PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, October 14, 2021
October 14, 2021
FedACTion Task Force
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PH Client Alerts
Click here to read more from our Coronavirus series.
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
U.S. Department of the Treasury
Treasury Launches Effort to Study Impact of Climate Change on Households and Communities
October 13, 2021
The U.S. Department of the Treasury (Treasury) launched a new effort to study the impact of climate change on households and communities. The Financial Literacy and Education Commission convened a meeting, which was chaired by Treasury Under Secretary for Domestic Finance Nellie Liang, to begin to explore the financial risks to households and communities, especially low-income and historically disadvantaged communities, of climate change and climate transition.
Readout: Secretary of the Treasury Janet L. Yellen's Meeting with G20 Finance Ministers and Central Bank Governors
October 13, 2021
Secretary of the Treasury Janet L. Yellen participated in a meeting of the G20 finance ministers and central bank governors. They discussed a range of topics, including the current macroeconomic conditions, further progress on reforms to international taxation, coordination on vaccine distribution and longer-term pandemic preparedness, efforts within the G20 Finance Track on climate change mitigation, and financial regulatory issues.
Minutes of the Federal Open Market Committee, September 21-22, 2021
October 13, 2021
The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on September 21–22, 2021.
Federal Reserve Bank of New York
Underlying Inflation Gauge (UIG)
October 13, 2021
The Federal Reserve Bank of New York published its Underlying Inflation Gauge (UIG) full data set measure for September, which is currently estimated at 4.0%, a 0.1 percentage point increase from the previous month.
National Credit Union Administration
Registration Open for the NCUA Automated Cybersecurity Evaluation Toolbox Webinar
October 13, 2021
The National Credit Union Administration is hosting a webinar on the National Credit Union Administration's Automated Cybersecurity Evaluation Toolbox beginning at 3 p.m. E.T. on October 28, 2021.
Federal Housing Finance Agency
Working Paper: Borrower Expectations and Mortgage Performance: Evidence from the COVID-19 Pandemic
October 13, 2021
The Federal Housing Finance Agency published a staff working paper titled, "Borrower Expectations and Mortgage Performance: Evidence from the COVID-19 Pandemic."
International
European Commission
Statement: Commissioner Gentiloni on the G20's Endorsement of the Agreement on International Taxation Reform
October 13, 2021
European Commission Commissioner Paolo Gentiloni gave a statement on the endorsement by G20 finance ministers of the agreement on international taxation reform.
Bank of England
Speech: Jon Cunliffe: Is 'Crypto' a Financial Stability Risk?
October 13, 2021
Sir Jon Cunliffe, Deputy Governor of Financial Stablilty of the Bank of England, gave a speech titled, "Is 'Crypto' a Financial Stability Risk?," looking at the impact of cryptocurrency on the stability of the UK's financial system.
Administration Changes
Appointments/Confirmation Hearings
U.S. Department of the Treasury - Janet Yellen (effective January 26, 2021)
Consumer Financial Protection Bureau - Rohit Chopra (effective September 30, 2021)
- Statement by House Committee on Financial Services Chair Maxine Waters on Rohit Chopra's Confirmation (September 30, 2021)
- CSBS Statement on Rohit Chopra Confirmation as CFPB Director (September 30, 2021)
Securities and Exchange Commission - Gary Gensler (effective April 17, 2021)
Small Business Administration - Isabella Casillas Guzman (effective March 16, 2021)
Commodity Futures Trade Commission
- Acting Chair: Rostin Behnam (January 21, 2021)
- Rostin Behnam, Nominee for Chair and Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- Kristin Johnson, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- Christy Goldsmith Romero, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
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
- Acting Director: Sandra. L. Thompson (June 23, 2021)
- Statement by House Committee on Financial Services Chair Maxine Waters Endorsing Nomination of Sandra L. Thompson as Director of FHFA (September 17, 2021)
U.S. Department of Education - Dr. Miguel Cardona (effective March 2, 2021)