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Daily Financial Regulation Update -- Wednesday, September 1, 2021

September 01, 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

Congresswoman Maxine Waters Announces September Committee Schedule

August 31, 2021

Chairwoman of the House Committee on Financial Services Congresswoman Maxine Waters (D-CA) announced the schedule for the month of September.

September 10, 2021-12:00 P.M.: Protecting Renters During the Pandemic: Reviewing Reforms to Expedite Emergency Rental Assistance

September 13, 2021-12:00 P.M.: The full Committee on Financial Services will convene for a hybrid markup.

September 21, 2021-10:00 A.M.: Preserving the Right of Consumers to Access Personal Financial Data

September 22, 2021-10:00 A.M.: Taking Stock of "China, Inc.": Examining Risks to Individual Investors and the U.S. Posed by Foreign Issuers in U.S. Markets

September 23, 2021-10:00 A.M. ET: Lending in a Crisis: Reviewing the Federal Reserve's Emergency Lending Powers During the Pandemic and Examining Proposals to Address Future Economic Crises

September 28, 2021-10:00 A.M. ET: The Future of Banking: How Consolidation, Nonbank Competition, and Technology are Reshaping the Banking System

September 30, 2021-10:00 A.M. ET: Oversight of the Treasury Department's and Federal Reserve's Pandemic Response

Federal Agencies

U.S. Department of the Treasury

Report: Preliminary Annual Report on U.S. Holdings of Foreign Securities at Year-End 2020

August 31, 2021

The U.S. Department of the Treasury released preliminary data from an annual survey of U.S. portfolio holdings of foreign securities at year-end 2020. The final survey report, which will include additional detail as well as possible revisions to the data, will be released on October 29, 2021.

Notice: U.S. Department of the Treasury Launches New Effort on Climate-Related Financial Risks in the Insurance Sector

August 31, 2021

The U.S. Department of the Treasury announced that the Federal Insurance Office, in response to President Biden's May 2021 executive order on climate change, is requesting information and soliciting public comment on the insurance sector and climate-related financial risks.

Federal Reserve Bank of New York

Statement: Standing Repo Facility Counterparties

August 31, 2021

The Open Market Trading Desk at the Federal Reserve Bank of New York released its expression of interest form for Standing Repo Facility counterparties. Depository institutions with holdings of Treasury, agency debt and agency mortgage-backed securities greater than $5 billion or with total assets greater than $30 billion may express interest in becoming a Standing Repo Facility counterparty starting on October 1, 2021.

Article: The Market Events of Mid-September 2019

August 31, 2021

The Federal Reserve Bank of New York published an article titled, "The Market Events of Mid-September 2019."

Commodity Futures Trading Commission

Letter: CFTC Staff Provides Temporary No Action Relief from Certain Financial Reporting Requirements to Bank Swap Dealers

August 31, 2021

The Commodity Futures Trading Commission's (CFTC) Market Participants Division issued a time-limited no-action letter concerning capital and financial reporting obligations for swap dealers (SDs) subject to capital requirements of a prudential regulator under the CFTC's SD financial reporting rules.

Letter: CFTC Staff Amends Existing Brexit-Related Relief to Provide Market Certainty

August 31, 2021

The Commodity Futures Trading Commission's Division of Market Oversight (DMO) announced that it is amending previously granted temporary no-action relief in connection with Brexit.

Financial Crimes Enforcement Network

FinCEN to Host Innovation Hours Program Workshop on Digital Identity Services and Technologies

August 31, 2021

The Financial Crimes Enforcement Network (FinCEN) will host a special virtual FinCEN Innovation Hours Program on October 14, 2021, focusing on the important role of digital identity to enhance financial services inclusion while supporting efforts to counter illicit activity that undermine the integrity and opportunity of the US financial system.

U.S. Department of Labor

US Department of Labor Announces Establishment of Office to Modernize, Reform States' Unemployment Insurance Systems

August 31, 2021

The U.S. Department of Labor announced the establishment of the Office of Unemployment Insurance Modernization to provide strategic leadership as the department works with state agencies and federal partners to modernize and reform the unemployment insurance system.

State Agencies

New York State Department of Financial Services

Governor Kathy Hochul Announces Nomination of Adrienne Harris as Superintendent of the Department of Financial Services

August 31, 2021

Governor Kathy Hochul (D-NY) announced that Adrienne Harris has been nominated to lead the New York State Department of Financial Services as its next Superintendent. Formerly an economic advisor to President Obama, Ms. Harris will become the state's top financial regulator tasked with overseeing the banking and insurance industries and their compliance with state laws as New York works to rebuild its economy in the wake of the COVID-19 pandemic, if confirmed by the New York State Senate.

New York State Department of New York's Fair Lending Law

August 31, 2021

The New York State Department of Financial Services (DFS) issued new guidance to DFS-regulated mortgage lenders in New York to develop and implement compliance programs, including a fair lending plan, to comply with New York's Fair Lending Law, Executive Law § 296-a. New York's Fair Lending Law prohibits discrimination in, among other things, the granting, withholding, extending, or renewing, or in the fixing of the rates, terms, or conditions of any form of credit on the basis of sexual orientation.

International

Bank of England

Money and Credit - July 2021

August 31, 2021

The Bank of England (BoE) published its July 2021 statistics on the amount of, and interest rates on, borrowing and deposits by households and businesses. These monthly statistics are used by the BoE's policy committees to understand economic trends and developments in the banking system.

UK Financial Conduct Authority

Statement: Firms Reminded About Potential Financial Crime Risks Linked to Afghanistan

August 31, 2021

The Financial Conduct Authority published a post titled, "Firms Reminded About Potential Financial Crime Risks Linked to Afghanistan," highlighting the continuing need for robust systems and controls that respond to changing risks.

Administration Changes

Appointments/Confirmation Hearings

Department of the Treasury - Janet Yellen (effective January 26, 2021)

Consumer Financial Protection Bureau - Rohit Chopra (Nominee)

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

Department of Housing and Urban Development - Marcia Fudge (effective March 10, 2021)

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