Blog: Daily Financial Regulation Update — Thursday, November 25, 2021 – Lexology

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. Senate

Committee on Banking, Housing, and Urban Affairs

Letter: Brown Presses Stablecoin Companies on Risks

November 24, 2021

Senator Sherrod Brown, Chair of the U.S. Senate Committee on Banking, Housing, and Urban sent letters to stablecoin issuers and exchanges seeking information on how companies are protecting consumers and investors amid the risks highlighted in the recent report by the President’s Working Group on Financial Markets.

Federal Agencies

Federal Reserve Board

Report: Federal Reserve Supervision and Regulation Report

November 24, 2021

The Board of Governors of the Federal Reserve published its November 2021 Supervision and Regulation Report.

Minutes of the Federal Open Market Committee, November 2-3, 2021

November 24, 2021

The Federal Reserve Board and the Federal Open Market Committee (FOMC) released the minutes of the FOMC meeting held on November 2-3, 2021.

Federal Reserve Bank of New York

Blog Post: The Term Spread as a Predictor of Financial Instability

November 24, 2021

The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled, “The Term Spread as a Predictor of Financial Instability.”

Federal Reserve Bank of Boston

What’s the Impact of Persistent Barriers to Basic Financial Services?

November 24, 2021

On the surface, fair access to financial services may seem less urgent than addressing housing discrimination and wealth inequality in the efforts to tackle historical economic racial disparities. Yet making it easier to open a checking account, obtain a reasonable home mortgage or business loan, or quickly access your own money are essential to that work, said Esther George, president of the Federal Reserve Bank of Kansas City.

U.S. Small Business Administration

The U.S. Small Business Administration Fact Sheet on Support to America’s Small Businesses, Helping Them Recover from the COVID-19 Pandemic

November 24, 2021

The U.S. Small Business Administration (SBA) published a fact sheet describing how the SBA is delivering support to small businesses and helping them recover from the COVID-19 pandemic.

U.S. Department of Labor

Unemployment Insurance Weekly Claims Report Update

November 24, 2021

In the week ending November 20, the advance figure for seasonally adjusted initial claims was 199,000, a decrease of 71,000 from the previous week’s revised level. This is the lowest level for initial claims since November 15, 1969 when it was 197,000. The previous week’s level was revised up by 2,000 from 268,000 to 270,000. The 4-week moving average was 252,250, a decrease of 21,000 from the previous week’s revised average. This is the lowest level for this average since March 14, 2020 when it was 225,500. The previous week’s average was revised up by 500 from 272,750 to 273,250.

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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