On October 5, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler testified at a House Financial Services Committee (HFSC) hearing entitled, "Oversight of the U.S. Securities and Exchange Commission: Wall Street's Cop Is Finally Back on the Beat."
On October 5, Federal Reserve Board Vice Chair Randal Quarles delivered the unambiguous message – LIBOR is ending. During his speech at the Structured Finance Association conference, SFVegas 2021, Quarles said he expects to see the market transition to SOFR accelerating in these “final 87 days” of 2021.
On September 13, President Biden announced the nomination of three individuals to serve as leaders at the Commodity Futures Trading Commission (CFTC). The nominees include Rostin Behman, who has served as Acting Chair since January, to serve as official CFTC Chair and commissioner, and Kristin Johnson and Christy Goldsmith Romero to serve as commissioners.
On September 14, the Treasury Department and Federal Housing Finance Agency (FHFA) announced that they are suspending certain requirements that were issued in January 2021 amendments to the Preferred Stock Purchase Agreements (PSPAs) between Treasury and Fannie Mae and Freddie Mac.
On September 8, the Office of the Comptroller of the Currency (OCC) announced a proposed plan to rescind the Community Reinvestment Act (CRA) rule that was previously issued in 2020. The OCC aims to replace the existing CRA rule with the previous framework and rules adopted jointly by Federal banking agencies in 1995, which would virtually undo the entire 2020 CRA rulemaking.
On September 1, the White House unveiled new measures aimed at addressing the country’s supply shortage of rental properties and homes. The Biden Administration will leverage the authority of the Federal Housing Finance Agency (FHFA) which oversees GSEs Fannie Mae and Freddie Mac in implementing its new policy agenda.
On August 6, the U.S. Securities and Exchange Commission (SEC) approved a new disclosure listing rule proposed by stock exchange operator Nasdaq Inc. which sets a new standard for corporate governance by requiring its listed companies to publicly disclose the diversity of their corporate boards.
On July 27, the Consumer Financial Protection Bureau (CFPB) published an issue brief reflecting that by May 2021 consumer applications for auto loans, new mortgages and credit cards had mostly returned to pre-pandemic levels.
On July 20, in a joint statement the Office of the Comptroller of the Currency (OCC), Federal Reserve, and Federal Deposit Insurance Corporation announced plans for interagency rulemaking to modernize the Community Reinvestment Act (CRA).