PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, November 17, 2021
November 17, 2021
FedACTion Task Force
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. 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.
- Hearing Notice
- Hearing Memo
- Hearing Page
- Press Release
- Administrator Guzman Testimony
- Chair Velazquez Statement
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)
- 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)