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

CARES Act Oversight of Treasury and the Federal Reserve: Building a Resilient Economy

November 30, 2021

The Committee on Banking, Housing, and Urban Affairs conducted a hearing entitled, "CARES Act Oversight of Treasury and the Federal Reserve: Building a Resilient Economy."

U.S. House of Representatives

Committee on Financial Services

Letter: Congresswoman Waters and Congressman Foster Urge Regulators to Ensure Algorithmic Bias Does Not Occur in Emerging Technology

November 29, 2021

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee and Congressman Bill Foster (D-IL), Chair of the Task Force on Artificial Intelligence, sent a letter to Jerome Powell, Chairman of the Federal Reserve System; Todd Harper, Chairman of the National Credit Union Administration; Rohit Chopra, Director of the Consumer Financial Protection Bureau; Jelena McWilliams, Chairman of the Federal Deposit Insurance Corporation; and Michael Hsu, Acting Comptroller of the Currency of the Office of the Comptroller of the Currency, all members of Federal Financial Institutions Examination Council, urging them to keep up with the rapid development of technology and ensure algorithmic bias does not occur.

Federal Agencies

Federal Reserve Board

Minutes of the Board's Discount Rate Meetings on October 25 and November 3, 2021

November 30, 2021

The Federal Reserve Board and the Federal Open Market Committee (FOMC) released the minutes of the FOMC interest rate meetings on October 25 and November 3, 2021.

Speech: Clarida, Federal Reserve Independence: Foundations and Responsibilities

November 30, 2021

Federal Reserve System Vice Chair Richard H. Clarida gave a speech titled, "Federal Reserve Independence: Foundations and Responsibilities," at the Federal Reserve Bank of Cleveland.

Federal Reserve Bank of New York

Healthy Workforce, Healthy Economy

November 30, 2021

John C. Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, gave prepared remarks titled, "Healthy Workforce, Healthy Economy," at Combating Food Insecurity: What's Working – and What's Scalable?

Federal Deposit Insurance Corporation

FDIC-Insured Institutions Reported Net Income of $69.5 Billion in Third Quarter 2021

November 30, 2021

The Federal Deposit Insurance Corporation (FDIC) published its latest Quarterly Banking Profile. Reports from the 4,914 commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation reflect aggregate net income of $69.5 billion in third quarter 2021, an increase of $18.4 billion (35.9%) from a year ago. This increase was driven by further economic growth and improved credit conditions, which led to a third consecutive quarter of aggregate negative provision expense.

Federal Housing Finance Agency

FHFA Announces Conforming Loan Limits for 2022

November 30, 2021

The Federal Housing Finance Agency (FHFA) announced the conforming loan limits (CLLs) for mortgages to be acquired by Fannie Mae and Freddie Mac in 2022. In most of the U.S., the 2022 CLL for one-unit properties will be $647,200, an increase of $98,950 from $548,250 in 2021.

U.S. House Prices Rise 18.5% Over the Last Year; Up 4.2% from the Second Quarter

November 30, 2021

U.S. house prices rose 18.5% from the third quarter of 2020 to the third quarter of 2021 according to the Federal Housing Finance Agency (FHFA) House Price Index. House prices were up 4.2% compared to the second quarter of 2021.

International

UK Financial Conduct Authority

CP21/33: FCA Sets Out Fees Proposals for 2022/23

November 30, 2021

The Financial Conduct Authority published Consultation Paper CP21/33 with proposed changes to the fees financial services firms pay to cover the cost of regulation.

PS21/20: Changes to UK MiFID's Conduct and Organizational Requirements

November 30, 2021

The Financial Conduct Authority published Policy Statement PS21/20 titled, "Changes to UK Markets in Financial Instruments Directive's Conduct and Organizational Requirements."

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)