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Daily Financial Regulation Update -- Wednesday, December 15, 2021

December 15, 2021

By FedACTion Task Force

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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.

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Stablecoins: How Do They Work, How Are They Used, and What Are Their Risks?

December 14, 2021

The Committee on Banking, Housing, and Urban conducted a hearing titled "Stablecoins: How Do They Work, How Are They Used, and What Are Their Risks?"

Letter: Brown, Warnock Urge Banking Agencies to Support Banks that Serve Black and Brown Communities

December 13, 2021

U.S. Senator Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and Senator Reverend Raphael Warnock (D-GA), Chairman of the Subcommittee on Financial Institutions and Consumer Protection, sent a letter urging the Federal Deposit Insurance Corporation, Federal Reserve, and Office of the Comptroller of the Currency to take stronger action to support Minority Deposit Institutions.

Federal Agencies

U.S. Department of the Treasury

Counter ISIS Finance Group Leaders Issue Joint Statement

December 14, 2021

On December 6-7, 2021, the Counter ISIS Finance Group (CIFG) of the Global Coalition to Defeat ISIS held its fifteenth meeting to discuss global efforts to combat ISIS financing. The United States, Italy, and Saudi Arabia hosted this meeting via video conference, joined by over 50 member states and observers. The CIFG is one of four active working groups of the Global Coalition to Defeat ISIS.

Advancing Equity Analysis in Tax Policy

December 14, 2021

Deputy Secretary Wally Adeyemo and Assistant Secretary for Tax Policy Lily Batchelder wrote an article titled, "Advanced Equity Analysis in Tax Policy."

Remarks: Secretary of the Treasury Janet L. Yellen at 2021 Freedman's Bank Forum

December 14, 2021

U.S. Secretary of the Treasury Janet L. Yellen gave remarks at the 2021 Freedman's Bank Forum.

Secretary of the Treasury Janet L. Yellen and Vice President Kamala Harris Announce $8.7 billion in Investments for a More Equitable Economy at 2021 Freedman's Bank Forum

December 14, 2021

U.S. Secretary of the Treasury Janet L. Yellen and Vice President Kamala Harris announced the deployment of more than $8.7 billion in investments through the Emergency Capital Investment Program (ECIP) to increase lending to small and minority-owned businesses, and low- and moderate-income consumers in underserved communities, including rural areas. Secretary Yellen and Vice President Harris will highlight this significant investment, which will dramatically increase the work of 186 community financial institutions, at the 2021 Freedman's Bank Forum. ECIP enables the Department of the Treasury to make direct investments in banks, credit unions and holding companies that are designated as a Community Development Financial Institution or a Minority Depository Institution.

Federal Deposit Insurance Corporation

FDIC Board Approves 2022 Operating Budget

December 14, 2021

The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) approved a 2022 Operating Budget of $2.262 billion. The budget provides funding for the continuation of critical FDIC information technology modernization and provides funding to begin a multi–year effort to modernize the agency's facilities. The budget also maintains robust examination staffing to address any remaining pandemic-related economic uncertainties that could affect the health of financial institutions.

Statement: FDIC Chairman Jelena McWilliams on DIF Restoration Plan Semiannual Update

December 14, 2021

Federal Deposit Insurance Corporation (FDIC) Chairwoman Jelena McWilliams gave a statement on the Deposit Insurance Fund Restoration Plan Semiannual Update.

Office of the Comptroller of the Currency

OCC Issues Final Rule to Rescind its 2020 Community Reinvestment Act Rule

December 14, 2021

The Office of the Comptroller of the Currency (OCC) issued a final rule to rescind the June 2020 Community Reinvestment Act (CRA) rule and replace it with a rule based on the rules adopted jointly by the Federal banking agencies in 1995, as amended. This action is intended to facilitate the ongoing interagency work to modernize the CRA regulatory framework and promote consistency for all insured depository institutions.

Acting Comptroller Issues Statement on Request For Information on Bank Mergers

December 14, 2021

Acting Comptroller of the Currency Michael J. Hsu issued a statement regarding the Request for Information on bank mergers.

Consumer Financial Protection Bureau

Statement of CFPB Director Rohit Chopra Member, FDIC Board of Directors
December Open Meeting of the Board

December 14, 2021

Director Rohit Chopra issued a statement regarding the Request for Information on bank mergers.

Securities and Exchange Commission

Remarks at the Center for American Progress and Sierra Club: Down the Rabbit Hole of Climate Pledges

December 14, 2021

Securities and Exchange Commission Commissioner Caroline A. Crenshaw gave remarks titled, "Down the Rabbit Hole of Climate Pledges," at the Center for American Progress and Sierra Club.

Financial Crimes Enforcement Network

FinCEN Seeks Comments on Modernization of U.S. AML/CFT Regulatory Regime

December 14, 2021

FinCEN is issuing a request for information seeking comments on ways to streamline, modernize, and update the anti-money laundering and countering the financing of terrorism regime of the United States.

National Credit Union Administration

NCUA Releases Q3 2021 State-Level Data Report

December 14, 2021

Federally insured credit unions continued to see elevated asset and share-and-deposit growth over the year ending in the third quarter of 2021, according to the latest National Credit Union Administration Quarterly U.S. Map Review.

Federal Housing Finance Agency

Blog Post: Reducing Valuation Bias by Addressing Appraiser and Property Valuation Commentary

December 14, 2021

The Federal Housing Finance Agency published a blog post titled, "Reducing Valuation Bias by Addressing Appraiser and Property Valuation Commentary."

Equal Employment Opportunity Council

EEOC Adds New Section Clarifying When COVID-19 May Be a Disability, Updating Technical Assistance

December 14, 2021

The U.S. Equal Employment Opportunity Commission updated its COVID-19 technical assistance adding a new section to clarify under what circumstances COVID-19 may be considered a disability under the Americans with Disabilities Act and the Rehabilitation Act.

Bank Policy Institute

BPI Statement on CAP/Sierra Club Climate Report

December 14, 2021

The Bank Policy Institute released a statement by Senior Vice President and Associate General Counsel Lauren Anderson in response to a Center for American Progress and Sierra Club report on climate risk and the U.S. financial sector.

International

Bank of England

Report: The Bank of England's Supervision of Financial Market Infrastructures – Annual Report 2021

December 14, 2021

The Financial Market Infrastructures Annual Report sets out how the Bank of England exercised its responsibilities in respect of supervising financial market infrastructures since the last report.

Administration Changes

Appointments/Confirmation Hearings

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

Federal Reserve Board

Consumer Financial Protection Bureau - Rohit Chopra (effective October 12, 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 – Sandra L. Thompson

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