PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, November 6, 2021
November 06, 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
Paper: Better the Devil You Know: Improved Forecasts from Imperfect Models
November 5, 2021
The Federal Reserve Board published a staff working paper titled, "Better the Devil You Know: Improved Forecasts from Imperfect Models."
Paper: Fedwire Funds Service: Payments, Balances, and Available Liquidity
November 5, 2021
The Federal Reserve Board published a staff working paper titled, "Fedwire Funds Service: Payments, Balances, and Available Liquidity."
Consumer Credit - G.19
November 5, 2021
The Federal Reserve Board published its September 2021 data release. Consumer credit increased at a seasonally adjusted annual rate of 5.6% during the third quarter. Revolving credit increased at an annual rate of 7.4%, while nonrevolving credit increased at an annual rate of 5.1%. In September, consumer credit increased at an annual rate of 8.3%.
Securities and Exchange Commission
SEC Approves PCAOB Rule to Establish a Framework for Determinations Under the Holding Foreign Companies Accountable Act
November 5, 2021
The Securities and Exchange Commission announced that it has approved the Public Company Accounting Oversight Board's (PCAOB) Rule 6100, Board Determinations Under the Holding Foreign Companies Accountable Act. Rule 6100 will establish a framework for the PCAOB's determinations under the Holding Foreign Companies Accountable Act that the PCAOB is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by an authority in that jurisdiction.
Nicole Creola Kelly Named Chief of SEC Whistleblower Office
November 5, 2021
The Securities and Exchange Commission announced the appointment of Nicole Creola Kelly as Chief of the SEC's Office of the Whistleblower.
Consumer Financial Protection Bureau
Remarks: Deputy Director Zixta Martinez at Academic Research Council Meeting
November 5, 2021
Deputy Director of the Consumer Financial Protection Bureau Zixta Martinez gave remarks at the Academic Research Council Meeting.
International
European Banking Authority
Report: EBA Publishes Final Draft Technical Standards Specifying How to Identify the Appropriate Risk Weights and Conditions When Assessing Minimum LGD Values for Exposures Secured by Immovable Property
November 5, 2021
The European Banking Authority published its final draft Regulatory Technical Standards (RTS) specifying the types of factors and conditions to be considered for the assessment of the appropriateness of risk weights and of minimum loss given default values. These final draft RTS will support relevant authorities across EU Member States in carrying out their periodical assessments by striking the right balance between ensuring coherence and harmonization of their assessments and preserving the necessary flexibility.
Bank of England
Bank of England Publishes Its Approach to Greening the Corporate Bond Purchase Scheme
November 5, 2021
The Bank of England published details of how it will green its Corporate Bond Purchase Scheme. This follows publication of a Discussion Paper in May, and subsequent engagement with a wide range of stakeholders including net zero investment experts, asset managers, climate groups and the wider public.
Administration Changes
Appointments/Confirmation Hearings
U.S. Department of the Treasury - Janet Yellen (effective January 26, 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)