Daily Financial Regulation Update – Tuesday November 16, 2021

PH customer alerts

Click here to learn more about our Coronavirus series.

Congress

Click here to consult the full text of the law on aid, relief and economic security against the coronavirus (the “CARES law”), Adopted March 27, 2020.

Click here to view the full text of the Paycheck Protection Program Increase Act, 2020, Adopted April 24, 2020.

Click here to view the full text of the Paycheck Protection Program Flexibility Act, 2020, Adopted June 5, 2020.

Click here to see the full text of the Consolidated Appropriations Act of 2021, Adopted December 27, 2020.

Click here to view the full text of the 2021 American Rescue Plan, Adopted March 11, 2021.

Click here to consult the full text of the PPP Extension Act of 2021, Adopted March 30, 2021.

Click here to view a list of proposed bills the Senate Banking, Housing and Urban Affairs Committee, the Senate Small Business and Entrepreneurship Committee, the House Financial Services Committee and the House Small Business Committee.

Federal agencies

US Department of the Treasury

Treasury, IRS disburses child tax credit advance payments on month 5

November 15, 2021

The US Department of the Treasury and the Internal Revenue Service have announced that more than $ 15 billion in payments have been made to families with approximately 61 million eligible children as part of the fifth monthly payment of the Child Tax Credit expanded and scalable included in the US Rescue Plan program. Since the first payments were sent in July, the Treasury and IRS have paid out about $ 77 billion to families across the country. Eligible families received up to $ 300 per month for each child under 6 and up to $ 250 per month for each child aged 6 to 17.

Federal Reserve Bank of New York

Report: Empire State Manufacturing Investigation

November 15, 2021

The Federal Reserve Bank of New York released its Empire State Manufacturing Survey for November 2021. The general business conditions index jumped eleven points to 30.9.

Blog post: Vulnerability of the banking system during the COVID-19 pandemic

November 15, 2021

The New York Federal Reserve released a Economy of the rue de la Liberté blog post titled “Banking System Vulnerability Through COVID-19 Pandemic”. In this article, the authors provide their annual update of four analytical models that aim to capture different aspects of the vulnerability of the banking system, and they discuss the models’ perspective on the COVID-19 pandemic.

Federal Deposit Insurance Corporation

Speech: Jelena McWilliams, President of the FDIC, at the 2021 Bank On National Conference

November 15, 2021

Federal Deposit Insurance Corporation President Jelena McWilliams delivered a speech at the 2021 Bank On National Conference.

Financial Stability Supervisory Board

Board meetings

November 15, 2021

On Monday, November 15, the Financial Stability Supervisory Board met in executive session.

National Administration of Credit Unions

Letter: Federal Credit Union Meeting Flexibility in 2022 Due to COVID-19 Pandemic

November 15, 2021

National Credit Union Administration (NCUA) President Todd M. Harper has written a letter to CEOs and boards of directors of federal credit unions. The NCUA extends flexibility for federal credit unions to hold meetings virtually in 2022.

State agencies

New York State Department of Financial Services

Acting Superintendent Adrienne A. Harris Announces DFS Releases Final Guidance to New York National Insurers on Managing Climate Change Financial Risks

November 15, 2021

Adrienne A. Harris, Acting Superintendent of Financial Services, announced that the New York State Department of Financial Services (DFS) has released final guidelines for domestic insurers regulated by New York State , detailing the DFS’s expectations regarding their management of financial risks related to climate change. After releasing a proposed version of the guidelines in March, DFS received feedback from a wide range of stakeholders, including insurers, trade groups, consumer advocates, climate experts, rating agencies and other financial regulators.

International

bank of england

Changes to the FPC framework for the O-SII buffer

November 15, 2021

The Bank of England has issued a consultation paper with changes to the Financial Policy Committee framework for the O-SII cushion.

UK Financial Conduct Authority

Position limits for commodity derivative contracts

November 15, 2021

The Financial Conduct Authority has set limits on the maximum size of positions that a person can hold in commodity derivatives.

Bulletin: Primary Market Bulletin 36

November 15, 2021

The Financial Conduct Authority (FCA) has published its 36^e edition of the Primary Market Bulletin. In this special edition, the FCA introduced a specific working group on climate-related financial disclosures, aligned climate-related disclosure requirements for listed companies, and defined our disclosure expectations and oversight strategy.

Administrative changes

Appointments / Confirmation hearings

US Department of the Treasury – Janet Yellen (effective January 26, 2021)

Consumer Financial Protection Bureau – Rohit Chopra (as of October 12, 2021)

Security and Trade Commission – Gary Gensler (effective April 17, 2021)

Small Business Management – Isabella Casillas Guzman (as of March 16, 2021)

Commodity Futures Commission

Financial Crime Network

National Administration of Credit Unions – Todd M. Harper

US Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021)

Federal Housing Finance Agency

US Department of Education – Dr Miguel Cardona (as of March 2, 2021)