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Daily Financial Regulation Update -- Wednesday, October 20, 2021

October 20, 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. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: International Policy Update: The Treasury Department's Sanctions Policy Review and Other Issues

October 19, 2021

The U.S. Senate Committee on Banking, Housing, and Urban Affairs conducted a hearing titled, "International Policy Update: The Treasury Department's Sanctions Policy Review and Other Issues."

U.S. House of Representatives

Committee on Financial Services

Congresswoman Waters Announces Updates to October Hearing Schedule

October 19, 2021

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced the following updates to the hearing schedule for the month of October:

  • Postponed: The State of the International Financial System and U.S. Participation in the International Financial Institutions
  • October 21 at 10:00 a.m. E.T.: A Strong Foundation: How Housing is the Key to Building Back a Better America
  • October 26 at 10:00 a.m. E.T.: Taking Stock of "China, Inc.": Examining Risks to Investors and the U.S. Posed by Foreign Issuers in U.S. Markets
  • October 27 at 10:00 a.m. E.T.: Bringing Consumer Protection Back: A Semi-Annual Review of the Consumer Financial Protection Bureau
  • Press Release

Federal Agencies

U.S. Department of the Treasury

Statement: Secretary of the Treasury Janet L. Yellen on Congressional Tax Compliance Proposals

October 19, 2021

Secretary of the Treasury Janet L. Yellen gave a statement on congressional tax compliance proposals.

Federal Reserve Board

Speech: Governor Waller on the Economic Outlook

October 19, 2021

Federal Reserve System Governor Christopher J. Waller gave a speech titled, "The Economic outlook and a Cautionary Tale on 'Idiosyncratic' Price Changes and Inflation" at the Stanford Institute for Economic Policy Research Associates Meeting.

Speech: Governor Bowman on Diversity and Economic Recovery

October 19, 2021

Federal Reserve System Governor Michelle W. Bowman gave welcoming remarks on diversity and economic recovery at the Women in Banking Symposium.

Conference of State Bank Supervisors

Declining Profit Expectations Dim Community Bankers' Outlook

October 19, 2021

The Conference of State Bank Supervisors published its third quarter Community Bank Sentiment Index. Compared to the second quarter survey, all seven components that comprise the index dropped, with nearly 90% of the decline coming from three factors – profitability, business conditions and franchise value – with most of the drop due to falling profit expectations.

Securities and Exchange Commission

Speech: Enhancing Equity Market Competition

October 19, 2021

Securities and Exchange Commission Commissioner Elad L. Roisman gave a speech titled, "Enhancing Equity Market Competition."

Federal Financial Institutions Examination Council

FinCEN Provides Exceptive Relief for Casinos from Certain Customer Identification Requirements

October 19, 2021

The Financial Crimes Enforcement Network (FinCEN) issued a ruling granting limited exceptive relief under the authority set forth in 31 U.S.C. § 5318(a)(7) and 31 C.F.R. § 1010.970(a) to casinos and card clubs from certain customer identity verification requirements in the context of online gaming. Specifically, under the terms of this relief, a casino may utilize suitable non-documentary methods to verify the identity of online customers. The suitability or non-suitability of any particular method should be evaluated based on risk. The relief is effective as of October 19, 2021.

International

European Banking Authority

EBA Publishes Final Draft Regulatory Technical Standards on Disclosure of Investment Policy by Investment Firms

October 19, 2021

The European Banking Authority published new regulatory technical standards (RTS) on disclosure of investment policy by investment firms. The final draft RTS put forward comparable disclosures that should help stakeholders understand investment firms' influence over the companies in which they hold voting rights and the impact of investment firms' policies on aspects such as the governance or management of those companies.

Bank of England

Bank of England Launches First Public CCP Supervisory Stress Test

October 19, 2021

The Bank of England launched its first public supervisory stress test of UK central counterparties.

Minutes of the CBDC Technology Forum - September 2021

October 19, 2021

Minutes of the first Central Bank Digital Currency (CBDC) Technology Forum meeting were distributed addressing the objectives of the Forum and to hear the views of expert stakeholders on the technological challenges of designing, implementing and operating a CBDC.

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)