Daily Financial Regulation Update -- Saturday, June 19, 2021

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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.

Federal Agencies

Federal Reserve Bank of New York

Blog: The New York Fed DSGE Model Forecast—June 2021

June 18, 2021

The Federal Reserve Bank of New York’s Liberty Street Economics blog issued a post titled “The New York Fed DSGE Model Forecast – June 2021.”

• Blog Post

Blog: The Future of Remote Work in the Region

June 18, 2021

The Federal Reserve Bank of New York’s Liberty Street Economics blog issued a post titled “The Future of Remote Work in the Region.”

• Blog Post

U.S. Department of Housing and Urban Development/Federal Housing Administration

Federal Housing Administration Takes Steps to Remove Barriers to Homeownership for Those with Student Loan Debt

June 18, 2021

The Federal Housing Administration (FHA) announced updates to its student loan monthly payment calculations to take steps to remove barriers and provide more access to affordable single family FHA-insured mortgage financing for creditworthy individuals with student loan debt, which has a disproportionate impact on people of color. The updated policy more closely aligns FHA student loan debt calculation policies with other housing agencies, helping to streamline and simplify originations for borrowers with student loan debt obligations.

• News Release
• Mortgagee Letter

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)

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

• Small Business Committee Advances SBA Deputy Administrator Nominee Dilawar Syed (June 17, 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)