PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, August 11, 2021
August 11, 2021
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Major Developments
Senate Passes Bipartisan Infrastructure Bill
August 10, 2021
The U.S. Senate passed a bipartisan infrastructure bill, the Infrastructure Investment and Jobs Act.
- Senate Banking, Housing, and Urban Affairs Press Release
- Statement from Secretary of the Treasury Janet L. Yellen
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
Paper: Global Banking and Firm Financing: A Double Adverse Selection Channel of International Transmission
August 10, 2021
The Board of Governors of the Federal Reserve System published a paper titled, "Global Banking and Firm Financing: A Double Adverse Selection Channel of International Transmission."
Consumer Financial Protection Bureau
Report: Mortgage Servicers' Pandemic Response Varies Significantly
August 10, 2021
The Consumer Financial Protection Bureau (CFPB) published a report detailing 16 large mortgage servicers' COVID-19 pandemic response. The report's data metrics include call handling and loan delinquency rates, and they highlight the industry's widely varied response to the pandemic.
Financial Crimes Enforcement Network
FinCEN Holds Second Virtual FinCEN Exchange on Ransomware
August 10, 2021
The Financial Crimes Enforcement Network (FinCEN) convened a virtual FinCEN Exchange with representatives from financial institutions, technology firms, third-party service providers and federal government agencies to discuss ongoing concerns regarding ransomware, as well as efforts by the public and private sectors. Topics discussed include cybercrime, trends and typologies, detection and reporting and the recovery of funds after ransomware attacks.
Federal Housing Finance Agency
Report: Credit Risk Transfer Progress Report 4Q2020
August 10, 2021
The Federal Housing Finance Agency published its Credit Risk Transfer Progress Report for the fourth quarter of 2020. The report provides a comprehensive picture of how Fannie Mae and Freddie Mac transfer a substantial portion of credit risk to the private sector through a variety of transactions in both the single-family and multifamily markets.
Administration Changes
Appointments/Confirmation Hearings
Department of the Treasury - Janet Yellen (effective January 26, 2021)
Consumer Financial Protection Bureau - Rohit Chopra (Nominee)
- Acting Director: Dave Uejio (January 20, 2020)
- Confirmation hearing held on March 2, 2021
- Committee approval March 10, 2021
Securities and Exchange Commission - Gary Gensler (effective April 17, 2021)
- Renee Jones to Join SEC as Director of Corporation Finance; John Coates Named SEC General Counsel (June 14, 2021)
- Daniel S. Kahl Appointed Acting Director of the Division of Examinations; Peter B. Driscoll to Depart Agency (July 14, 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)