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

Chairwoman Waters Announces Updates to September Committee Schedule

September 16, 2021

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced the following schedule for the month of September:

Tuesday, September 21, 2021-10:00 A.M.: Preserving the Right of Consumers to Access Personal Financial Data

Thursday, September 23, 2021-10:00 A.M.: Lending in a Crisis: Reviewing the Federal Reserve's Emergency Lending Powers During the Pandemic and Examining Proposals to Address Future Economic Crisis

Tuesday, September 28, 2021-10:00 A.M.: Access Denied: Eliminating Barriers and Increasing Economic Opportunity for Justice-Involved Individuals

Wednesday, September 29, 2021-10:00 A.M.: The Future of Banking: How Consolidation, Nonbank Competition, and Technology are Reshaping the Banking System

Thursday, September 30, 2021-10:00 A.M.: Oversight of the Treasury Department's and Federal Reserve's Pandemic Response

Federal Agencies

U.S. Department of the Treasury

Treasury International Capital Data for July 2021

September 16, 2021

The U.S. Department of the Treasury released its Treasury International Capital (TIC) data for July 2021.

Report: $700 Billion of $1 Trillion in American Rescue Plan Relief Disbursed in First Six Months

September 16, 2021

The U.S. Department of the Treasury (Treasury) released a new report on the first six months of the Treasury's implementation of the American Rescue Plan. Since the American Rescue Plan was signed by President Biden, the Treasury disbursed approximately $700 billion of the $1 trillion in programs.

Federal Reserve Bank of New York

Report: Business Leaders Survey

September 16, 2021

The Federal Reserve Bank of New York published its monthly Business Leaders Survey of service firms in New York State, northern New Jersey, and southwestern Connecticut. Business activity continued to increase in the region's service sector, though at a slower pace than in recent months. Looking ahead, firms expressed the view that conditions would improve over the next six months, though optimism continued to wane, as it has for the past few months.

Office of the Comptroller of the Currency

Report: OCC Reports Second Quarter 2021 Bank Trading Revenue

September 16, 2021

The Office of the Comptroller of the Currency (OCC) published its Q2 2021 Quarterly Report on Bank Trading and Derivatives Activities. The OCC reported trading revenue of U.S. commercial banks and savings associations of $8.1 billion in the second quarter of 2021. The second quarter trading revenue was $2.4 billion, or 22.9%, less than the previous quarter.

FINRA

Social Media Influencers, Customer Acquisition, and Related Information Protection

September 16, 2021

The Financial Industry Regulatory Authority is conducting a review of firm practices related to the acquisition of customers through social media channels, and how firms manage their obligations related to information collected from those customers and other individuals that may provide data to firms.

U.S. Department of Labor

Unemployment Insurance Weekly Claims Report Update

September 16, 2021

In the week ending September 11, the advance figure for seasonally adjusted initial claims was 332,000, an increase of 20,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 310,000 to 312,000. The 4-week moving average was 335,750, a decrease of 4,250 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 339,500 to 340,000.

International

UK Financial Conduct Authority

Paper: FCA and TPR Outline a Framework for Value for Money in Defined Contribution Pension Schemes

September 16, 2021

The Financial Conduct Authority and the Pensions Regulator have published a joint discussion paper on developing a common framework for measuring value for money (VFM) in defined contribution pension schemes. The aim of the two regulators is to drive a long-term focus on VFM across the pensions sector.

Administration Changes

Appointments/Confirmation Hearings

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

Consumer Financial Protection Bureau - Rohit Chopra (Nominee)

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

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

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

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