PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, January 26, 2020
January 26, 2021
FedACTion Task Force
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Major Developments
PH FedACTion is now including updates to the regulatory landscape by the Biden-Harris Administration in addition to our continuing updates regarding the federal and state legal and regulatory response to the ongoing COVID-19 pandemic.
Administration Changes
Appointments/Confirmation Hearings
Department of the Treasury – Janet Yellen (Confirmed January 25, 2021)
- Confirmation hearing conducted January 19, 2021
- Senate Finance Committee unanimously approved nomination (January 22, 2021)
- Nominee Opening Statement
- Senate Committee on Finance Chairman Charles Grassley’s Opening Statement
- Senate Committee on Finance Ranking Member Ron Wyden
- Treasury Announces the Appointment of Members of Senior Staff (January 20, 2021)
Consumer Financial Protection Bureau – Rohit Chopra (Nominee)
- Acting Director: Dave Uejio (January 20, 2020)
- Confirmation hearing to be scheduled (additional details to follow)
- Director Kathleen L. Kraninger resigned effective January 20, 2020
Securities and Exchange Commission – Gary Gensler (Nominee)
- Acting Chair: Allison Herren Lee (January 21, 2021)
- Confirmation hearing to be scheduled (additional details to follow)
Small Business Administration – Isabel Guzman (Nominee)
- Acting Administrator: Tami Perriello (January 20, 2021)
- Confirmation hearing to be scheduled (additional details to follow)
Department of Education – Miguel Cardona (Nominee)
Commodity Futures Trade Commission
National Credit Union Administration – Todd M. Harper
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.
Federal Agencies
Federal Reserve Bank of New York
FRBNY’s Center for Microeconomic Data Releases December 2020 Survey of Consumer Expectations Household Spending Survey Findings
January 25, 2021
The Federal Reserve Bank of New York’s Center for Microeconomic Data released findings from the December 2020 Survey of Consumer Expectations Household Spending Survey (Survey), which provides information on individuals’ experiences and expectations regarding household spending. The Survey shows a continuation of relatively modest monthly household spending growth compared to pre-COVID-19 levels.
International
European Banking Authority
EBA Announces Timing of 2021 EU-Wide Stress Test Exercise
January 25, 2021
The European Banking Authority (EBA) announced it will launch its 2021 EU-wide stress test exercise with the publication of the macroeconomic scenarios on January 29, 2021.
Bank of England
Bank of England Releases Asset Purchase Facility Quarterly Report for Fourth Quarter of 2020
January 25, 2021
The Bank of England (Bank) released its Asset Purchase Facility Quarterly Report (Report) for the fourth quarter of 2020. The Report contains information on the Bank’s Asset Purchase Facility for the fourth quarter of 2020 and describes operations carried out during that period.