left-caret
Insights

ph fedaction financial regulatory updates homepage

Daily Financial Regulation Update -- Wednesday, August 11, 2021

August 11, 2021

By FedACTion Task Force

Subscribe to PH FedACTion: Financial Regulatory Updates

PH Client Alerts

Click here to read more from our Coronavirus series.

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.

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)

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)

Get In Touch With Us

Contact Us