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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, December 22, 2021

December 22, 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.

U.S. House of Representatives

Committee on Financial Services

Letter: Congresswoman Waters Requests FDIC Chairman Provide Legal Basis for Impeding Board Majority's Request for Public Input on Merger Reviews

December 21, 2021

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, sent a letter to Jelena McWilliams, Chairman of the Federal Deposit Insurance Corporation (FDIC), asking Chairman McWilliams to cite the legal authority she's relying on to block the FDIC Board Majority from seeking the public's input on strengthening the bank merger review process.

Federal Agencies

Federal Reserve Board

Federal Deposit Insurance Corporation

Office of the Comptroller of the Currency

Interagency Statement on the Community Bank Leverage Ratio Framework

December 21, 2021

The Federal Reserve Board, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency issued a statement to provide information and guidance on the use of the two-quarter grace period under the optional community bank leverage ratio framework when the temporary relief measures affecting the framework expire on December 31, 2021.

Federal Reserve Board

Senior Credit Officer Opinion Survey on Dealer Financing Terms

December 21, 2021

The Board of Governors of the Federal Reserve System published its December 2021 Senior Credit Officer Opinion Survey on Dealer Financing Terms. The survey collected qualitative information on changes in credit terms and conditions in securities financing and over-the-counter derivatives markets.

Federal Reserve Bank of New York

Report: The Federal Reserve's Market Functioning Purchases

December 21, 2021

The Federal Reserve Bank of New York published a report titled, "The Federal Reserve's Market Functioning Purchases."

Federal Reserve Bank of Boston

Paper: Bank Incentives and the Effect of the Paycheck Protection Program

December 21, 2021

The Federal Reserve Bank of Boston published a paper titled, "Bank Incentives and the Effect of the Paycheck Protection Program."

Optimal Allocation of Relief Funds: The Case of the Paycheck Protection Program

December 21, 2021

The Federal Reserve Bank of Boston published a paper titled, "Optimal Allocation of Relief Funds: The Case of the Paycheck Protection Program."

Explaining the Discrepancies in Estimates of the Number of Jobs Saved by the PPP

December 21, 2021

The Federal Reserve Bank of Boston published an article titled, "Explaining the Discrepancies in Estimates of the Number of Jobs Saved by the Paycheck Protection Program."

Consumer Financial Protection Bureau

Report: Making Ends Meet Series: Consumer Finances During the Pandemic

December 21, 2021

The Consumer Financial Protection Bureau published a report titled, "Consumer Finances During the Pandemic."

National Credit Union Administration

NCUA Board Approves COVID-19 Regulatory Relief Extension

December 21, 2021

The National Credit Union Administration Board unanimously approved an extension of the effective date of its temporary final rule, which modified certain regulatory requirements to help ensure that federally insured credit unions remain operational and can address economic conditions caused by the COVID-19 pandemic.

Federal Housing Finance Agency

Report: FHFA Releases 3rd Quarter 2021 Foreclosure Prevention and Refinance Report

December 21, 2021

The Federal Housing Finance Agency released its third quarter 2021 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac completed 180,566 foreclosure prevention actions during the quarter, raising the total number of homeowners who have been helped to 6,210,485 since the start of conservatorships in September 2008.

Administration Changes

Appointments/Confirmation Hearings

U.S. Department of the Treasury - Janet Yellen (effective January 26, 2021)

Federal Reserve Board

Consumer Financial Protection Bureau - Rohit Chopra (effective October 12, 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 – Rostin Behnam (effective December 17, 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 – Sandra L. Thompson

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