PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, November 10, 2021
November 10, 2021
By Paul Hastings Professional
Subscribe to PH FedACTion: Financial Regulatory Updates
PH Client Alerts
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 Small Business and Entrepreneurship
Cardin Lauds Final Passage of Legislation to Expand & Make Permanent Minority Business Development Agency
November 9, 2021
U.S. Senate Committee on Small Business and Entrepreneurship Chair Ben Cardin (D-MD) issued a statement on the final passage of his legislation to make permanent and expand the Minority Business Development Agency, which was included in the bipartisan Infrastructure Investment and Jobs Act.
U.S. House of Representatives
Committee on Financial Services
There's No Pride in Prejudice: Eliminating Barriers to Full Economic Inclusion for the LGBTQ+ Community
November 9, 2021
The U.S. House Committee on Financial Services Subcommittee on Diversity and Inclusion held a hearing titled, "There's No Pride in Prejudice: Eliminating Barriers to Full Economic Inclusion for the LGBTQ+ Community."
Federal Agencies
U.S. Department of the Treasury
Speech: Secretary of the Treasury Janet L. Yellen on Build Back Better Act and Bipartisan Infrastructure Bill
November 9, 2021
U.S. Secretary of the Treasury Janet L. Yellen delivered remarks at the University of Nevada-Las Vegas Center for Business and Economic Research Outlook Conference. In her speech, Secretary Yellen highlighted the Infrastructure Investment and Jobs Act.
Department of Commerce
Interagency Convening on Equitable Economic Growth
November 9, 2021
The Department of Commerce brought together key voices from the government, business, investor, philanthropic, and advocacy communities to identify and take action on opportunities for collaboration as it strives to implement an inclusive recovery and shape an economic system that works for all.
Agenda
Treasury Secretary Yellen Remarks
SEC Chair Gensler Remarks
Federal Reserve Board
Speech: Chair Powell, Opening Remarks at Conference on Diversity and Inclusion
November 9, 2021
Board of Governors of the Federal Reserve System Chair Jerome H. Powell gave opening remarks at the Conference on Diversity and Inclusion in Economics, Finance, and Central Banking.
Federal Reserve Bank of New York
Report: Total Household Debt Climbs to Over $15 Trillion in Q3 2021, Driven by New Extensions of Credit
November 9, 2021
The Federal Reserve Bank of New York's Center for Microeconomic Data issued its Quarterly Report on Household Debt and Credit. The report shows that total household debt increased by $286 billion (1.9%) to $15.24 trillion in the third quarter of 2021. The total debt balance is now $1.1 trillion higher than at the end of 2019. It is also $890 billion higher than in Q3 2020, and $2.57 trillion higher, in nominal terms, than the $12.68 trillion peak seen in 2008.
Report: How Bad Are Weather Disasters for Banks?
November 9, 2021
The Federal Reserve Bank of New York published a staff report titled, "How Bad Are Weather Disasters for Banks?"
New York Fed to Host Virtual Conference on Transatlantic Economic Policy Responses to the Pandemic and the Road to Recovery
November 9, 2021
The European Commission, Federal Reserve Bank of New York and Center for Economic Policy Research are jointly holding a virtual conference on Transatlantic Economic Policy Responses to the Pandemic and the Road to Recovery on November 18, 2021. The conference will examine the economic policy response to the pandemic in the U.S. and the EU, and will also look at common post-pandemic policy challenges for the transatlantic economy.
Securities and Exchange Commission
Statement: DeFi Risks, Regulations, and Opportunities
November 9, 2021
Securities and Exchange Commission Commissioner Caroline A. Crenshaw gave a statement titled, "DeFi Risks, Regulations, and Opportunities."
Risk Alert: Observations from Examinations of Advisers that Provide Electronic Investment Advice
November 9, 2021
The Securities and Exchange Commission Division of Examinations (Division) published a Risk Alert in response to its recently observed significant increase in the number of investment advisers choosing to provide automated digital investment advisory services to their clients. The purpose of the Risk Alert is to raise awareness of certain compliance issues the Division observed while conducting examinations of advisers providing, or claiming to provide, robo-advisory services, including advisers that operate, recommend, or sponsor discretionary investment advisory programs.
Remarks: Interagency Convening on Equitable Economic Growth
November 9, 2021
Securities and Exchange Commission Chair Gary Gensler gave remarks at the Interagency Convening on Equitable Economic Growth.
Financial Crimes Enforcement Network
FinCEN Stakeholders Address Bank Secrecy Act Suspicious Activity Reporting Statistics
November 9, 2021
The Financial Crimes Enforcement Network (FinCEN) convened a virtual FinCEN Exchange with members of the financial industry and law enforcement to discuss FinCEN's analysis of suspicious activity reporting (SAR) with a transactional nexus to Alabama, Florida, Georgia, Mississippi, and South Carolina. Topics of discussion included an analysis of certain Bank Secrecy Act filing statistics for SARs and an analysis of SAR filings related to recent FinCEN advisories.
State Agencies
New York State Department of Financial Services
Governor Hochul Signs Consumer Protection Legislative Package
November 8, 2021
Governor Hochul signed a legislative package relating to consumer protection. Legislation S.153/A.2382 enacts the Consumer Credit Fairness Act, which will protect consumers from abusive debt collection, as many practices relate to old debts being sued on, debt from credit card issuers being resold to other creditors, and minimal information being provided to debt purchasers.
International
European Banking Authority
EBA Publishes Guidelines on Recovery Plan Indicators
November 9, 2021
The European Banking Authority published Guidelines on recovery plan indicators. The Guidelines establish a common EU approach for developing the framework of recovery plan indicators, providing additional guidance on indicators' calibration, monitoring and breaches notifications. The guidelines aim at strengthening the quality of recovery indicators framework and contributing to effective crisis preparedness of institutions.
Bank of England
Statement: Central Bank Digital Currency Next Steps
November 9, 2021
Economic Secretary to the Treasury John Glen gave a statement on the next steps on the exploration of a UK Central Bank Digital Currency.
FICC Markets Standards Board, Bank of England and Financial Conduct Authority Agree Memorandum of Understanding
November 9, 2021
The FICC Markets Standards Board (FMSB), Bank of England (BoE), and Financial Conduct Authority (FCA) announced signing a tri-party Memorandum of Understanding. The MoU sets out a high-level framework formalizing the continuing cooperation between FMSB, the BoE, and FCA in relation to the delivery of FMSB's primary objectives as recommended in the Fair and Effective Markets Review Final Report.
Administration Changes
Appointments/Confirmation Hearings
U.S. Department of the Treasury - Janet Yellen (effective January 26, 2021)
Consumer Financial Protection Bureau - Rohit Chopra (effective October 12, 2021)
- Statement by House Committee on Financial Services Chair Maxine Waters on Rohit Chopra's Confirmation (September 30, 2021)
- CSBS Statement on Rohit Chopra Confirmation as CFPB Director (September 30, 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
- Acting Chair: Rostin Behnam (January 21, 2021)
- Rostin Behnam, Nominee for Chair and Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- Kristin Johnson, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- Christy Goldsmith Romero, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
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
- Acting Director: Sandra. L. Thompson (June 23, 2021)
- Statement by House Committee on Financial Services Chair Maxine Waters Endorsing Nomination of Sandra L. Thompson as Director of FHFA (September 17, 2021)
U.S. Department of Education - Dr. Miguel Cardona (effective March 2, 2021)