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 2021 Consolidated Appropriations Act, 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.
United States House of Representatives
Financial Services Commission
Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States
December 8, 2021
The United States House of Representatives Committee on Financial Services held a hearing titled “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States.”
Federal agencies
US Department of the Treasury
Remarks by Assistant Secretary of the Treasury for Economic Policy Ben Harris on Promoting Competition in Labor Markets
December 8, 2021
US Department of the Treasury Assistant Secretary for Economic Policy Ben Harris spoke at a public workshop on promoting competition in labor markets organized by the Department of Justice and the Federal Trade Commission.
Treasury targets corruption networks linked to transnational organized crime
December 8, 2021
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) targets 16 people and 24 entities in several countries in Europe and the Western Hemisphere. Today’s actions are taken in accordance with Executive Decree (EO) 13818, which builds on and implements the Global Magnitsky Human Rights Accountability Law, and targets perpetrators of corruption and serious human rights violations.
Federal Reserve Bank of Boston
Document: Delivering Debt Relief Through the Banking Sector: Lessons from the Irish Mortgage Market
December 8, 2021
The Federal Reserve Bank of Boston has published a document entitled “Deliving Debt Relief through the Banking Sector: Lessons from the Irish Mortgage Market.” “
Office of the Comptroller of the Currency
Acting Controller discusses reform of overdraft programs
December 8, 2021
Acting Currency Comptroller Michael J. Hsu discussed reforming bank overdraft programs to improve the financial health of individuals in remarks ahead of the 34th Annual Financial Services Conference of the Consumer Federation of America.
Consumer Financial Protection Bureau
CFPB report highlights surveillance findings regarding law violations in 2021
December 8, 2021
The Consumer Financial Protection Bureau (CFPB) released a Supervisory Highlights report, outlining violations of the law identified by CFPB reviews during the first half of 2021. The report also highlights previous supervisory findings. of the CFPB which led to public execution measures in the first half of 2021..
Federal Financial Institutions Review Council
Improved uniform reporting on bank performance
December 8, 2021
The Federal Financial Institutions Examination Council announced that its member agencies are making an enhancement to the Uniform Banking Performance Report (UBPR) to allow users to create a personalized “My UBPR Page” as part of the overall UBPR report. The enhancement will provide users with the ability to add the most interesting UBPR line items to a single UBPR report page.
International
European Commission
EU strengthens protection against economic coercion
December 8, 2021
The European Commission has proposed a new tool to counter the use of economic coercion by third countries. The legal instrument follows the fact that the European Union (EU) and its member states have become the target of deliberate economic pressures in recent years. It strengthens the EU’s toolbox and will enable the EU to better defend itself on the world stage.
European banking authority
Updates from the EBA on the monitoring of CET1 capital instruments
December 8, 2021
The European Banking Authority (EBA) has published an updated list of Common Equity Tier 1 (CET1) capital instruments of EU institutions. The list is accompanied by an updated CET1 report, which includes information on the underlying objectives of supervision as well as the consequences of including or excluding instruments from or from the CET1 list. EBA’s monitoring of capital instruments contributes to improving the quality of institutions’ own funds across the EU. The EBA will continue to regularly update the report to take into account new developments in CET1 emissions and practices.
EBA consults on draft technical standards defining requirements for crowdfunding service providers
December 8, 2021
The European Banking Authority has launched a consultation on draft regulatory technical standards specifying the information crowdfunding service providers must provide to investors. The proposed requirements cover the method used for calculating credit scores and loan prices, the factors that providers should take into account when performing a credit risk assessment and appraising a loan, as well as the underlying governance policies and arrangements.
Administrative changes
Appointments / Confirmation hearings
US Department of the Treasury – Janet Yellen (effective January 26, 2021)
Federal Reserve Board
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)