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Daily Financial Regulation Update -- Wednesday, September 29, 2021

September 29, 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

CARES Act Oversight Hearing of the Treasury and Federal Reserve: Supporting an Equitable Pandemic Recovery

September 28, 2021

The Senate Committee on Banking, Housing, and Urban Affairs conducted a hearing entitled, "CARES Act Oversight of the Treasury and Federal Reserve: Supporting an Equitable Pandemic Recovery."

Federal Agencies

U.S. Department of the Treasury

Remarks: Secretary of the Treasury Janet L. Yellen to the National Association for Business Economics

September 28, 2021

Secretary of the Treasury Janet L. Yellen gave remarks to the National Association for Business Economics regarding economic challenges.

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

September 28, 2021

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

Federal Reserve Board

Speech: Governor Bowman on Creating a New Model for the Future of Supervision

September 28, 2021

Governor of the Federal Reserve System Michelle W. Bowman gave a speech titled, "Creating a New Model for the Future of Supervision."

Conference of State Bank Supervisors

CSBS Survey: COVID-19 Pandemic Impact on Community Banks

September 28, 2021

The Conference of State Bank Supervisors released its eighth annual national community bank survey, finding that the lingering effect of the COVID-19 pandemic on local economies has created a new concern for community banks – historic levels of deposits and narrow net interest margins.

Federal Deposit Insurance Corporation

Speech: FDIC Chairwoman Jelena McWilliams at the Federal Reserve System, Conference of State Bank Supervisors, and Federal Deposit Insurance Corporation 2021 Community Banking in the 21st Century Research and Policy Conference

September 28, 2021

Chairwoman of the Federal Deposit Insurance Corporation (FDIC) Jelena McWilliams gave a speech at the Federal Reserve System, Conference of State Bank Supervisors, and FDIC 2021 Community Banking in the 21st Century Research and Policy Conference.

Securities and Exchange Commission

Speech: SEC Commissioner Crenshaw on Assessing the Unknown

September 27, 2021

Securities and Exchange Commissioner Caroline A. Crenshaw gave a speech titled, "Assessing the Unknown."

FINRA

FINRA Adopts Rules to Address Firms with a Significant History of Misconduct

September 28, 2021

The Financial Industry Regulatory Authority (FINRA) adopted new rules to address firms with a significant history of misconduct. New Rule 4111 requires member firms that are identified as "Restricted Firms" to deposit cash or qualified securities in a segregated, restricted account, adhere to specified conditions or restrictions, or comply with a combination of such obligations.

Federal Housing Finance Agency

Report: FHFA House Price Index Up 1.4 Percent in July; Up 19.2 Percent from Last Year

September 28, 2021

The Federal Housing Finance Agency (FHFA) published its House Price Index Monthly Report. According to the latest Federal Housing Finance Agency House Price Index, house prices rose nationwide in July, up 1.4% from the previous month. House prices rose 19.2% from July 2020 to July 2021. The previously reported 1.6% price change for June 2021 was revised upward to 1.7%.

Ginnie Mae

Report: Global Market Analysis for September 2021

September 28, 2021

Ginnie Mae published its monthly Global Markets Analysis Report for September 2021. In the report, Ginnie Mae posed a series of questions to Wall Street mortgage-backed securities (MBS) experts to provide perspective on the Agency MBS market and the relative value of Ginnie Mae MBS.

Bank Policy Institute

BPI Calls for Expanding Employment Opportunities for Rehabilitated Individuals with Criminal Records

September 28, 2021

In advance of the U.S. House Financial Services Committee Subcommittee on Diversity and Inclusion's hearing entitled, "Access Denied: Eliminating Barriers and Increasing Economic Opportunity for Justice-Involved Individuals," the Bank Policy Institute released a statement for the record urging clarity on Section 19 of the Federal Deposit Insurance Act in order to foster employment opportunities for rehabilitated job seekers with criminal records.

Administration Changes

Appointments/Confirmation Hearings

U.S. 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

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)

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