Client Alert
Daily Financial Regulation Update --Tuesday, March 16, 2021
March 16, 2021
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Administration Changes
Appointments/Confirmation Hearings
Department of the Treasury – Janet Yellen (effective January 26, 2021)
- Treasury Announces Key Staff Appointment (March 2, 2021)
- Statement from Secretary Yellen on President Biden’s Intention to Nominate Key Roles for Treasury (March 11, 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 (Nominee)
- Acting Chair: Allison Herren Lee (January 21, 2021)
- Confirmation hearing held on March 2, 2021
- Committee approval March 10, 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 (effective March 10, 2021)
- Marcia Fudge Sworn in As Secretary of Housing and Urban Development (March 10, 2021)
- Statement by Senate Committee on Banking, Housing, and Urban Affairs Chair Sherrod Brown (March 10, 2021)
- Statement by Senate Committee on Banking, Housing, and Urban Affairs Ranking Member Pat Toomey (March 10, 2021)
- Statement by House Committee on Financial Services Chair Maxine Waters (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 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
Ranking Member Toomey Outlines Housing Finance Reform Principles
March 15, 2021
U.S. Senate Banking Committee Ranking Member Pat Toomey (R-PA) released a set of guiding principles for housing finance reform in advance of a hearing to be held on March 16, 2021 titled “Home = Life: The State of Housing in America.”
Federal Agencies
U.S. Department of the Treasury
Treasury International Capital Data for January
March 15, 2021
The U.S. Department of the Treasury released Treasury International Capital (TIC) data for January 2021. The sum total in January 2021 of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC inflow of $106.3 billion. Of this, net foreign private inflows were $45.0 billion, and net foreign official inflows were $61.3 billion.
Federal Reserve Bank of New York
SCE Credit Access Survey: February 2021
March 15, 2021
The Federal Reserve Bank of New York’s Center for Microeconomic Data released the February 2021 SCE Credit Access Survey. According to the survey, the rate of applying for one or several types of credit over the past twelve months rebounded to 45% in February 2021 from 35% in October 2020. The increase was broad-based across loan types and credit score groups, although it was largest for mortgage refinance applications.
Federal Deposit Insurance Corporation
FDIC and University of Santa Clara to Host ‘Big Data’ Webinar Series
March 15, 2021
The Federal Deposit Insurance Corporation and the University of Santa Clara announced a series of public webinars to explore the opportunities and challenges in leveraging big data for the banking industry. “Banking on Data: Great Possibilities, Great Responsibilities” is a series of five webinars scheduled throughout the year to include industry leaders, academics and technologists on the use of new data analytics to improve the efficiency, competitiveness and security of the nation’s banking and financial system.
U.S. Securities and Exchange Commission
Speech: A Climate for Change: Meeting Investor Demand for Climate and ESG Information at the SEC
March 15, 2021
Allison Herren Lee, Acting Chair of the U.S. Securities and Exchange Commission (SEC), gave a speech titled “A Client for Change: Meeting Investor Demand for Climate and ESG Information at the SEC.”
Statement: Public Input Welcomed on Climate Change Disclosures
March 15, 2021
Allison Herren Lee, Acting Chair of the U.S. Securities and Exchange Commission, issued a public statement titled “Public Input Welcomed on Climate Change Disclosures.”
U.S. Small Business Administration
SBA OIG Report 21-09: Duplicate Loans Made Under the Paycheck Protection Program
March 15, 2021
The Office of Inspector General (OIG) of the U.S. Small Business Administration (SBA) issued a report on the Paycheck Protection Program (PPP) and PPP regulations and the Health Care Enhancement Act, in addition to guidance published in SBA’s PPP Interim Final Rules and PPP Frequently Asked Questions.
State Agencies
New York State Department of Financial Services
Governor Cuomo Announces New Guidance from the Department of Financial Services for the Fair and Prompt Payment of Health Insurance Claims
March 15, 2021
Governor Andrew M. Cuomo announced the issuance of new guidance by the Department of Financial Services alerting insurers of new protections for patients and healthcare providers that limit health insurance claims denials and inappropriate payment reductions or delays related to medically necessary services.
International
European Banking Authority
EBA Reports on the Monitoring of the LCR Implementation in the EU
March 15, 2021
The European Banking Authority (EBA) published its second report on the monitoring of liquidity coverage ratio implementation in the European Union (EU). The report, which complements the one published on July 12, 2019, highlights areas in which further guidance is deemed useful for banks and supervisors in order to foster a common understanding and harmonization of the application of the liquidity standard across the EU.
EBA Releases its Annual Assessment of the Consistency of Internal Model Outcomes for 2020
March 15, 2021
The European Banking Authority published two reports on the consistency of risk-weighted assets across all European Union institutions authorized to use internal approaches for the calculation of capital requirements for 2020. The reports cover credit risk for high and low default portfolios, as well as market risk.