PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, May 7, 2021
May 07, 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 (effective April 17, 2021)
- Alex Oh Resigns from SEC; Melissa Hodgman Named Acting Director of Enforcement (April 28, 2021)
- Jessica Wachter Named SEC Chief Economist and Director of the Division of Economic and Risk Analysis (May 3, 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.
U.S. House of Representatives
Committee on Financial Services
Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide, Part III
The U.S. House Committee on Financial Services held a hearing titled “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide, Part III.”
May 6, 2021
- Webcast
- Committee Memorandum
- Opening Statement by Committee Chair Maxine Waters
- Testimony by SEC Chair Gary Gensler
- Testimony by Depository Trust & Clearing Corporation President & CEO Michael Bodson
- Testimony by Financial Industry Regulatory Authority, Inc. President & CEO Robert Cook
- Hearing Page
Committee on Small Business
Crow Seeks to Utilize Workforce Development to Train Next Generation of Infrastructure Workers
May 6, 2021
The U.S. House Small Business Committee Subcommittee on Innovation, Entrepreneurship, and Workforce Development, led by Chairman Jason Crow (D-CO), held a hearing examining how small firms and the federal government can leverage workforce development programs to train and upskill the next generation of infrastructure workers.
Federal Agencies
U.S. Department of the Treasury
More than 1.1 Million Additional Economic Impact Payments Disbursed Under the American Rescue Plan
May 5, 2021
The Internal Revenue Service, the U.S. Department of the Treasury and the Bureau of the Fiscal Service announced they are disbursing more than 1.1 million payments in the eighth batch of Economic Impact Payments from the American Rescue Plan. The announcement brings the total disbursed so far to approximately 164 million payments, with a total value of approximately $386 billion since March 12, 2021.
Federal Reserve Board
Federal Reserve Board Invites Public Comment on Proposed Guidelines to Evaluate Requests for Accounts and Payment Services at Federal Reserve Banks
May 6, 2021
The Board of Governors of the Federal Reserve System invited public comment on proposed guidelines to evaluate requests for accounts and payment services at Federal Reserve Banks.
Financial Stability Report
May 6, 2021
The Board of Governors of the Federal Reserve System released its May 2021 Financial Stability Report.
Cheapest-to-Deliver Pricing, Optimal MBS Securitization, and Market Quality
May 6, 2021
The Divisions of Research & Statistics and Monetary Affairs of the Board of Governors of the Federal Reserve System released a paper titled “Cheapest-to-Deliver Pricing, Optimal MBS Securitization, and Market Quality” as part of its Finance and Economics Discussion Series.
Conference of State Bank Supervisors
CSBS: Beneficial Ownership Rules Should Recognize State Regulators
May 6, 2021
The Conference of State Bank Supervisors released a comment letter to the Financial Crimes Enforcement Network in which it stated that the Corporate Transparency Act’s beneficial ownership reporting requirements should formally recognize state regulators.
Federal Deposit Insurance Corporation
FDIC Announces Meeting of Advisory Committee on Economic Inclusion
May 6, 2021
The Federal Deposit Insurance Corporation (FDIC) announced that the FDIC Advisory Committee on Economic Inclusion (Committee) will meet May 13, 2021 with two panels of experts to discuss the topics of Expanding Inclusion through Technology and Innovation and Expanding Account Access.
FDIC’s Office of the Ombudsman Publishes Report on 2019 & 2020 Activities
May 5, 2021
The Federal Deposit Insurance Corporation’s (FDIC) Office of the Ombudsman published a report detailing its activities, as well as assistance provided on behalf of the banking industry, for calendar years 2019 and 2020.
U.S. Securities and Exchange Commission
SEC to Host 40th Annual Small Business Forum Featuring Inclusive Conversations on Capital Formation from Startup to Small Cap
May 5, 2021
The Office of the Advocate for Small Business Capital Formation will host the Securities and Exchange Commission’s 40th Annual Government-Business Forum on Small Business Capital Formation from May 24 through May 27, 2021.
Consumer Financial Protection Bureau
Office of Servicemember Affairs Annual Report
May 6, 2021
The Consumer Financial Protection Bureau released the Office of Servicemember Affairs Annual Report for 2020.
U.S. Small Business Administration
SBA Announces Initial Results of Restaurant Revitalization Fund
May 5, 2021
U.S. Small Business Administration Administrator Isabella Casillas Guzman announced the initial results of the May 3, 2021 launch of the Restaurant Revitalization Fund, showing more than 186,000 applications from restaurants and other food and beverage businesses in all 50 states, the District of Columbia and five U.S. Territories.
U.S. Department of Labor
Labor Department Issues News Release on Unemployment Insurance Weekly Claims Report Update
May 6, 2021
The U.S. Department of Labor issued a news release regarding weekly unemployment insurance claims. In the week ending May 1, 2021, the advance figure for seasonally adjusted initial claims was 498,000, a decrease of 92,000 from the previous week’s revised level (and the lowest level for initial claims since March 14, 2020 when it was 256,000); the previous week’s level was revised up by 37,000 from 553,000 to 590,000; the four-week moving average was 560,000, a decrease of 61,000 from the previous week’s revised average (and the lowest level for this average since March 14, 2020 when it was 225,500); and the previous week’s average was revised up by 9,250 from 611,750 to 621,000.
International
Bank of England
Monetary Policy Report - May 2021
May 6, 2021
The Bank of England released its Monetary Policy Report for May 2021.
- Monetary Policy Report
- Monetary Policy Summary and minutes of the Monetary Policy Committee meeting
- In a Nutshell
- Market Notice
UK Financial Conduct Authority
Regulation for a Different World
May 6, 2021
Nikhil Rathi, Chief Executive Officer at the Financial Conduct Authority, gave a speech titled “Regulation for a Different World” at the Association of Foreign Banks – CEO Program 2021 – “The UK Regulatory Landscape Post-Brexit and Beyond.”
Outcomes-Focused Regulation: A Measure of Success?
May 6, 2021
Charles Randell, Chair of the Financial Conduct Authority and Payment Systems Regulator, gave a speech to the Building Societies Association titled “Outcomes-Focused Regulation: A Measure of Success?”