PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, June 4, 2021
June 04, 2021
FedACTion Task Force
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PH Client Alerts
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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.
Federal Agencies
Department of the Treasury
Treasury Secretary Yellen Delivers Remarks at G20 Infrastructure Investors Dialogue
June 03, 2021
Janet L. Yellen, Secretary of the U.S. Department of the Treasury, delivered remarks entitled “Challenges and Opportunities in Environment, Social, and Governance-aligned Infrastructure Investment,” at the G20 Infrastructure Investors Dialogue.
Federal Reserve Board/Federal Reserve Bank of New York
Federal Reserve Board, New York Fed Announce Winding Down of Secondary Market Corporate Credit Facility Portfolio
June 02, 2021
The Board of Governors of the Federal Reserve System (Federal Reserve Board) announced plans to begin winding down the portfolio of the Secondary Market Corporate Credit Facility (SMCCF), a temporary emergency lending facility that closed on December 31, 2020. Consistent with the Federal Reserve Board’s announcement, the Federal Reserve Bank of New York (FRBNY), which manages the operations of the SMCCF, announced that the SMCCF will begin gradual sales of its holdings of corporate bond exchange-traded funds on June 7, 2021. The FRBNY also released a new set of Frequently Asked Questions regarding the sale of these assets.
Fed Vice Chair Quarles Delivers Speech on Bank Regulation during the COVID-19 Pandemic
June 03, 2021
Randal K. Quarles, Vice Chair for Supervision of the Board of Governors of the Federal Reserve System, delivered via webcast a speech entitled “Jet Flight, Mail Bags, and Banking Regulation,” addressing developments in banking regulation that helped banks during the COVID-19 pandemic. The speech was delivered at the Prudential Regulation Conference.
Commodity Futures Trading Commission
CFTC Commissioner Berkovitz, Acting Chairman Behnam Deliver Opening Statements at EEMAC Meeting
June 03, 2021
Dan M. Berkovitz, a Commissioner of the Commodity Futures Trading Commission (CFTC), and Rostin Behnam, Acting Chairman of the CFTC, delivered opening statements at a meeting of the CFTC’s Energy and Environmental Markets Advisory Committee (EEMAC). At the meeting, the EEMAC explored the potential role of carbon markets in the transition to a low-carbon economy.
Consumer Financial Protection Bureau
Blog: Acting Director Uejio Examines Racial Inequities in Consumer Finance Markets
June 02, 2021
Dave Uejio, Acting Director of the Consumer Financial Protection Bureau (CFPB), released a blog post entitled “Addressing Racial Inequities in Consumer Finance Markets,” on the CFPB’s website.
Federal Housing Finance Agency
FHFA Extends COVID-19 Multifamily Forbearance through September 30, 2021
June 03, 2021
The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (Enterprises) will continue to offer COVID-19 forbearance to qualifying multifamily property owners through September 30, 2021, subject to the continued tenant protections FHFA has imposed during the pandemic. This is the third extension of the programs, which were set to expire June 30, 2021. Property owners with Enterprise-backed multifamily mortgages can enter a new or, if qualified, modified forbearance if they experience a financial hardship due to the COVID-19 emergency.
Fannie Mae
Fannie Mae Extends Protections for Renters Affected by COVID-19
June 03, 2021
Fannie Mae announced the extension of its multifamily COVID-19 forbearance program through September 30, 2021. The program, which requires landlords to suspend all evictions for renters unable to pay rent during the forbearance period, was formerly set to expire on June 30, 2021.
International
European Commission
Commission Proposes a Digital Identity for All Europeans
June 03, 2021
The European Commission proposed a framework for a European Digital Identity which will be available to all European Union (EU) citizens, residents and businesses. Citizens will be able to prove their identity and share electronic documents from their European Digital Identity wallets via their phones, and will be able to access online services with their national digital identification, which will be recognized throughout Europe.
- European Digital Identity – Questions and Answers
- European Digital Identity – Facts Page
- European Digital Identity Regulation
- European Digital Identity Recommendation
- eIDAS web page
- Report on the evaluation of the eIDAS Regulation
- Digital Decade – Press Release
- News Release
European Banking Authority
EBA Publishes 2020 Annual Report
June 03, 2021
The European Banking Authority (EBA) published its 2020 Annual Report, which provides a detailed account of the EBA’s work in the past year, and anticipates the key areas of focus in the coming year.
Bank of England
Bank Publishes UK International Reserves Data for May 2021
June 03, 2021
The Bank of England published its monthly release of data regarding UK holdings of international reserves and foreign currency liquidity.
Bank Publishes Decision Maker Panel Data for May 2021
June 03, 2021
The Bank of England (Bank) published the results of its monthly Decision Maker Panel (DMP), which is a survey of Chief Financial Officers from small, medium and large UK businesses. The Bank uses the DMP to monitor developments in the economy and track businesses’ views.
Bank Governor Bailey Delivers Speech on Central Banks’ Climate Change Efforts
June 03, 2021
Andrew Bailey, Governor of the Bank of England, delivered a speech at the BIS-BDF-IMF-NGFS Green Swan 2021 Global Conference. In his speech, Governor Bailey discussed the work central banks have done on climate change, and how it will need to evolve.
UK Financial Conduct Authority
FCA Extends Temporary Registration Regime for Cryptoasset Businesses
June 03, 2021
The UK Financial Conduct Authority (FCA) announced it is extending the end date of the Temporary Registrations Regime for existing cryptoasset businesses from July 9, 2021 to March 31, 2022.
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
Securities and Exchange Commission - Gary Gensler (effective April 17, 2021)
Small Business Administration – Isabella Casillas Guzman (effective March 16, 2021)
Commodity Futures Trade Commission
Financial Crimes Enforcement Network
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, 2021)