Daily Financial Regulation Update -- Thursday, December 9, 2021

December 09, 2021

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

Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States

December 8, 2021

The U.S. House Committee on Financial Services held a hearing titled "Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States."

Federal Agencies

U.S. Department of the Treasury

Remarks by Assistant Secretary of the Treasury for Economic Policy Ben Harris on Promoting Competition in Labor Markets

December 8, 2021

Assistant Secretary of the U.S. Department of the Treasury for Economic Policy Ben Harris delivered remarks at a public workshop on promoting competition in labor markets hosted by the Department of Justice and Federal Trade Commission.

Remarks

Treasury Targets Corruption Networks Linked to Transnational Organized Crime

December 8, 2021

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is targeting 16 individuals and 24 entities across several countries in Europe and the Western Hemisphere. Today's actions are taken pursuant to Executive Order (E.O.) 13818, which builds upon and implements the Global Magnitsky Human Rights Accountability Act, and targets perpetrators of corruption and serious human rights abuse.

Press Release

Federal Reserve Bank of Boston

Paper: Delivering Debt Relief through the Banking Sector: Lessons from the Irish Mortgage Market

December 8, 2021

The Federal Reserve Bank of Boston released a paper titled "Delivering Debt Relief through the Banking Sector: Lessons from the Irish Mortgage Market."

Office of the Comptroller of the Currency

Acting Comptroller Discusses Reforming Overdraft Programs

December 8, 2021

Acting Comptroller of the Currency Michael J. Hsu discussed reforming bank overdraft programs to improve individuals' financial health in remarks before the Consumer Federation of America's 34th Annual Financial Services Conference.

Consumer Financial Protection Bureau

CFPB Report Highlights Supervisory Findings of Violations of Law in 2021

December 8, 2021

The Consumer Financial Protection Bureau (CFPB) issued a Supervisory Highlights report, setting forth legal violations identified by the CFPB's examinations in the first half of 2021. The report also highlights prior CFPB supervisory findings that led to public enforcement actions in the first half of 2021.

Federal Financial Institutions Examination Council

Enhancement to the Uniform Bank Performance Report

December 8, 2021

The Federal Financial Institutions Examination Council announced that its member agencies are making an enhancement to the Uniform Bank Performance Report (UBPR) to allow users to create a custom "My UBPR page" as part of the overall UBPR report. The enhancement will provide users the ability to add UBPR line items of greatest interest on a single UBPR report page.

International

European Commission

EU Strengthens Protection against Economic Coercion

December 8, 2021

The European Commission proposed a new tool to counter the use of economic coercion by third countries. The legal instrument is in response to the European Union (EU) and its Member States becoming the target of deliberate economic pressure in recent years. It strengthens the EU's toolbox and will allow the EU to better defend itself on the global stage.

European Banking Authority

EBA Updates on Monitoring of CET1 Capital Instruments

December 8, 2021

The European Banking Authority (EBA) published an updated list of Common Equity Tier 1 (CET1) instruments of EU institutions. The list is accompanied by an updated CET1 Report, which includes information on the underlying objectives of the monitoring as well as on the consequences of including or excluding instruments in or from the CET1 list. The EBA's monitoring of capital instruments contributes to the enhancement of the quality of institutions' capital across the EU. The EBA will continue to update the Report on a regular basis to give account of new developments in CET1 issuances and practices.

EBA Consults on Draft Technical Standards Setting Requirements for Crowdfunding Service Providers

December 8, 2021

The European Banking Authority launched a consultation on draft Regulatory Technical Standards specifying the information that crowdfunding service providers shall provide to investors. The proposed requirements cover the method used for the calculation of credit scores and loan prices, the factors that the providers need to consider when carrying out a credit risk assessment and conducting a valuation of a loan, and the underlying policies and governance arrangements.