PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, April 24, 2021
April 24, 2021
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Administration Changes
Appointments/Confirmation Hearings
Department of the Treasury – Janet Yellen (effective January 26, 2021)
- Statement by Treasury Secretary Janet Yellen on Confirmation of Wally Adeyemo as Deputy Secretary (March 25, 2021)
- Treasury Announces Key Staff Appointments (April 20, 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)
- Statement by Acting Chair Allison Herren Lee and Commissioners on Confirmation of Gary Gensler (April 14, 2021)
- Statement by FINRA President and CEO Robert W. Cook on Confirmation of Gary Gensler (April 14, 2021)
- Statement by Senate Committee on Banking, Housing, and Urban Affairs Chair Sherrod Brown on Confirmation of Gary Gensler (April 14, 2021)
- Statement by House Financial Services Committee Chair Maxine Waters on Confirmation of Gary Gensler (April 15, 2021)
- Gary Gensler Names Initial Executive Staff Members (April 19, 2021)
- Alex Oh Named SEC Director of Enforcement (April 22, 2021)
Small Business Administration – Isabel Guzman (effective March 16, 2021)
- SBA Administrator Isabella Casillas Guzman Announces Antwaun Griffin to Serve as SBA Chief of Staff (April 1, 2021)
- Statement by Senate Committee on Small Business & Entrepreneurship Chair Ben Cardin on Nomination of Dilawar Syed as Deputy Administrator (April 21, 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)
- U.S. Department of Education Announces More Biden-Harris Appointees (April 9, 2021)
- Statement by Secretary Cardona on President Biden's Nomination of Gwen Graham (April 16, 2021)
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
House Passes Seven Bipartisan Financial Services Bills
April 23, 2021
The U.S. House of Representatives passed seven bipartisan bills this week which were introduced by House Financial Services Committee Members.
Federal Agencies
U.S. Small Business Administration
SBA to Reopen Shuttered Venue Operators Grants for Applications on Saturday, April 24th
April 23, 2021
The U.S. Small Business Administration will reopen the Shuttered Venue Operators Grant application portal on Saturday, April 24, 2021, at 12:30 p.m. Eastern time 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 critical economic relief.
SBA Launches Supplemental Targeted Advance for Small Businesses Hardest Hit by COVID-19
April 23, 2021
The U.S. Small Business Administration launched a new round of Economic Injury Disaster Loan assistance, called Supplemental Targeted Advances, on April 22, 2021, providing $5 billion in additional assistance to one million small businesses and nonprofit organizations that have been most severely affected by the economic effects of the COVID-19 pandemic. The Supplemental Targeted Advance program was launched under the American Rescue Plan of 2021.
U.S. Department of Housing and Urban Development/Federal Housing Administration
Fudge, Waters, Polis, Garcetti, Durkan, Breed Discuss American Rescue Plan Homelessness Assistance Allocations
April 23, 2021
U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge held a call to discuss the nearly $5 billion in American Rescue Plan funds allocated by HUD to help communities across the country create affordable housing and services for people experiencing or at risk of experiencing homelessness.
U.S. Department of Education
Education Department Announces State Allocations of $800 Million in American Rescue Plan Funds to Support Students Experiencing Homelessness
April 23, 2021
The U.S. Department of Education (DoE) announced plans to distribute $800 million to help support the needs of students experiencing homelessness under the American Rescue Plan Elementary and Secondary School Emergency Relief – Homeless Children and Youth fund. The DoE announced the state allocations for the $800 million total allocated in the American Rescue Plan and will distribute $200 million in funding on April 26, 2021.
International
Bank of England
Slow Recoveries, Endogenous Growth and Macroprudential Policy
April 23, 2021
The Bank of England released a staff working paper titled “Slow Recoveries, Endogenous Growth and Macroprudential Policy.”
Changes to the Provision of U.S. Dollar Repo Operations from July 1, 2021
April 23, 2021
The Bank of England (BoE) announced that, in view of the sustained improvements in U.S. dollar funding conditions and low demand at recent U.S. dollar liquidity-providing operations, the BoE, the Bank of Japan, the European Central Bank and the Swiss National Bank, in consultation with the Board of Governors of the Federal Reserve System, have jointly decided to discontinue offering dollar liquidity at the 84-day maturity.
How Do We Monitor UK Financial Conditions?
April 23, 2021
The Bank of England (BoE) released a Bank Overground post titled “How Do We Monitor UK Financial Conditions?” According to the post, the BoE analyzes evolving UK financial conditions using a wide range of financial market metrics, model-based estimates and aggregate indicators. One of its tools is its Monetary and Financial Conditions Index.
UK Financial Conduct Authority
Climate Change and Sustainable Finance
April 23, 2021
The Financial Conduct Authority released a statement titled “Climate Change and Sustainable Finance,” which discusses its sustainable finance strategy.
Cautious Optimism for the Post-Pandemic World
April 23, 2021
Charles Randell, Chair of the Financial Conduct Authority and Payment Systems Regulator, gave a speech to the Finance & Leasing Association titled “Cautious Optimism for the Post-Pandemic World.”