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Daily Financial Regulation Update -- Wednesday, September 8, 2021

September 08, 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.

Federal Agencies

Federal Reserve Board

Agencies Extend Comment Period on Proposed Risk Management Guidance for Third-Party Relationships

September 7, 2021

The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency jointly announced that they will extend until October 18, 2021, the comment period on proposed guidance designed to help banking organizations manage risks associated with third-party relationships, including relationships with financial technology-focused entities.

Paper: IPOs and Corporate Taxes

September 7, 2021

The Divisions of Research & Statistics and Monetary Affairs of the Board of Governors of the Federal Reserve System, released a paper as part of its Finance and Economic Discussion Series titled "IPOs and Corporate Taxes."

Federal Reserve Bank of New York

Labor Market Survey Shows Improvement in Expectations

September 7, 2021

The Federal Reserve Bank of New York's Center for Microeconomic Data released the July 2021 SCE Labor Market Survey, which shows a decline in transitions into unemployment and an increase in employer-to-employer transitions, compared to a year ago. Regarding expectations, both the average expected likelihood of receiving an offer in the next four months and the average expected wage offer (conditional on receiving one) increased. The average reservation wage, the lowest wage at which respondents would be willing to accept a new job, increased year-over-year. Expectations regarding job transitions displayed a broad-based improvement.

Blog Post: The Housing Boom and the Decline in Mortgage Rates

September 7, 2021

The Federal Reserve Bank of New York's Liberty Street Economics blog released a post titled "The Housing Boom and the Decline in Mortgage Rates."

Federal Housing Finance Agency

FHFA Announces Equitable Housing Finance Plans for Fannie Mae and Freddie Mac

September 7, 2021

The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will submit Equitable Housing Finance Plans to FHFA by the end of 2021 and will update these plans annually. The plans will identify and address barriers to sustainable housing opportunities, including Fannie Mae's and Freddie Mac's goals and action plans to advance equity in housing finance for the next three years. FHFA also will require Fannie Mae and Freddie Mac to submit annual progress reports on the actions undertaken during the prior year to implement their plans.

Fannie Mae

HPSI Flat, but Consumers Slightly More Optimistic About Homebuying Conditions for First Time since March 2021

September 7, 2021

Fannie Mae announced that the Fannie Mae Home Purchase Sentiment Index® (HPSI) was largely unchanged in August 2021, decreasing 0.1 points to 75.7, as survey respondents tempered both their recent pessimism about home-buying conditions and their upward expectations of home price growth. Overall, three of the index's six components increased month over month, while the other three decreased.

International

European Commission

NextGenerationEU: European Commission Gearing Up for Issuing €250 Billion of NextGenerationEU Green Bonds

September 7, 2021

The European Commission (EC) announced that it has adopted an independently evaluated Green Bond framework, thus taking a step forward towards the issuance of up to €250 billion green bonds, or 30% of NextGenerationEU's total issuance. The framework provides investors in the bonds confidence that the funds mobilized will be allocated to green projects and that the EC will report on its environmental impact.

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)