PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, December 2, 2021
December 02, 2021
FedACTion Task Force
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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 Financial Services
Oversight of the Pandemic Response by the U.S. Department of the Treasury and Federal Reserve
December 1, 2021
The U.S. House Committee on Financial Services held a meeting titled, "Oversight of the Treasury Department's and Federal Reserve's Pandemic Response."
Waters Announces Cryptocurrency CEOs to Testify at Full Committee Hearing
December 1, 2021
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced witnesses for the December 8 full Committee hearing titled, "Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States."
- Press Release
- Hearing Page
- Treasury Secretary Yellen Testimony
- Fed Chair Powell Testimony
- Committee Chair Waters Statement
Federal Agencies
U.S. Department of the Treasury
Remarks: Deputy Secretary of the Treasury Wally Adeyemo at the Aspen Economic Strategy Group's Rebuilding the Post-Pandemic Economic Recovery Event
December 1, 2021
Deputy Secretary of the Treasury Wally Adeyemo delivered remarks at the Aspen Economic Strategy Group's Rebuilding the Post-Pandemic Economic Recovery event.
Federal Reserve Board
Consumer Financial Protection Bureau
Office of the Comptroller of the Currency
Notices: Agencies Announce Threshold for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans
December 1, 2021
The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency announced that the 2022 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $27,200 to $28,500.
Federal Reserve Board
Consumer Financial Protection Bureau
Agencies Announce Dollar Thresholds in Regulations Z And M for Exempt Consumer Credit and Lease Transactions
December 1, 2021
The Federal Reserve Board and the Consumer Financial Protection Bureau announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2022 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing).
Federal Reserve Board
Report: Beige Book – December 1, 2021
December 1, 2021
The Board of Governors of the Federal Reserve published the 2021 Beige Book. The report was prepared at the Federal Reserve Bank of Chicago based on information collected on or before November 19, 2021.
Federal Reserve Bank of New York
Blog Post: Why Central Bank Digital Currencies?
December 1, 2021
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled, "Why Central Bank Digital Currencies?"
Federal Reserve Bank of Boston
Report: Measuring the US Employment Situation Using Online Panels: The Yale Labor Survey
December 1, 2021
The Federal Reserve Bank of Boston published a report titled, "Measuring the US Employment Situation Using Online Panels: The Yale Labor Survey."
Consumer Financial Protection Bureau
Report: CFPB Research on Overdraft Fees
December 1, 2021
According to research released by the Consumer Financial Protection Bureau (CFPB), banks appear to rely heavily on overdraft and non-sufficient funds (NSF) revenue, which reached an estimated $15.47 billion in 2019. The CFPB also found that although small institutions with overdraft programs charged lower fees on average, consumer outcomes were similar to those found at larger banks.
Federal Financial Institutions Examination Council
Federal and State Regulators Release Updates to the BSA/AML Examination Manual
The Federal Financial Institutions Examination Council (FFIEC) released one new section and updates to three sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual.
- Introduction – Customers
- Charities and Nonprofit Organizations
- Independent Automated Teller Machine Owners or Operators
- Politically Exposed Persons
- Press Release
- OCC Bulletin
- FDIC Financial Institution Letter
International
European Banking Authority
EBA Publishes Sample of Banks Participating in the December 2021 Mandatory Basel III Monitoring Exercise
December 1, 2021
The European Banking Authority (EBA) published the sample of banks for the mandatory Basel III monitoring exercise, which will refer to December 2021 data. The exercise is expected to be launched at the end of January 2022 and its results to be published at the end of September 2022.
Bank of England
Speech: Reforming Solvency II: Delivering Policyholder Protection - Speech by Andrew Bailey
December 1, 2021
Bank of England Governor Andrew Bailey gave a speech titled, "Reforming Solvency II: Delivering Policyholder Protection."
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)