PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, January 30, 2020
January 30, 2021
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Administration Changes
Appointments/Confirmation Hearings
Department of the Treasury – Janet Yellen (effective January 26, 2021)
- Treasury Announces Confirmation of Secretary Janet Yellen (January 26, 2021)
- Statement of House Committee on Financial Services Chairwoman Maxine Waters on Confirmation of Janet Yellen (January 26, 2021)
- Treasury Announces the Appointment of Members of Senior Staff (January 20, 2021)
Consumer Financial Protection Bureau – Rohit Chopra (Nominee)
- Acting Director: Dave Uejio (January 20, 2020)
- Confirmation hearing to be scheduled (additional details to follow)
- Director Kathleen L. Kraninger resigned effective January 20, 2020
Securities and Exchange Commission – Gary Gensler (Nominee)
- Acting Chair: Allison Herren Lee (January 21, 2021)
- Confirmation hearing to be scheduled (additional details to follow)
Small Business Administration – Isabel Guzman (Nominee)
- Acting Administrator: Tami Perriello (January 20, 2021)
- Confirmation hearing to be scheduled (additional details to follow)
Department of Education – Miguel Cardona (Nominee)
- Acting Secretary: Phil Rosenfelt (January 20, 2021)
- Education Announces Senior Appointees (January 21, 2021)
Commodity Futures Trade Commission
National Credit Union Administration – Todd M. Harper
Department of Housing and Urban Development – Marcia Fudge (Nominee)
- Acting Secretary: Matthew E. Ammon
- HUD Announces New Leadership Appointees
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 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
Federal Reserve Board
Federal Reserve Publishes Working Paper as part of Finance and Economic Discussion Series
January 29, 2021
The Board of Governors of the Federal Reserve System released a staff working paper as part of its Finance and Economics Discussion Series.
Federal Reserve Bank of New York
New York Fed Posts Discussion on Job Seekers’ Beliefs and the Causes of Long-Term Unemployment
January 29, 2021
As part of its Liberty Street Economics series, the Federal Reserve Bank of New York posted a discussion on job-finding perceptions and actual labor market transitions.
New York Fed Publishes Staff Report on Monetary Policy and Racial Inequality
January 29, 2021
The Federal Reserve Bank of New York published a staff report aimed at improving understanding of the relationship between monetary policy and racial inequality. The authors investigate the distributional effects of monetary policy in a unified framework, linking monetary policy shocks both to earnings and wealth differentials between black and white households.
Office of the Comptroller of the Currency
OCC Releases Community Reinvestment Act Bank Type Determinations, Distressed and Underserved Areas, and Banking Industry Compensation Value
January 29, 2021
The Office of the Comptroller of the Currency (OCC) announced the availability of the 2021 list of bank type determinations, the 2021 list of distressed and underserved areas, and the banking industry median hourly compensation value. These two lists and the determined compensation value apply only to national banks, federal and state savings associations, and federal branches of foreign banks that are subject to the OCC’s regulations under Community Reinvestment Act published in the Federal Register on June 5, 2020.
- 2021 List of Bank Type Determinations
- 2021 List of Distressed and Underserved Areas
- News Release
- Bulletin
OCC Promotes Earned Income Tax Credit Awareness Day
January 29, 2021
In an effort to make more eligible working families aware of the benefits of the earned income tax credit (EITC), the Office of the Comptroller of the Currency is promoting the 15th annual EITC Awareness Day on January 29.
Securities and Exchange Commission
Acting Chair Lee and Commissioners Peirce, Roisman, and Crenshaw Release Statement Regarding Recent Market Volatility
January 29, 2021
Securities and Exchange Commission (Commission) Acting Chair Allison Herren Lee and Commissioners Hester M. Peirce, Elad L. Roisman and Caroline A. Crenshaw issued a joint statement regarding the Commission’s monitoring and evaluation of the extreme price volatility of certain stocks’ trading prices over the past several days.
FINRA
FINRA Posts Investor Alert on Investing and Social Media
January 29, 2021
The Financial Industry Regulatory Authority posted an investor alert on investing and social media, providing tips and resources for investors using online trading platforms.
International
European Banking Authority
EBA Provides Additional Clarity on the Implementation of Selected COVID-19 Policies
January 29, 2021
The European Banking Authority (EBA) published additional clarifications on the application of the prudential framework in response to issues raised as a consequence of the COVID-19 pandemic. These clarifications update the FAQ section of the EBA Report on COVID-19 implementation policies, which provides clarity on the implementation of the EBA Guidelines on moratoria and the EBA Guidelines on COVID-19 reporting and disclosure.
EBA launches 2021 EU-wide Stress Test Exercise
January 29, 2021
The European Banking Authority (EBA) launched the 2021 EU-wide stress test and released the macroeconomic scenarios. This year’s EU-wide stress test will provide input for assessing the resilience of the European banking sector. The adverse scenario is based on a narrative of a prolonged COVID-19 scenario in a ‘lower for longer’ interest rate environment, in which negative confidence shocks would prolong the economic contraction. The EBA expects to publish the results of the exercise by July 31, 2021.
Bank of England
Bank of England Publishes Credit Union Quarterly Statistics - 2020 Q3
January 29, 2021
The Bank of England published its Credit Union Quarterly Statistics for the third quarter of 2020. Total UK value of loans to members decreased by a further 0.5% in 2020 Q3 following the 5.7% decrease that occurred in 2020 Q2 during the onset of Government restrictions. Despite a 3.0% fall in the UK total number of liabilities in arrears, the total value increased by 0.9%. Correspondingly the average net liability in arrears increased by a further 4.0%. Every UK region experienced a significant increase in the value of total shares, which rose by 5.4% in 2020 Q2 and further 2.6% in 2020 Q3. This compares with an average quarterly increase over the previous five years of only 1.4%.
Executive Director Segal-Knowles Delivers Speech on Lessons from the Pandemic: Has the Simpler Post-2008 Financial System Held up?
January 29, 2021
Bank of England Executive Director Christina Segal-Knowles delivered a speech at the Official Monetary and Financial Institutions Forum, reflecting on the post-2008 financial crisis reforms to the derivatives market and how they held up during the market turbulence of spring 2020.
Bank of England Convenes Members of the Public and Businesses to Join Climate Change Debate
January 29, 2021
Bank of England published findings from two virtual events led by Sarah Breeden, Executive Director Sponsor for climate change: a Business Leaders’ event, held on January 14, 2021 and attended by more than 650 businesses; and a Citizens’ Panel event, held on January 26, 201 and attended by 70 members.
Bank of England Publishes Series of Staff Working Papers on the Global Financial Crisis
January 29, 2021
Bank of England published a series of staff working papers on the global financial crisis. One paper examines evidence from the financial crisis on the value of multiple requirements in bank regulation. The other considers the origins of systemic risk
UK Financial Conduct Authority
FCA Issues Statement on Recent Share Trading Issues
January 29, 2021
The Financial Conduct Authority warned buyers that losses stemming from the recent volatility in share trading are unlikely to be covered by the Financial Services Compensation Scheme. Broking firms are not obliged to offer trading facilities to clients. They may withdraw their services, in line with customer terms and conditions if, for instance, they consider it necessary or prudent to do so.