Daily Financial Regulation Update -- Saturday, August 21, 2021

Subscribe to PH FedACTion: Financial Regulatory Updates

PH Client Alerts

Click here to read more from our Coronavirus series.

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.

International

European Commission

EU Makes Available Additional Humanitarian Funding of €41 Million to Fight the COVID-19 Pandemic

August 20, 2021

The EU will provide €41 million to help low and middle-income countries facing an unprecedented health, humanitarian and socio-economic crisis as the COVID-19 pandemic continues to persist.

• Press Release

Bank of England

Paper: Comparing Minds and Machines: Implications for Financial Stability

August 20, 2021

The Bank of England published a paper titled, "Comparing Minds and Machines: Implications for Financial Stability," characterizing the possibilities and challenges in designing partnerships that combine the strengths of both minds and machines. Leveraging on those insights, the paper explains how the differences in human and artificial intelligence have driven the usage of new techniques in financial markets, regulation, supervision, and policy making and discusses their potential impact on financial stability.

• Staff Working Paper

Administration Changes

Appointments/Confirmation Hearings

Department of the Treasury - Janet Yellen (effective January 26, 2021)

• Treasury Announces Key Staff Appointments (June 14, 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)

• Renee Jones to Join SEC as Director of Corporation Finance; John Coates Named SEC General Counsel (June 14, 2021)
• Daniel S. Kahl Appointed Acting Director of the Division of Examinations; Peter B. Driscoll to Depart Agency (July 14, 2021)

Small Business Administration - Isabella Casillas Guzman (effective March 16, 2021)

• Small Business Committee Advances SBA Deputy Administrator Nominee Dilawar Syed (June 17, 2021)
• U.S. Small Business Administration Announces Key Staff (August 18, 2021)

Commodity Futures Trade Commission

• Acting Chair: Rostin Behnam (January 21, 2021)

Financial Crimes Enforcement Network

• FinCEN Announces Acting Director and New Deputy Director (April 2, 2021)

National Credit Union Administration - Todd M. Harper

Department of Housing and Urban Development - Marcia Fudge (effective March 10, 2021)

• Adrianne Todman Sworn in as Deputy Secretary of Housing and Urban Development (June 15, 2021)

Department of Education - Dr. Miguel Cardona (effective March 2, 2021)

• U.S. Department of Education Announces More Biden-Harris Appointees (June 14, 2021)
• Statement by Secretary Cardona on Nomination of Sandra Bruce as Inspector General (June 14, 2021)
• Statement by U.S. Secretary of Education Cardona on President Biden's Nomination of Amy Loyd (August 12, 2021)