left-caret
Insights

ph fedaction financial regulatory updates homepage

Daily Financial Regulation Update -- Tuesday, September 20, 2021

September 21, 2021

By FedACTion Task Force

Subscribe to PH FedACTion: Financial Regulatory Updates

PH Client Alerts

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

OIG Report: The Board's Implementation of Enterprise Risk Management Continues to Evolve and Can Be Enhanced

September 20, 2021

The Office of Inspector General (OIG) of the Board of Governors of the Federal Reserve System released a report titled, "The Board's Implementation of Enterprise Risk Management Continues to Evolve and Can Be Enhanced."

Federal Reserve Bank of New York

New York Fed to Host Sixth Web Event in Series on Culture in Financial Services

September 20, 2021

On September 27, the Federal Reserve Bank of New York (New York Fed) will host its sixth web event in a series on culture in financial services. The webinar is part of the New York Fed's initiative to spur reform of culture and conduct in the financial services industry and encourage the industry to raise standards. This event will feature a multi-disciplinary panel of practitioners discussing proven and emerging approaches to understanding and influencing organizational culture.

Securities and Exchange Commission

Remarks: Chairman Gary Gensler Before the Alternative Reference Rates Committee's SOFR Symposium

September 20, 2021

Chair of the Securities and Exchange Commission Gary Gensler gave remarks before the Alternative Reference Rates Committee's SOFR Symposium.

Fannie Mae

Commentary: Supply and Labor Constraints Continue to Hinder Economic Growth, Home Sales

September 20, 2021

According to the September 2021 commentary from the Fannie Mae Economic and Strategic Research Group, for the second month in a row, expectations for near-term real GDP growth were revised downward – and outward – due to persistent supply chain disruptions and labor market tightness.

Fannie Mae Announces Plans to Re-Engage in Credit Risk Transfer in the Fourth Quarter

September 20, 2021

Fannie Mae announced its intention to enter into new credit risk transfer transactions in Q4 2021. The company expects to transfer mortgage credit risk via its Connecticut Avenue Securities® and Credit Insurance Risk Transfer programs.

Freddie Mac

Report: Causes for the Appraisal Valuation Gap for Homeowners in Minority Neighborhoods

September 20, 2021

Freddie Mac released an analysis showing that appraisal values are more likely to fall below the contracted sale price of a home in census tracts with a higher share of Black and Latino households, resulting in an appraisal gap. The extent of that gap increases as the percentage of Black and Latino individuals in the census tract increases. The research is based on 12 million appraisals for purchase transactions submitted to Freddie Mac between 2015 and 2020 through the Uniform Collateral Data Portal.

International

UK Financial Conduct Authority

Report: Anti-Money Laundering Progress and Themes from 2020/21

September 20, 2021

The Financial Conduct Authority's Office for Professional Body Anti-Money Laundering Supervisions released its latest report titled, "Anti-Money Laundering Supervision by the Legal and Accountancy Professional Body Supervisors: Progress and Themes from Our 2020/21 Supervisory Assessments."

Administration Changes

Appointments/Confirmation Hearings

U.S. 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

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)