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Daily Financial Regulation Update -- Wednesday, October 27, 2021

October 27, 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

Nomination Hearing

October 26, 2021

The Committee on Banking, Housing, and Urban Affairs conducted a confirmation hearing on the following nominations:

U.S. House of Representatives

Committee on Financial Services

Hearing: Taking Stock of China, Inc.: Examining Risks to Investors and the U.S. Posed by Foreign Issuers in U.S. Markets

October 26, 2021

The U.S. House Committee on Financial Services Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets held a meeting titled, "Taking Stock of China, Inc.: Examining Risks to Investors and the U.S. Posed by Foreign Issuers in U.S. Markets."

House Passes Four Bipartisan Financial Services Bills

October 25, 2021

The U.S. House of Representatives passed four bipartisan bills introduced by House Financial Services Committee Members: 1) The Sovereign Debt Contract Capacity Act (H.R. 4111); 2) The Financial Transparency Act of 2021 (H.R. 2989); 3) To award posthumously a Congressional Gold Medal in commemoration to the Servicemembers who perished in Afghanistan on August 26, 2021, during the evacuation of U.S. citizens and Afghan allies (H..R. 5142); and 4) The Financial Exploitation Prevention Act of 2021 (H.R. 2265).

Congresswoman Waters Announces November Committee Schedule

October 26, 2021

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

  • Monday, November 2 at 10:00 a.m. E.T.: Buy Now, Pay More later? Investigating Risks and Benefits of BNPL and Other Emerging Fintech Cash Flow Products
  • Tuesday, November 3 at 10:00 a.m. E.T.: Cyber Threats, Consumer Data, and the Financial System
  • Thursday, November 4 at 10:00 a.m. E.T.: From Timber to Tungsten: How the Exploitation of Natural Resources Funds Rogue Organizations and Regimes
  • Tuesday, November 16 at 10:00 a.m. E.T.: Hybrid Markup
  • Press Release

Federal Agencies

Federal Reserve Board

Federal Reserve Board Announces It Will Host a Series of Diversity and Inclusion Conferences in November

October 25, 2021

The Federal Reserve Board announced that it will host a series of diversity and inclusion conferences in November focused on the experiences that underrepresented groups have as they participate in the economy, the economics profession, central banking, and finance. Federal Reserve Board Chair Jerome H. Powell will provide opening remarks at each event.

Federal Deposit Insurance Corporation

Remarks by FDIC Chairman Jelena McWilliams at Money 20/20 Addressing Among Other Things Stablecoins

October 26, 2021

Federal Deposit Insurance Corporation Chairman Jelena McWilliams gave remarks at the Money 20/20 conference.

Office of the Comptroller of the Currency

Bulletin: Community Reinvestment Act: Frequently Asked Questions Regarding Notice of Proposed Rulemaking to Rescind the OCC's June 2020 CRA Rule

October 26, 2021

The Office of the Comptroller of the Currency (OCC) issued responses to frequently asked questions about a notice of proposed rulemaking soliciting comments on the proposal to rescind the OCC's Community Reinvestment Act (CRA) rule issued on June 5, 2020 (June 2020 CRA rule).

Remarks: Acting Comptroller Discusses LIBOR Cessation and Replacement

October 26, 2021

Acting Comptroller of the Currency Michael J. Hsu gave remarks at the Alternative Reference Rates Committee Symposium, discussing the importance of maintaining trust in the banking system during the transition from LIBOR to replacement rates.

Securities and Exchange Commission

Commission released the agendas for the Oct. 28 and Nov. 3 meetings of the Asset Management Advisory Committee.

Risk Alert: Observations from Examinations in the Registered Investment Company Initiatives

October 26, 2021

The Division of Examinations (Division) conducted a series of examinations that focused on mutual funds and exchange-traded funds to assess industry practices and regulatory compliance in certain areas that may have an impact on retail investors (RIC Initiatives). The Risk Alert provides observations made by Division staff during examinations conducted under the RIC Initiatives, including examinations of more than 50 fund complexes, and is intended to highlight risk areas and assist funds and their advisers in developing and enhancing their compliance programs and practices.

Statement: The Importance of High Quality Independent Audits and Effective Audit Committee Oversight to High Quality Financial Reporting to Investors

October 26, 2021

Securities and Exchange Commission Acting Chief Accountant Paul Munter gave a statement titled, "The Important of High Quality Independent Audits and Effective Audit Committee Oversight to High Quality Financial reporting to Investors."

Consumer Financial Protection Bureau

Rule: CFPB Announces Threshold Adjustments under TILA (Regulation Z)

October 26, 2021

The Consumer Financial Protection Bureau (CFPB) announced that it is issuing a final rule amending the official interpretations for Regulation Z, which implements the Truth in Lending Act (TILA). The CFPB is required to calculate annually the dollar amounts for several provisions in Regulation Z. This final rule revises the dollar amounts for provisions implementing TILA and amendments to TILA, including under the Credit Card Accountability Responsibility and Disclosure Act of 2009, the Home Ownership and Equity Protection Act of 1994, and the Dodd-Frank Wall Street Reform and Consumer Protection Act. The adjustments are applicable January 1, 2022, consistent with relevant statutory or regulatory provisions.

Report: CFPB Education Loan Ombudsman

October 26, 2021

The Consumer Financial Protection Bureau (CFPB) published a Report of the CFPB Education Loan Ombudsman, which analyzes complaint data from September 1, 2020, through August 31, 2021, including COVID-19 complaint data, and notes an overall decrease in complaints that is likely attributable to CARES Act relief measures and subsequent administrative extensions through January 31, 2022.

Financial Crimes Enforcement Network

Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering, Combating the Financing of Terrorism, and Counter-Proliferation Deficiencies

October 26, 2021

The Financial Crimes Enforcement Network published a press release informing U.S. financial institutions that the Financial Action Task Force, an intergovernmental body that establishes international standards to combat money laundering, counter the financing of terrorism, and combat weapons of mass destruction proliferation financing (AML/CFT/CPF), has updated its statements concerning jurisdictions with strategic AML/CFT/CPF deficiencies.

Ginnie Mae

Report: The Ginnie Mae Global Market Analysis Report

October 26, 2021

The Ginnie Mae Office of Capital Markets published its monthly Ginnie Mae Global Market Analysis Report. This comprehensive report is designed to keep Ginnie Mae investors and partners abreast of new data and developments affecting the Ginnie Mae market and the US Agency mortgage-backed securities market more broadly.

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)