PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, February 13, 2020
February 13, 2021
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Administration Changes
Appointments/Confirmation Hearings
Department of the Treasury – Janet Yellen (effective January 26, 2021)
- Treasury Announces Confirmation of Secretary Janet Yellen (January 26, 2021)
- Statement of House Committee on Financial Services Chairwoman Maxine Waters on Confirmation of Janet Yellen (January 26, 2021)
- Treasury Announces the Appointment of Members of Senior Staff (January 20, 2021)
- Treasury Announces Appointment of Several Members of Staff (February 3, 2021)
Consumer Financial Protection Bureau – Rohit Chopra (Nominee)
- Acting Director: Dave Uejio (January 20, 2020)
- Confirmation hearing to be scheduled (additional details to follow)
- Readout of Incoming Chair Brown’s Meeting with Rohit Chopra (February 3, 2021)
Securities and Exchange Commission – Gary Gensler (Nominee)
- Acting Chair: Allison Herren Lee (January 21, 2021)
- Confirmation hearing to be scheduled (additional details to follow)
- Acting Chair Allison Herren Lee Announces Executive Staff (February 1, 2021)
- Kelly L. Gibson Named Acting Deputy Director of Division of Enforcement (February 5, 2021)
Small Business Administration – Isabel Guzman (Nominee)
- Acting Administrator: Tami Perriello (January 20, 2021)
- Confirmation hearing to be scheduled (additional details to follow)
Commodity Futures Trade Commission
National Credit Union Administration – Todd M. Harper
Department of Housing and Urban Development – Marcia Fudge (Nominee)
- Acting Secretary: Matthew E. Ammon
- HUD Announces New Leadership Appointees
- Statement by Senate Committee on Banking, Housing, and Urban Affairs Chairman Sherrod Brown (February 4, 2021)
Department of Education – Miguel Cardona (Nominee)
- Acting Secretary: Phil Rosenfelt (January 20, 2021)
- Education Announces Senior Appointees (January 21, 2021)
- Education Announces More Biden-Harris Appointees (February 3, 2021)
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 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
Senators Warren, Brown, and Van Hollen Urge SEC to Strengthen and Enforce Insider Trading Rule
February 12, 2021
U.S. Senators Elizabeth Warren (D-MA), Sherrod Brown (D-OH), and Chris Van Hollen (D-MD), members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to the Securities and Exchange Commission (SEC) urging the agency to review and consider reforming policies regarding 10b5-1 plans, which are designed to prevent insider trading.
Senator Toomey, GOP Banking Committee Members Urge SEC to Block NASDAQ’s Proposed Diversity Rule
February 12, 2021
U.S. Senate Banking Committee (Committee) Ranking Member Pat Toomey (R-PA) and all Republican members of the Committee sent a letter to U.S. Securities and Exchange Commission (SEC) Acting Chair Allison Herren Lee, urging the SEC to reject a proposed rule from NASDAQ that requires publicly traded corporations to adopt new racial and gender diversity standards for boards of directors.
Federal Agencies
Department of the Treasury
Treasury Secretary Yellen Participates in G7 Finance Ministers and Central Bank Governors Meeting
February 12, 2021
Janet L. Yellen, Secretary of the U.S. Department of the Treasury (Treasury), participated in a virtual meeting with G7 finance ministers and central bank governors. According to a statement issued by a Treasury Spokesperson, Yellen emphasized the importance of providing further fiscal support to promote a robust and lasting recovery and expressed strong support for G7 efforts to tackle climate change.
Federal Reserve Board
Federal Reserve Board Releases Hypothetical Scenarios for its 2021 Bank Stress Tests
February 12, 2021
The Board of Governors of the Federal Reserve System (Board) released the hypothetical scenarios for its 2021 bank stress tests. Last year, the Board found that large banks were generally well capitalized under a range of hypothetical events, but due to continuing economic uncertainty, placed restrictions on bank payouts to preserve the strength of the banking sector.
Federal Reserve Bank of New York
FRBNY Issues New FAQ
February 12, 2021
The Federal Reserve Bank of New York issued an FAQ for the Corporate Credit Facilities - Corporate Bond and ETF Investment Management Services Prequalification process.
FRBNY Releases Monthly U.S. Economy Snapshot
February 12, 2021
The Federal Reserve Bank of New York released its U.S. Economy in a Snapshot presentation (Snapshot) for February 2021. According to the Snapshot, consumer spending fell again in December 2020; real expenditures on goods fell while spending on services was roughly unchanged; overall spending was down 3% over the year, with purchase of goods up 6% and those for services down 7%; and lower spending and higher income pushed up personal saving.
FRBNY Updates Labor Market for Recent College Graduates Page
February 12, 2021
The Federal Reserve Bank of New York updated its Labor Market for Recent College Graduates page, which now provides new 2020 fourth quarter data on unemployment, underemployment, and underemployed job types, as well as new annual data on wages and labor market outcomes by major.
Office of the Comptroller of the Currency
OCC Releases Dodd-Frank Act Stress Test Scenarios for 2021
February 12, 2021
The Office of the Comptroller of the Currency (OCC) released economic and financial market scenarios for use in the upcoming stress tests for certain national banks and federal savings association subject to stress testing.
International
Bank of England
Bank Issues Staff Working Paper on Banks, Shadow Banks, and Business Cycles
February 12, 2021
The Bank of England issued Staff Working Paper No. 907, titled “Banks, Shadow Banks, and Business Cycles” (Paper). In the Paper, the authors observe that credit spreads on household and business loans move in lockstep and spike in every recession, and propose a theory as to why banks tighten their lending standards following a drop in market sentiment.