PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday, March 15, 2021
March 15, 2021
FedACTion Task Force
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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.
Federal Agencies
U.S. Department of the Treasury
Treasury Department Begins Sending Economic Impact Payments from the American Rescue Plan to Americans
March 12, 2021
The Department of the Treasury announced that Economic Impact Payments from the American Rescue Plan will begin rolling out in tranches to millions of Americans in the coming weeks.
U.S. Small Business Administration
SBA Extends Deferment Period for all COVID-19 EIDL and Other Disaster Loans until 2022
March 12, 2021
The U.S. Small Business Administration (SBA) announced an extension of the deferment periods for all disaster loans, including the Economic Injury Disaster Loan (EIDL) program, until 2022. All SBA disaster loans made in calendar year 2020, including EIDLs, will have a first payment due date extended from 12-months to 24-months from the date of the loan. All SBA disaster loans made in calendar year 2021, including EIDLs, will have a first payment due date extended from 12-months to 18-months from the date of the loan.
SBA Statement: American Rescue Plan Act Elevates Small Business Support in Response to COVID-19 Pandemic
March 11, 2021
The U.S. Small Business Administration’s Senior Advisor Michael Roth issued a statement after President Biden signed the American Rescue Plan Act of 2021 into law.
U.S. Department of Housing and Urban Development/Federal Housing Administration
HUD Secretary Fudge Issues Video Message to HUD Staff
March 12, 2021
U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge issued a message to HUD following her swearing in as the 18th Secretary of HUD.
U.S. Department of Education
Statement from U.S. Secretary of Education Miguel Cardona on Signing of the American Rescue Plan
March 12, 2021
U.S. Secretary of Education Miguel Cardona issued a statement on the signing into law of the American Rescue Plan Act of 2021.
U.S. Department of Education Continues Aggressive Plan to Safely Reopen Schools
March 12, 2021
The U.S. Department of Education (DoE) announced additional details on its plans to support schools in safely returning to in-person instruction. The DoE will provide best practices, guidance, and support to schools as they navigate reopening, while the American Rescue Plan Act of 2021 will provide $130 billion to help schools implement these safe reopening measures and address the academic, social, and emotional needs of students.