PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, November 23, 2021
November 23, 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. House of Representatives
Committee on Financial Services
Congresswoman Waters Announces December Committee Schedule
November 20, 2021
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced the following schedule for the month of December:
- December 1 at 10:00 a.m. E.T.: Oversight of the Treasury Department's and Federal Reserve's Pandemic Response
- December 7 at 10:00 a.m. E.T.: Ensuring Equitable Delivery of Disaster Benefits to Vulnerable Communities and Peoples: An Examination of GAO's Findings of the CDBG Program
- December 8 at 10:00 a.m. E.T.: Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States
- December 9 at 11:00 a.m. E.T.: A Review of Diversity and Inclusion Performance at America's Large Investment Firms
- Press Release
Federal Reserve Bank of New York
Credit Demand Recovers, Returning to Pre-Pandemic Levels
November 22, 2021
The Federal Reserve Bank of New York's Center for Microeconomic Data released results from its latest Survey of Consumer Expectations Credit Access Survey, which provides information on consumers' experiences with, and expectations about, credit demand and credit access.
Blog Post: Preemptive Runs and the Offshore U.S. Dollar Money Market Funds Industry
November 22, 2021
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled, "Preemptive Runs and the Offshore U.S. Dollar Money Market Funds Industry."
U.S. Department of Labor
US Department of Labor Announces Final Rule to Increase Minimum Wage for Workers on Federal Contracts Beginning January 30, 2022
November 22, 2021
The U.S. Department of Labor announced a final rule that implements Executive Order 14026 to increase the hourly minimum wage for employees on federal contracts beginning January 30, 2022. President Biden signed the order on April 27, 2021.
International
European Banking Authority
EBA Publishes Its Final Guidelines on Remuneration for Investment Firms Under the Investment Firms Directive
November 22, 2021
The European Banking Authority published its revised Guidelines on sound remuneration policies for investment firms under the Investment Firms Directive.
EBA Publishes Its Final Revised Guidelines on Internal Governance for Investment Firms Under the Investment Firms Directive
November 22, 2021
The European Banking Authority published today its revised Guidelines on internal governance for investment firms under the Investment Firms Directive.
Bank of England
The Impact of the COVID-19 Pandemic on SME Indebtedness
November 22, 2021
The Bank of England published a Bank Overground blog post titled, "The Impact of the COVID-19 Pandemic on Small- and Medium-Sized Enterprises Indebtedness."
Speech: Working Together to Enhance Cross-Border Payments
November 22, 2021
Executive Director for Banking, Payments and Innovation of the Bank of England Victoria Cleland gave a speech titled, "Working Together to Enhance Cross-Border Payments."
Speech: Under the Western Sky: The Crypto Frontier
November 22, 2021
External Member of the Bank of England's Financial Policy Committee Carolyn A. Wilkins gave a speech titled, "Under the Western Sky: The Crypto Frontier."
Administration Changes
Appointments/Confirmation Hearings
U.S. Department of the Treasury - Janet Yellen (effective January 26, 2021)
Federal Reserve Board
- Statement by Federal Reserve Board Chair Jerome H. Powell on his nomination by President Biden (November 22, 2021)
- Statement by Governor Lael Brainard on her nomination by President Biden (November 22, 2021)
- Secretary of the Treasury Janet L. Yellen Statement on Federal Reserve Nominations (November 22, 2021)
- Statement by Secretary Walsh on Federal Reserve Nominations (November 22, 2021)
- Brown Statement on the Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Toomey Statement on Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Brown Applauds Biden's Nomination of Governor Lael Brainard for Vice Chair (November 22, 2021)
Consumer Financial Protection Bureau - Rohit Chopra (effective October 12, 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)