PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, September 2, 2021
September 02, 2021
FedACTion Task Force
Subscribe to PH FedACTion: Financial Regulatory Updates
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.
U.S. House of Representatives
Committee on Small Business
What Comes Next? PPP Forgiveness
September 1, 2021
The House Committee on Small Business held a hearing titled, "What Comes Next? Paycheck Protection Program (PPP) Forgiveness," examining the current state of loan forgiveness under the PPP.
- Hearing Notice
- Hearing Memo
- Hearing Page
- Live Stream
- Press Release
- Statement by Committee Chair Nydia Velazquez
Federal Agencies
Consumer Financial Protection Bureau
CFPB Proposes Rule Requiring Lenders to Publish Statistics on Small Businesses Credit
September 1, 2021
The Consumer Financial Protection Bureau (CFPB) issued a long-awaited proposed rule regarding a new collection of small business lending data by lenders pursuant to its authority under section 1071 of the Dodd-Frank Act. In addition to the 918-page proposed rule, the CFPB also issued a summary of the proposed rule and a chart summarizing the proposed data points that covered financial institutions would be required to collect and report.
- Proposed Rule
- Summary
- Chart
- Supplemental Estimation Methodology Report
- Press Release
- Remarks of Acting Director Dave Uejio
Federal Reserve Bank of New York
Blog Post: Going with the Flow: Changes in Banks' Business Model and Performance Implications
September 1, 2021
The Federal Reserve Bank of New York posted a Liberty Street Economics blog post titled, "Going with the Flow: Changes in Banks' Business Model and Performance Implications."
Securities and Exchange Commission
Speech: SEC Chair Gary Gensler Remarks Before the European Parliament Committee on Economic and Monetary Affairs
September 1, 2021
Securities and Exchange Commission Chair Gary Gensler Chair gave remarks before the European Parliament Committee on Economic and Monetary Affairs.
Department of Housing and Urban Development/Federal Housing Administration
HUD Announces Cross-Agency Efforts to Increase Affordable Housing Supply
September 1, 2021
The Department of Housing and Urban Development announced a series of actions it is taking as part of the Biden-Harris Administration's plan to create, preserve and sell nearly 100,000 additional affordable homes for homeowners and renters across the country over the next three years.
Federal Housing Finance Agency
FHFA Announces Increase in the Enterprises' LIHTC Cap
September 1, 2021
To support underserved markets, the Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac can each invest up to $850 million annually in the Low-Income Housing Tax Credit (LIHTC) market as equity investors, effective immediately. Previously, Fannie Mae and Freddie Mac were limited to $500 million each of investment annually in the LIHTC market.
- Press Release
- Freddie Mac Press Release
- Fannie Mae Press Release
- Statement by Acting Director Sandra L. Thompson
FHFA Extends the Enterprises' REO First Look Period to 30 Days
September 1, 2021
Through the First Look Program, the Federal Housing Finance Agency extended from 20 to 30 days, the period during which owner occupants, public entities, and nonprofits will have exclusive ability to buy Fannie Mae and Freddie Mac real estate owned properties before they are available for investor purchase.
State Agencies
California Department of Financial Protection and Innovation
State Financial Regulator Moves Forward to License California Debt Collectors
September 1, 2021
The Department of Financial Protection and Innovation (DFPI) announced that all debt collectors operating in California are eligible to apply to be licensed by the DFPI, representing the first step in increased state oversight that will include an assessment of applications, formal examinations, and protections for California consumers. Debt collectors, debt buyers, and debt collection attorneys operating in the state may now submit their license applications online at the Nationwide Multistate Licensing System.
International
Bank of England Prudential Regulation Authority
Letter: Chair Andrew Bailey to the Chancellor Responding to the Recommendations from the Treasury
September 1, 2021
Chair of the Prudential Regulation Committee Andrew Bailey sent a letter to Chancellor of the Exchequer Rishi Sunak addressing the recommendations set out by the Chancellor of the Exchequer on the remit of the Prudential Regulation Authority.
Administration Changes
Appointments/Confirmation Hearings
Department of the Treasury - Janet Yellen (effective January 26, 2021)
Consumer Financial Protection Bureau - Rohit Chopra (Nominee)
- Acting Director: Dave Uejio (January 20, 2020)
- Confirmation hearing held on March 2, 2021
- Committee approval March 10, 2021
Securities and Exchange Commission - Gary Gensler (effective April 17, 2021)
- Renee Jones to Join SEC as Director of Corporation Finance; John Coates Named SEC General Counsel (June 14, 2021)
- Daniel S. Kahl Appointed Acting Director of the Division of Examinations; Peter B. Driscoll to Depart Agency (July 14, 2021)
Small Business Administration - Isabella Casillas Guzman (effective March 16, 2021)
- Small Business Committee Advances SBA Deputy Administrator Nominee Dilawar Syed (June 17, 2021)
- U.S. Small Business Administration Announces Key Staff (August 18, 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)