PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, April 15, 2021
April 15, 2021
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Administration Changes
Appointments/Confirmation Hearings
Department of the Treasury – Janet Yellen (effective January 26, 2021)
Consumer Financial Protection Bureau – Rohit Chopra (Nominee)
- Acting Director: Dave Uejio (January 20, 2020)
- Confirmation hearing held on March 2, 2021
- Committee approval March 10, 2021
- Toomey Opening Statement During Chopra, Gensler Nomination Hearing (March 2, 2021)
Securities and Exchange Commission – Gary Gensler (effective April 14, 2021)
- Statement by Acting Chair Allison Herren Lee and Commissioners on Confirmation of Gary Gensler (April 14, 2021)
- Statement by FINRA President and CEO Robert W. Cook on Confirmation of Gary Gensler (April 14, 2021)
- Statement by Senate Committee on Banking, Housing, and Urban Affairs Chair Sherrod Brown on Confirmation of Gary Gensler (April 14, 2021)
Small Business Administration – Isabel Guzman (effective March 16, 2021)
Commodity Futures Trade Commission
Financial Crimes Enforcement Network
- FinCEN Announces Acting Director and New Deputy Director (April 2, 2021)
- Statement from Treasury Deputy Secretary Adeyemo on Leadership Announcement (April 2, 2021)
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, 2011)
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
Senators Brown and Rubio Re-Introduce Legislation to Protect Small Businesses from Predatory Lenders
April 14, 2021
U.S. Senators Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and Marco Rubio (R-FL) re-introduced legislation to protect small businesses from predatory lenders.
U.S. House of Representatives
Committee on Financial Services
Build Back Better: Investing in Equitable and Affordable Housing Infrastructure
April 14, 2021
The U.S. House Committee on Financial Services held a virtual hearing titled “Build Back Better: Investing in Equitable and Affordable Housing Infrastructure.”
Federal Agencies
U.S. Department of the Treasury
Treasury and IRS Disburse 2 Million More Economic Impact Payments under the American Rescue Plan
April 14, 2021
The U.S. Department of the Treasury, the Internal Revenue Service, and the Bureau of the Fiscal Service announced they are disbursing nearly 2 million payments in the fifth batch of Economic Impact Payments from the American Rescue Plan. The fifth batch of payments began processing on April 9, 2021 with an official payment date of April 14, 2021, with some people receiving direct payments in their accounts earlier as provisional or pending deposits.
Treasury Establishes New Office to Lead Implementation of Relief and Recovery Programs
April 14, 2021
The U.S. Department of the Treasury (Treasury) announced the establishment of the Office of Recovery Programs to lead the Treasury’s implementation of economic relief and recovery programs, including nearly $420 billion in programs from the American Rescue Plan Act of 2021. The new office, which will be led by the Chief Recovery Officer, will report to Treasury’s Deputy Secretary and will be principally focused on efficiently establishing and administering Treasury’s programs to support an equitable and swift recovery from the economic challenges precipitated by the COVID-19 pandemic.
Federal Reserve Board
The End of LIBOR: Transitioning to an Alternative Interest Rate Calculation for Mortgages, Student Loans, Business Borrowing and other Financial Products
April 15, 2021
Mark Van Der Weide, General Counsel for the Board of Governors of the Federal Reserve System, gave testimony before the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, Committee on Financial Services, U.S. House of Representatives, titled “The End of LIBOR: Transitioning to an Alternative Interest Rate Calculation for Mortgages, Student Loans, Business Borrowing and Other Financial Products.”
The Federal Reserve’s New Framework and Outcome-Based Forward Guidance
April 14, 2021
Richard H. Clarida, Vice Chair at the Board of Governors of the Federal Reserve System, gave a speech titled “The Federal Reserve’s New Framework and Outcome-Based Forward Guidance,” at a forum sponsored by the Manhattan Institute.
Federal Reserve Bank of New York
Mapping a Sector’s Scope Transformation and the Value of Following the Evolving Core
April 14, 2021
The Federal Reserve Bank of New York released a staff report titled “Mapping a Sector’s Scope Transformation and the Value of Following the Evolving Core.”
What Is Behind the Global Jump in Personal Saving during the Pandemic?
April 14, 2021
The Federal Reserve Bank of New York’s Liberty Street Economics blog released a post titled “What is Behind the Global Jump in Personal Saving during the Pandemic?”
Federal Reserve Bank of Boston
COVID-19 and the Labor Market Outcomes for Prime-Aged Women
April 14, 2021
The Federal Reserve Bank of Boston released a policy perspective titled “COVID-19 and the Labor Market Outcomes for Prime-Aged Women.” The paper documents labor market outcomes for prime-aged women relative to those for prime-aged men since the COVID-19 pandemic officially started.
Conference of State Bank Supervisors
Networked Supervision: Building on a Legacy of Collaboration
April 14, 2021
Michael L. Stevens, Senior Executive Vice President at the Conference of State Bank Supervisors, released a blog post titled “Networked Supervision: Building on a Legacy of Collaboration.”
U.S. Securities and Exchange Commission
Token Safe Harbor Proposal 2.0
April 13, 2021
U.S. Securities and Exchange Commissioner Hester M. Peirce released a public statement titled “Token Safe Harbor Proposal 2.0.”
Commodity Futures Trading Commission
CFTC Staff Issues Continuation of Certain No-Action Relief to Market Participants in Response to COVID-19
April 14, 2021
The Commodity Futures Trading Commission (CFTC) announced the Market Participants Division and the Division of Market Oversight are providing a continuation of certain parts of the temporary no-action relief issued in response to the COVID-19 pandemic that is scheduled to expire on April 15, 2021. Any prior relief not extended by CFTC Staff Letter No. 21-10 has expired or will expire pursuant to the terms of the applicable CFTC Staff Letter.
Consumer Financial Protection Bureau
Protecting Consumers through a Pandemic: 2020 Fair Lending Report to Congress
April 14, 2021
The Consumer Financial Protection Bureau (CFPB) released its annual Fair Lending Report to Congress.
National Credit Union Association
NCUA Releases Office of Minority and Women Inclusion Annual Report to Congress
April 14, 2021
The National Credit Union Administration (NCUA) released its Office of Minority and Women Inclusion annual report detailing the NCUA’s progress in 2020 in advancing diversity, equity, and inclusion in its workforce.
Freddie Mac
Freddie Mac Quarterly Forecast: As the Economy Recovers, the Housing Market Remains Healthy While Mortgage Rates Move Up
April 14, 2021
Freddie Mac issued a release that states that, according to Freddie Mac’s Quarterly Forecast, mortgage rates will continue to move up with the 30-year fixed-rate mortgage averaging just above 3% through the end of 2021. House price growth is expected to be 6.6% in 2021, slowing to 4.4% in 2022. Home sales are expected to reach 7.1 million in 2021, falling to 6.7 million homes in 2022.
International
Bank of England Prudential Regulation Authority
Joint PRA and FCA Statement on the FSB Peer Review on Remuneration
April 14, 2021
The Bank of England Prudential Regulation Authority and Financial Conduct Authority gave a joint statement on the Financial Stability Board’s peer review on remuneration, “Peer Review of the United Kingdom.”
Letter from the PRA and FCA ‘Obtaining deposits via deposit aggregators’
April 14, 2021
The Bank of England Prudential Regulatory Authority and Financial Conduct Authority issued a joint letter to Chief Executive Officers to (i) highlight the risks associated with the increasing volumes of deposits that are placed with banks and building societies via deposit aggregators, and discuss how to mitigate them and (ii) outline some of the key responsibilities for which firms will be held accountable.