PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, September 7, 2021

September 07, 2021

FedACTion Task Force

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PH Client Alerts

Click here to read more from our Coronavirus series.


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

Statement from Secretary of the Treasury Janet L. Yellen on Labor Day

September 6, 2021

The U.S. Department of the Treasury (Treasury) released a statement by Treasury Secretary Janet L. Yellen on Labor Day.


European Banking Authority

EBA's Study Shows that EU Banks' Funding Plans are Poised to Gradually Return to a Pre-pandemic Funding Composition by 2023

September 6, 2021

The European Banking Authority (EBA) published its annual update on European Union (EU) banks' funding plans, which helps EU supervisors assess the sustainability of banks' main sources of funding. The results of the funding plans assessment show the impact the COVID-19 pandemic had on EU banks' funding composition. The plans point to a gradual normalization of banks' sources of funding over the next three years. This implies in particular a partial replacement of central bank funding with market-based funding.

Bank of England

Report: Real-Time Gross Settlement System and CHAPS Annual Report 2021

September 6, 2021

The Bank of England (BoE) published its Annual Report for Real Time Gross Settlement (RTGS) system and CHAPS. The report covers the time period from March 2020 to February 2021. The Annual Report focuses on the BoE's strategy for RTGS and CHAPS, how it delivered its strategy, and the main strategic focus for the year ahead. The report also notes the BoE's response to the challenges presented by the COVID-19 pandemic.

UK Financial Conduct Authority

Green FinTech Challenge and Digital Sandbox: Which Service to Apply For

September 6, 2021

The Financial Conduct Authority released a guide to help firms understand whether to apply for the Green FinTech Challenge 2021 and the Second Digital Sandbox. Applications open for both pilot on September 6, 2021.

Speech: The Risks of Token Regulation

September 6, 2021

Charles Randell, Chair of the Financial Conduct Authority and Payments Systems Regulator, gave a speech at the Cambridge International Symposium on Economic Crime, titled "The Risks of Token Regulation."

Administration Changes

Appointments/Confirmation Hearings

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

Department of Housing and Urban Development - Marcia Fudge (effective March 10, 2021)

Department of Education - Dr. Miguel Cardona (effective March 2, 2021)

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