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Daily Financial Regulation Update -- Wednesday, November 17, 2021

November 17, 2021

By FedACTion Task Force

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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. House of Representatives

Committee on Financial Services

Markup - H.R. 2311; H.R. 2620; H.R. 5910; H.R. 5911; H.R. 5913 and H.R. 5914

November 16, 2021

The U.S. House Committee on Financial Services held a markup meeting to discuss the following pieces of legislation:

  • H.R. 2311: Credit Union Governance Modernization Act of 2021
  • H.R. 2620: Investor Choice Act of 2021
  • H.R. 5910: Holding SPACs Accountable Act of 2021
  • H.R. 5911: Fair Hiring in Banking Act
  • H.R. 5913: Protecting Investors from Excessive SPACs Fees Act of 2021
  • H.R. 5914: Empowering States to Protect Seniors from Bad Actors
  • Webcast
  • Committee Memorandum
  • Hearing Page
  • Chair Waters Statement

Committee on Small Business

SBA Administrator Guzman Testifies on Small Business Recovery and SBA Programs

November 16, 2021

At a hearing before the U.S. House Small Business Committee Administrator of the Small Business Administration (SBA) Isabella Casillas Guzman updated the committee on the status of the COVID-19 pandemic relief programs, the challenges facing the SBA and the benefits of the Biden administration's economic agenda for entrepreneurs.

Federal Agencies

U.S. Department of the Treasury

Letter: Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit

November 16, 2021

U.S. Secretary of the Treasury Janet L. Yellen sent a letter to Congressional leadership regarding the debt limit.

Treasury International Capital Data for September

November 16, 2021

The U.S. Department of the Treasury released Treasury International Capital data for September 2021.

Remarks: Secretary of the Treasury Janet L. Yellen at the White House's Tribal Nations Summit

November 16, 2021

Secretary of the Treasury Janet L. Yellen gave remarks at the White House's Tribal Nations Summit.

Readout: Secretary of the Treasury Janet L. Yellen's Virtual Meeting with G7 Finance Ministers and Central Bank Governors

November 16, 2021

Secretary of the Treasury Janet L. Yellen attended a meeting of the G7 Finance Ministers and Central Bank Governors. Along with her counterparts, she participated in an exercise that covered how G7 members will seek to cooperate in the hypothetical event of a significant, cross-border incident affecting the financial sector. Secretary Yellen endorsed a renewal of the G7 Cyber Expert Group's mandate and reaffirmed the Department of the Treasury's commitment to counter the threats posed by ransomware and other malicious cyber activity across the financial services sector and economy.

Federal Reserve Bank of New York

New York Fed to Launch New York Innovation Center on November 29

November 16, 2021

The Federal Reserve Bank of New York will launch the New York Innovation Center, a strategic partnership with the Bank for International Settlements Innovation Hub.

Report: Business Leaders Survey

November 16, 2021

The Federal Reserve Bank of New York published its monthly Business Leaders Survey for November 2021. According to the survey, business activity continued to grow modestly in the region's service sector. The survey's headline business activity index held steady at 15.9. The business climate index, however, fell to -19.6, indicating that firms generally viewed the business climate as worse than normal for this time of year.

Office of the Comptroller of the Currency

Remarks: Acting Comptroller Discusses Modernizing the Financial Regulatory Perimeter

November 16, 2021

Acting Comptroller of the Currency Michael J. Hsu gave remarks at the Federal Reserve Bank of Philadelphia's Fifth Annual Fintech Conference, discussing modernizing the financial regulatory perimeter.

Securities and Exchange Commission

Remarks: SEC Commissioner Crenshaw at the PepsiCo-PwC CPE Conference: Controlling Internal Controls

November 16, 2021

Securities and Exchange Commission Commissioner Caroline Crenshaw gave remarks titled, "Controlling Internal Controls," at the PepsiCo-PwC CPE Conference.

Consumer Financial Protection Bureau

CFPB Seeks Input on Detecting Discrimination in Mortgage Lending

November 16, 2021

The Consumer Financial Protection Bureau (CFPB) issued a Request for Information to seek input on rules implementing the Home Mortgage Disclosure Act. The CFPB plans to review recent changes to the rule and evaluate their effectiveness. This evaluation will strengthen the CFPB's ability to maintain a fair, competitive, and non-discriminatory mortgage market.

Report: CFPB Financial Report Fiscal Year 2021

November 15, 2021

The Consumer Financial Protection Bureau (CFPB) published its CFPB Financial Report for Fiscal Year 2021. The report provides the summary results of the CFPB's operational activity and it is the principal statement of the CFPB's accountability to the American people, the United States Congress, and the President of the United States.

Financial Crimes Enforcement Network

FinCEN Holds FinCEN Exchange on Environmental Crimes and Related Financial Activity

November 16, 2021

The Financial Crimes Enforcement Network (FinCEN) convened a FinCEN Exchange focused on identifying and combatting illicit financial flows associated with environmental crimes and related money laundering. Press Release

U.S. Small Business Administration

Report: Independent Auditors' Report on SBA's FY 2021 Financial Statements

November 16, 2021

The Small Business Administration's (SBA) published its Independent Auditors' Report on SBA's FY 2021 Financial Statements.

International

Bank of England

Blog Post: How Has Net Financing for UK Businesses Changed During the Pandemic?

November 16, 2021

The Bank of England published a Bank Overground blog post titled, "How Has Net Financing for UK Businesses Changed During the Pandemic?"

UK Financial Conduct Authority

FCA Confirms Rules for Legacy Use of Synthetic LIBOR Rates and No New Use of US Dollar LIBOR

November 16, 2021

The Financial Conduct Authority confirmed it will allow the temporary use of "synthetic" sterling and yen LIBOR rates in all legacy LIBOR contracts, other than cleared derivatives, that have not been changed at or ahead of December 31, 2021.

Benchmarks Regulation and Amendments under the Financial Services Act 2021

November 16, 2021

The Financial Conduct Authority published guidance, "Benchmarks Regulation and Amendments under the Financial Services Act 2021," to provide background to the Benchmarks Regulation and amendments introduced under the Financial Services Act to give us enhanced powers, in particular in relation to managing the orderly wind-down of critical benchmarks.

Market Watch 68

November 16, 2021

The Financial Conduct Authority (FCA) published another edition of Market Watch, a newsletter on market conduct and transaction reporting issues. In Market Watch 68, the FCA discusses web-based trading platforms, which are widely used for Rates and Fixed Income products and share the FCA's concerns about gaps in users' surveillance of web-based platform activity.

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)

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

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