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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, June 25, 2021

June 25, 2021

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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, Warren Urge CFPB to Protect Homeowners Exiting COVID-19 Related Forbearance

June 24, 2021

U.S. Senators Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs (Committee), and Elizabeth Warren (D-MA), a member of the Committee, sent a letter to Consumer Financial Protection Bureau Acting Director Dave Uejio, urging him to put in place better protections for the millions of homeowners who could unnecessarily lose their homes to foreclosure due to the COVID-19 pandemic.

Senator Brown Applauds Eviction Moratorium Extension

June 24, 2021

U.S. Senator Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, released a statement after Centers for Disease Control and Prevention Director Rochelle P. Walensky, MD announced an extension of the CDC eviction moratorium through July 31st, 2021.

Statement

Examining Bipartisan Bills to Increase Access to Housing

June 24, 2021

The U.S. Senate Committee on Banking, Housing, and Urban Affairs conducted a hearing entitled, “Examining Bipartisan Bills to Increase Access to Housing”. The witnesses were the Honorable Lisa Mensah, President and CEO, Opportunity Finance Network; Ms. Nan Roman, President and CEO, National Alliance to End Homelessness; and Mr. Howard Husock, Adjunct Scholar, American Enterprise Institute.

U.S. House of Representatives

Committee on Small Business

Subcommittee Holds Hearing on Cybersecurity Maturity Model Certification

June 24, 2021

The U.S. House Committee on Small Business’ Subcommittee on Oversight, Investigations, and Regulations held a hearing examining the Cybersecurity Maturity Model Certification (CMMC). The CMMC is the Department of Defense's latest initiative to increase cybersecurity preparedness across the defense industrial base. The hearing gathered small business owners and experts to investigate the program's substantial compliance challenges for small firms.

Press Release

Federal Agencies

Department of the Treasury

Joint Statement: U.S.-UK Financial Innovation Partnership Meeting

June 24, 2021

U.S. and UK participants in the U.S.-UK Financial Innovation Partnership met to exchange views on topics of mutual interest in the U.S. and UK fintech ecosystems and deepen ties between U.S. and UK financial authorities. Participants recognized the continued importance of the ongoing partnership on global financial innovation as an integral component of U.S.-UK financial services cooperation.

Press Release

Treasury Releases Guidance to Accelerate Emergency Rental Assistance Relief and Support Housing Stability for Renters at Risk of Eviction

June 24, 2021

The U.S. Department of the Treasury released guidance in the form of updated frequently asked questions (FAQs) and a fact sheet in an effort to support the rapid deployment of Emergency Rental Assistance by states, territories, localities, and tribal governments. The FAQs build on prior actions to provide state and local governments with the tools necessary to deliver relief to renters in need by helping grantees with implementation and best practices.

Federal Reserve Board

Federal Reserve Board Releases Results of Annual Bank Stress Tests

June 24, 2021

The Board of Governors of the Federal Reserve System released the results of its annual bank stress tests, which showed that large banks continue to have strong capital levels and could continue lending to households and businesses during a severe recession.

Federal Reserve Board Releases Senior Credit Officer Opinion Survey for June 2021

June 24, 2021

The Board of Governors of the Federal Reserve System released the results of the June 2021 Senior Credit Officer Opinion Survey on Dealer Financing Terms, which collected qualitative information on changes in credit terms and conditions in securities financing and over-the-counter derivatives markets.

Survey Results

Federal Deposit Insurance Corporation

FDIC to Present “Fintech: A Bridge to Economic Inclusion”

June 24, 2021

The Federal Deposit Insurance Corporation (FDIC) will host a virtual conference on Tuesday, June 29, 2021, to explore how financial technology and innovation can create a more diverse, equitable and inclusive banking system. “Fintech: A Bridge to Economic Inclusion” will feature leading voices in the world of banking, fintech and economic inclusion, including FDIC Chairman Jelena McWilliams.

Office of the Comptroller of the Currency

Acting Comptroller Statement on the Vote to Overturn OCC True Lender Rule

June 24, 2021

Acting Comptroller of the Currency Michael J. Hsu issued a statement following the U.S. House of Representative’s vote to overturn the agency’s true lender rule.

Press Release

Federal Housing Finance Agency

Sandra L. Thompson Announced as Acting Director of FHFA

June 24, 2021

The White House appointed Sandra L. Thompson as the Acting Director of the Federal Housing Finance Agency effective immediately.

Press Release

Department of Labor

Labor Department Issues News Release on Unemployment Insurance Weekly Claims

June 24, 2021

The U.S. Department of Labor issued a news release regarding weekly unemployment insurance claims. The release states that, in the week ending June 19, the advance figure for seasonally adjusted initial claims was 411,000, a decrease of 7,000 from the previous week’s revised level; the previous week’s level was revised up by 6,000 from 412,000 to 418,000; the four-week moving average was 397,750, an increase of 1,500 from the previous week’s revised average; and the previous week’s average was revised up by 1,250 from 395,000 to 396,250.

News Release

International

European Banking Authority

European Commission, ECB Banking Supervision, EBA and ESMA Encourage Market Participants to Cease LIBOR Settings

June 24, 2021

The European Commission, the European Central Bank in its banking supervisory capacity, the European Banking Authority and the European Securities and Markets Authority issued a joint statement strongly encouraging market participants to use the time remaining until the cessation or loss of representativeness of USD LIBOR, GBP LIBOR, JPY LIBOR, CHF LIBOR and EUR LIBOR to substantially reduce their exposures to these rates.

Bank of England

Bank Releases Agents' Summary of Business Conditions for 2021 Q2

June 24, 2021

The Bank of England (Bank) released the Agents’ Summary of Business Conditions for the second quarter of 2021. The Agents’ Summary of Business Conditions summarizes intelligence gathered by the Bank’s Agents between mid-April and early June 2021.

Summary

Bank Releases Decision Maker Panel Survey Results for 2021 Q2

June 24, 2021

The Bank of England (Bank) released results of its Decision Maker Panel (DMP) survey for the second quarter of 2021. The DMP is a survey of Chief Financial Officers from small, medium and large UK businesses, which the Bank uses to monitor developments in the economy and to track businesses’ views.