Blog: Daily Financial Regulation Update — Wednesday, November 24, 2021 – Lexology

PH Client Alerts

Click here to read more from our Coronavirus series.

Major Developments

Office of the Comptroller of the Currency

Office of the Comptroller of the Currency Clarifies Bank Authority to Engage in Certain Cryptocurrency Activities and Authority of OCC to Charter National Trust Banks

November 23, 2021

The Office of the Comptroller of the Currency (OCC) published a letter confirming that national banks and federal savings associations have the authority to engage in digital assets, confirming the legal analysis in three recent OCC legal opinions. The OCC, however, noted that such activities must be conducted in a safe and sound manner in order to be legally permissible and that banks seeking to engage in digital asset activities must demonstrate that they have adequate controls in place before they can engage in certain cryptocurrency, distributed ledger, and stablecoin activities.

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

Federal Deposit Insurance Corporation

Office of the Comptroller of the Currency

Joint Statement: Agencies Issue Joint Statement on Crypto-Asset Policy Initiative and Next Steps

November 23, 2021

The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency issued a joint statement summarizing their interagency “policy sprints” focused on crypto-assets and providing a roadmap of future work related to crypto-assets.

Computer-Security Incident Notification: Final Rule

November 23, 2021

On November 23, 2021, the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation published a final rule to establish computer-security incident notification requirements for banking organizations and their bank service providers.

Federal Reserve Bank of New York

Blog Post: Is Higher Financial Stress Lurking around the Corner for China?

November 23, 2021

The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled, “Is Higher Financial Stress Lurking Around the Corner for China?”

Investments: Venture Capital Funds

November 23, 2021

The Office of the Comptroller of the Currency issued a bulletin to remind banks that they are prohibited from making most equity investments in venture capital funds even when relying on exemptions set forth in related laws such as the Volcker Rule under the Bank Holding Company Act.

U.S. Department of Housing and Urban Development/Federal Housing Administration

HUD Awards $20 Million for Eviction Protection and Diversion

November 23, 2021

The U.S. Department of Housing and Urban Development (HUD) announced $20 million in inaugural grants from its Eviction Protection Grant Program, the first of its kind for HUD. These grants will be awarded to legal service providers to assist in providing legal assistance to low-income tenants at risk of or subject to eviction. The Eviction Protection Grant Program is part of HUD’s continued work, as part of a whole of government approach, to support families recovering from the public health and economic impacts of the COVID-19 pandemic.

International

Bank of England

Speech: Inflation Now and Then – Speech by Jonathan Haskel

November 23, 2021

External Member of the Bank of England’s Monetary Policy Committee Jonathan Haskel gave a speech titled, “Inflation Now and Then.”

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

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

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

 

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