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Daily Financial Regulation Update -- Tuesday, October 5, 2021

October 05, 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

Federal Reserve Board

Commodity Futures Trading Commission

Federal Deposit Insurance Corporation

Securities and Exchange Commission

Office of the Comptroller of the Currency

Joint Statement: EU - U.S. Joint Financial Regulatory Forum

October 4, 2021

EU and U.S. participants in the EU - U.S. Joint Financial Regulatory Forum met to discuss six topics of mutual interest as part of their ongoing financial regulatory dialogue: (1) market developments and current assessment of financial stability risks, (2) sustainable finance, (3) multilateral and bilateral engagement in banking and insurance, (4) regulatory and supervisory cooperation in capital markets, (5) financial innovation, and (6) anti-money laundering and countering the financing of terrorism (AML/CFT).

EU participants included representatives of the European Commission, the European Banking Authority, the European Securities and Markets Authority, the European Insurance and Occupational Pensions Authority, the European Central Bank, the Single Supervisory Mechanism, the Single Resolution Board, and the European Systemic Risk Board.

U.S. participants included officials from the U.S. Department of the Treasury and staff from independent regulatory agencies, including the Board of Governors of the Federal Reserve System, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Securities and Exchange Commission, and Office of the Comptroller of the Currency.

Federal Reserve Board

Notice: Federal Reserve Board Announces the Reserve Banks Will Adopt a New Message Format for the Fedwire® Funds Service and Invites Public Comment on Proposal to Expedite Adoption

October 4, 2021

The Federal Reserve Board announced that the Federal Reserve Banks will adopt the ISO® 20022 message format for the Fedwire® Funds Service. The change will allow for enhanced efficiency of both domestic and cross-border payments, and a richer set of payment data that may help banks and other entities comply with sanctions and anti-money laundering requirements.

Federal Reserve Bank of New York

Blog Post: Oil Prices, Global Demand Expectations, and Near-Term Global Inflation

October 4, 2021

The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled, "Oil Prices, Global Demand Expectations, and Near-Term Global Inflation."

Federal Reserve Bank of Boston

Speech: Understanding Racial Disparities Is Essential to the Federal Reserve's Full Employment Mandate

October 4, 2021

Interim President and CEO of the Federal Reserve Bank of Boston Kenneth C. Montgomery gave a speech titled, "Understanding Racial Disparities is Essential to the Federal Reserve's Full Employment Mandate" at the Bank's 64th Economic Conference, "Racial Disparities in Today's Economy."

Federal Deposit Insurance Corporation

FDITECH Selects Six Teams in Sprint for Banks to Measure and Test Resiliency

October 4, 2021

The Federal Deposit Insurance Corporation announced the selection of six teams to participate in a "tech sprint" designed to explore new technologies and techniques to determine how well community banks, and the banking sector as a whole, can withstand a major disruption of any type.

Consumer Financial Protection Bureau

CFPB Issues Debt Collection Rule FAQs on Limited-Content Messages and Call Frequencies

October 4, 2021

The Consumer Financial Protection Bureau released a set of Frequently Asked Questions that discuss limited-content messages and the call frequency provisions under the Debt Collection Rule in Regulation F.

UK Financial Conduct Authority

PS21/12: Assessing value for money in workplace pension schemes and pathway investments: requirements for IGCs and GAAs

October 4, 2021

The Financial Conduct Authority published a policy statement PS21/12 titled, "Assessing Value for Money in Workplace Pension Schemes and Pathway Investments: Requirements for Independent Governance Committees and Governance Advisory Arrangements."

Administration Changes

Appointments/Confirmation Hearings

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

Consumer Financial Protection Bureau - Rohit Chopra (effective September 30, 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)