Racial Equity

October 25, 2021

Secretary of the Treasury Janet L. Yellen announced the appointment of Janis Bowdler to serve as the U.S. Department of the Treasury's (Treasury) first Counselor for Racial Equity. Ms. Bowdler will be charged with coordinating Treasury's efforts to advance racial equity including engaging with diverse communities throughout the country and to identify and mitigate barriers to accessing benefits and opportunities with Treasury.

Statement: A Coordinated Strategy to Advance Racial Equity at Treasury

October 25, 2021

Deputy Secretary of the Treasury Wally Adeyemo gave a statement titled, "A Coordinated Strategy to Advance Racial Equity at Treasury."

Federal Deposit Insurance Corporation

FDITECH Selects Three Teams in Sprint to help Banks Measure and Test Resiliency

October 25, 2021

The Federal Deposit Insurance Corporation (FDIC) announced the selection of three teams in a "sprint" designed to explore new technologies and techniques to help community banks, and the banking sector as a whole, evaluate how well they can withstand a major disruption of any type.

U.S. Department of Labor

US Department of Labor Announces a Temporary Enforcement Policy on Prohibited Transaction Rules Applicable to Investment Advice Fiduciaries

October 25, 2021

The U.S. Department of Labor's Employee Benefits Security Administration announced Field Assistance Bulletin 2021-02, "Temporary Enforcement Policy on Prohibited Transaction Rules Applicable to Investment Advice Fiduciaries."

Equal Employment Opportunity Council

EEOC Issues Updated Covid-19 Technical Assistance

October 25, 2021

The U.S. Equal Employment Opportunity Commission (EEOC) posted updated and expanded technical assistance related to the COVID-19 pandemic, addressing questions about religious objections to employer COVID-19 vaccine requirements and how they interact with federal equal employment opportunity laws.

International

Bank of England

Blog Post: How Have Firms' Views on Financial Stability Risks Changed Since the COVID-19 Pandemic?

October 25, 2021

The Bank of England published a blog post titled, "How Have Firms' Views on Financial Stability Risks Changed Since the COVID-19 Pandemic?"

Speech: Silvana Tenreyro on International Trade, Global Supply Chains and Monetary Policy

October 25, 2021

Professor of Economics at the London School of Economics and External Member of the Bank of England's Monetary Policy Committee Silvana Tenreyro gave a speech titled, "International Trade, Global Supply Chains and Monetary Policy."

UK Financial Conduct Authority

FCA Finalizes Rules for a New Type of Fund Designed to Invest Efficiently in Long-Term Assets

October 25, 2021

The Financial Conduct Authority confirmed that it will be taking forward proposals to create a new type of open-ended authorized investment fund, which will help support investment in assets like infrastructure and private equity. Investment in these assets has the potential to generate better returns for investors, including those saving for retirement in defined contribution pension schemes and appropriately managed, can also benefit the wider economy by supporting the economic recovery from COVID-19 and supporting financial stability.

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)

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