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ph fedaction financial regulatory updates

Daily Financial Regulation Update -- Wednesday, September 22, 2021

September 22, 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

September 21, 2021

The Committee on Banking, Housing, and Urban Affairs met in open session to conduct a hearing on the following nominations: Mr. Alan F. Estevez, of Maryland, to be Under Secretary of Commerce for Industry and Security; Ms. Thea D. Rozman Kendler, of Maryland, to be an Assistant Secretary of Commerce; Ms. Alexia Marie Gabrielle Latortue, of the District of Columbia, to be an Assistant Secretary of the Treasury; and Mr. Graham S. Steele, of California, to be an Assistant Secretary of the Treasury.

Federal Agencies

U.S. Department of the Treasury

Office of Foreign Assets Control

Treasury and OFAC Take Actions to Counter Ransomware

September 21, 2021

As part of the whole-of-government effort to counter ransomware, the U.S. Department of the Treasury (Treasury) announced a set of actions focused on disrupting criminal networks and virtual currency exchanges responsible for laundering ransoms, encouraging improved cybersecurity across the private sector, and increasing incident and ransomware payment reporting to U.S. government agencies, including both Treasury and law enforcement.

In connection with Treasury's initiative, the Office of Foreign Assets Control issued an updated advisory on potential sanctions risks for facilitating ransomware payments.

Office of the Comptroller of the Currency

Remarks: Acting Comptroller Discusses Innovation in Digital Assets

September 21, 2021

Acting Comptroller of the Currency Michael J. Hsu gave remarks before the Blockchain Association, where he discussed blockchain, cryptocurrencies, decentralized finance and key lessons from the 2008 financial crisis that should guide the future of digital innovation.

Securities and Exchange Commission

Changing Dynamics Pre-IPO and Going Public on the Agenda for the SEC's Small Business Capital Formation Advisory Committee

September 21, 2021

The Securities and Exchange Commission's Small Business Capital Formation Advisory Committee will meet virtually on September 27 to explore the changing dynamics for pre-IPO companies raising capital and the pathways those companies take to becoming public.

Occupational Safety and Health Administration

U.S. Department of Labor to Hold Virtual Meeting to Solicit Public Input On OSHA Whistleblower Program

September 21, 2021

The U.S. Department of Labor's Occupational Safety and Health Administration (OSHA) will hold a meeting on October 13 to solicit public comments and suggestions on key issues facing OSHA's Whistleblower Protection Program.

State Agencies

New York State Department of Financial Services

Acting Superintendent of Financial Services Adrienne A. Harris Announces New Proposed Regulation Promoting Transparency in Lending To Small Businesses

September 21, 2021

Acting Superintendent of Financial Services Adrienne A. Harris announced a new proposed regulation that will improve transparency for small businesses seeking commercial financing. The new proposed regulation requires companies that offer commercial financing in amounts under $2.5 million to make standardized disclosures about the terms of credit. These standardized disclosures will help businesses and individuals understand and compare the terms of different commercial financing offers.

International

European Banking Authority

Report: EBA Sees Rapid Growth in the Use of Digital Platforms in the EU's Banking and Payments Sector and Identifies Steps to Enhance the Monitoring of Market Developments

September 21, 2021

The European Banking Authority (EBA) published a Report on the platformization of the EU banking and payments sector. The EBA identifies a rapid growth in the use of digital platforms to "bridge" customers and financial institutions, a trend expected to accelerate in line with the wider trend toward the digitization of the EU financial sector. New forms of financial, operational and reputational interdependencies are emerging and the EBA identifies steps to strengthen supervisory capacity to monitor market developments.

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)