PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, August 28, 2021
August 28, 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
Federal Reserve Board
Office of the Comptroller of the Currency
Federal Deposit Insurance Corporation
Agencies Issue Guide to Help Community Banks Evaluate Fintech Relationships
August 27, 2021
The federal bank regulatory agencies released a guide intended to help community banks assess risks when considering relationships with financial technology companies.
- Guide
- Press Release
- Supervision and Regulation Letter
- OCC Bulletin
- FDIC Financial Institution Letter
Federal Reserve Board
Speech: Chair Jerome H. Powell on the Economic Outlook: Monetary Policy in the Time of COVID-19
August 27, 2021
Board of Governors of the Federal Reserve System Chair Jerome H. Powell gave a speech titled, "Monetary Policy in the Time of COVID-19."
Federal Deposit Insurance Corporation
Remarks: FDIC Chairman Jelena McWilliams at the Texas Bankers Association Annual Convention
August 27, 2021
Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams gave a speech at the Texas Bankers Association Annual Convention, speaking on banking conditions that the FDIC is monitoring and the FDIC's initiatives looking forward.
U.S. Small Business Administration
SBA Opens Supplemental Grant Applications for Shuttered Venue Operators Grant Awardees
August 27, 2021
The U.S. Small Business Administration announced it will begin sending invitations for supplemental awards for the Shuttered Venue Operators Grant program.
International
Bank of England
Paper: Risk-Taking and Uncertainty: Do Contingent Convertible Bonds Increase the Risk Appetite of Banks?
August 27, 2021
The Bank of England published a staff working paper titled, "Risk-Taking and Uncertainty: Do Contingent Convertible Bonds Increase the Risk Appetite of Banks?," assessing the impact of contingent convertible bonds and the wealth transfers they imply conditional on conversion on the risk-taking behavior of the issuing bank.
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)