Daily Financial Regulation Update --Wednesday, July 21, 2021

July 21, 2021

FedACTion Task Force

Subscribe to PH FedACTion: Financial Regulatory Updates

PH Client Alerts

Click here to read more from our Coronavirus series.

Major Developments

Interagency Statement: Community Reinvestment Act Joint Agency Action

July 20, 2021

The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency released an interagency statement that all three agencies will act together to revise their regulations implementing the Community Reinvestment Act (CRA). Moreover, the OCC provided public notice that it is rescinding its 2020 CRA regulation that no other agency implemented.

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

Meeting: 21st Century Communities: Climate Change, Resilience, and Reinsurance

July 20, 2021

The Senate Committee on Banking, Housing, and Urban Affairs conducted a hearing titled, "21st Century Communities: Climate Change, Resilience, and Reinsurance." Committee Chair Sherrod Brown (D-OH) and Ranking Member Patrick Toomey (R-PA) both provided statements.

U.S. House of Representatives

Committee on Financial Services

Meeting: Building Back a Better, More Equitable Housing Infrastructure for America: Oversight of the Department of Housing and Urban Development

July 20, 2021

The House Committee on Financial Services (Committee) held a meeting titled, "Building Back a Better, More Equitable Housing Infrastructure for America: Oversight of the Department of Housing and Urban Development." The Committee discussed the American Rescue Plan, the American Jobs Plan, the Fiscal Year 2022 Budget Request and executive actions by President Biden on fair housing.

Committee on Small Business

Hearing: Protecting Small Businesses from Rising Cyber Threats

July 20, 2021

The House Small Business Committee held a hearing focused on improving cybersecurity preparedness in the small businesses sector.

Federal Agencies

U.S. Department of the Treasury

Deputy Secretary of the Treasury Wally Adeyemo's Roundtable Discussion with Bipartisan Former Sanctions Senior Leaders

July 20, 2021

Deputy Secretary of the Treasury Wally Adeyemo led a discussion with a bipartisan group of six former U.S. government sanctions leaders who served in the last three administrations to discuss the application of U.S. economic and financial sanctions. Deputy Secretary Ademo underscored the U.S. Department of the Treasury's commitment to ensuring sanctions remain relevant, rigorous, and fit to purpose, effectively advancing the national security, foreign policy, and economic aims of the United States.

Readout

Federal Deposit Insurance Corporation

FDIC Issues Proposed Rule Regarding Deposit Insurance Simplification

July 20, 2021

The Federal Deposit Insurance Corporation issued a proposed rule to simplify aspects of the agency's deposit insurance coverage rules with respect to trusts.

International

Beating Financial Crime: Commission Overhauls Anti-Money Laundering and Countering the Financing of Terrorism Rules

July 20, 2021

The European Commission (Commission) has presented a package of legislative proposals to strengthen the EU's anti-money laundering and countering terrorism financing (AML/CFT) rules. The package includes the proposal for the creation of a new EU authority to fight money laundering. The aim of the package is to improve the detection of suspicious transactions and activities, and to close loopholes used by criminals to launder illicit proceeds or finance terrorist activities through the financial system.

Report: 2021 Rule of Law: EU Report Shows Positive Developments in Member States But Also Points to Serious Concerns

July 20, 2021

The European Commission published the second EU-wide Report on the Rule of Law, looking at the situation in the European Union as a whole as well as with dedicated country chapters on each Member State. The report looks at the new developments since September 2020, deepening the assessment of issues identified in the previous report and taking into account the impact of the COVID-19 pandemic.

UK Financial Conduct Authority

FCA Consults on Post-Brexit Divergence for PRIIPS Regulation

July 20, 2021

The UK Financial Conduct Authority (FCA) has set out proposals to change disclosure documents provided to retail investors under the Packaged Retail and Insurance-based Investment Products (PRIIPs) regulation. The PRIIPs regulation was developed to renew the confidence of retail investors in the financial market and improve their protection.