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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, August 25, 2021

August 25, 2021

By 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

Federal Reserve Board

Paper: A Monetary-Fiscal Theory of Sudden Inflations and Currency Crises

August 24, 2021

The Federal Reserve Board published a paper titled, "A Monetary-Fiscal Theory of Sudden Inflations and Currency Crises."

Paper: Domestic Lending and the Pandemic: How Does Banks' Exposure to COVID-19 Abroad Affect Their Lending in the United States?

August 24, 2021

The Federal Reserve Board published a paper titled, "Domestic Lending and the Pandemic: How Does Banks' Exposure to COVID-19 Abroad Affect their Lending in the United States," studying how U.S. banks' exposure to the economic fallout due to governments' response to COVID-19 in foreign countries has affected their credit provision to borrowers in the United States.

International

European Banking Authority

EBA Publishes Peer Review on the Prudential Assessment of Qualifying Holdings

August 24, 2021

The European Banking Authority (EBA) published its peer review on the prudential assessment of qualifying holdings, aiming at assessing competent authorities' application of the Joint European Supervisory Authorities (ESAs) Guidelines on the prudential assessment of the acquisition of qualifying holdings.

Administration Changes

Appointments/Confirmation Hearings

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

Department of Housing and Urban Development - Marcia Fudge (effective March 10, 2021)

Department of Education - Dr. Miguel Cardona (effective March 2, 2021)

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