PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, April 9, 2021
April 09, 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 (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 (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.
Federal Agencies
U.S. Department of the Treasury
Remarks at the Federal Reserve Bank of New York’s Annual Primary Dealer Meeting
April 8, 2021
Brian Smith, Deputy Assistant Secretary for Federal Finance at the U.S. Department of the Treasury, gave remarks at the Federal Reserve Bank of New York’s Annual Primary Dealer Meeting addressing policy markets related to the U.S. Treasury Bond market.
Joint IMFC and Development Committee Statement by Treasury Secretary Janet L. Yellen
April 8, 2021
U.S. Department of the Treasury Secretary Janet L. Yellen gave a statement at the Joint International Monetary and Financial Committee and Development Committee meeting concerning emerging from the COVID-19 crisis, and setting the stage for more inclusive, resilient and sustainable growth going forward.
Statement on State Fiscal Recovery Funds and Tax Conformity
April 7, 2021
The U.S. Department of the Treasury released a statement on usage of state fiscal recovery funds and tax conformity.
Federal Reserve Board
Federal Reserve Board Invites Public Comment on a Proposal to Automate Non-Merger-Related Adjustments to Member Banks’ Subscriptions to Federal Reserve Bank Capital Stock
April 8, 2021
The Board of Governors of the Federal Reserve System (Federal Reserve) requested public comment on a proposal to automate non-merger-related adjustments to member banks’ subscriptions to Federal Reserve Bank capital stock. The automated process would eliminate the need for member banks to file applications to adjust their stock subscriptions—except in the context of mergers—and would significantly reduce the annual reporting burden to member banks.
Federal Reserve Announces Final Rule Making Technical, Clarifying Changes to the Federal Open Market Committee’s Rules Describing its Freedom of Information Act Procedures
April 8, 2021
The Board of Governors of the Federal Reserve System announced a final rule that makes technical, clarifying updates to the Federal Open Market Committee’s rules describing its Freedom of Information Act procedures. The final rule is generally similar to the proposal from October 2020, with a few changes in response to public comments.
Federal Reserve Bank of New York
Desk Operations: The New Normal
April 8, 2021
Lorie K. Logan, Executive Vice President at the Federal Reserve Bank of New York, gave remarks at the Annual Primary Dealer Meeting titled “Desk Operations: The New Normal.”
U.S. Securities and Exchange Commission
SPACs, IPOs and Liability Risk under the Securities Laws
April 8, 2021
John Coates, Acting Director, Division of Corporate Finance at the U.S. Securities and Exchange Commission, issued a public statement titled “SPACs, IPOs and Liability Risk under the Securities Laws.”
Commodity Futures Trading Commission
CFTC Staff Issues Further Brexit-Related Relief to Provide Market Certainty
April 8, 2021
The Commodity Futures Trading Commission’s Market Participants Division, Division of Clearing and Risk, Division of Data, and Division of Market Oversight announced they are issuing no-action relief, effective immediately, to provide greater certainty to the global marketplace in connection with the withdrawal of the United Kingdom from the European Union.
U.S. Small Business Administration
SBA Opens Application process for Shuttered Venue Operators Grants for
April 7, 2021
The U.S. Small Business Administration opened the Shuttered Venue Operators Grant application portal for operators of live venues, live performing arts organizations, museums and movie theatres, as well as live venue promoters, theatrical producers and talent representatives to apply for economic relief, as those eligible entities are some of the first that had to shutter their doors a year ago in response to the COVID-19 pandemic.
U.S. Department of Housing and Urban Development/Federal Housing Administration
HUD Announces $5 Billion to Increase Affordable Housing to Address Homelessness
April 8, 2021
U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge announced the allocation of nearly $5 billion in American Rescue Plan funds to help communities across the country create affordable housing and services for people experiencing or at risk of experiencing homelessness.
Ginnie Mae
Ginnie Mae Reports March MBS Issuance of $82 Billion
April 8, 2021
Ginnie Mae issued a press release stating that its mortgage-backed securities (MBS) issuance volume was $82.25 billion in March 2021, up from $77 billion issued in February 2021. Issuance continues to be fueled by across-the-board demand for government-backed mortgages as consumers increase home refinance and home purchase volume during this period of low interest rates. Approximately 294,072 homes and apartment units were financed by Ginnie Mae guaranteed MBS in March 2021.
U.S. Department of Labor
DOL Releases Unemployment Insurance Weekly Claims Report Update
April 8, 2021
The U.S. Department of Labor released its Unemployment Insurance Weekly Claims Report. In the week ending April 3, 2021, the advance figure for seasonally adjusted initial claims was 744,000, an increase of 16,000 from the previous week’s revised level. The previous week’s level was revised up by 9,000 from 719,000 to 728,000. The four-week moving average was 723,750, an increase of 2,500 from the previous week’s revised average. The previous week’s average was revised up by 2,250 from 719,000 to 721,250.
International
European Commission
Coronavirus: Team Europe Continues to Deliver with More than €26 Billion Disbursed in Support to Partner Countries in One Year
April 8, 2021
According to a release by the European Commission (EC), one year ago, the EC and the High Representative set out plans for a targeted EU response to support partner countries’ efforts in tackling the COVID-19 pandemic combining resources from the EU, its Member States and European financial institutions, as “Team Europe.” By January 1, 2021, Team Europe had already supported partner countries around the world with more than €26 billion, 65% of the overall response package that now stands at more than €40 billion and exceeding the original €20 billion pledged.
European Banking Authority
EBA Updates Lists of Regional Governments and Local Authorities and of Regional Governments and Local Authorities for the Calculation of Capital Requirements
April 8, 2021
The European Banking Authority published the updated list of regional governments and local authorities (RGLAs) that may be treated as central governments (CGs), as well as the list of public sector entities (PSEs) that may be treated as RGLAs or CGs for the calculation of capital requirements, in accordance with the European Union Capital Requirements Regulation.