PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, March 13, 2021
March 13, 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.
U.S. Senate
Committee on Small Business and Entrepreneurship
Cardin, Collins & Shaheen Introduce Bill to Extend PPP
March 12, 2021
U.S. Senate Committee on Small Business & Entrepreneurship Chair Ben Cardin (D-Md.) and Senators Susan Collins (R-Maine) and Jeanne Shaheen (D-N.H.) introduced the PPP Extension Act of 2021. The bipartisan bill would extend the deadline for Paycheck Protection Program loan applications for two months to May 31, 2021, and provide an additional 30-day period for the U.S. Small Business Administration to process applications that are still pending.
Federal Agencies
Federal Reserve Bank of New York
New York Fed to Host Event on the Impact of the COVID-19 Shock on Women’s Labor Market Outcomes
March 12, 2021
On March 22, the Federal Reserve Bank of New York will host an event titled “The Impact of the COVID-19 Shock on Women’s Labor Market Outcomes and Equitable Policy Solutions.” The event will discuss the effects of the COVID-19 pandemic on the labor market, with a focus on women of color, as well as the effects women’s job losses have had on families and children.
National Credit Union Association
NCUA Releases Q4 2020 State Credit Union Data Report
March 12, 2021
Federally insured credit unions experienced double-digit asset and share-and-deposit growth over the year ending in the fourth quarter of 2020, according to the latest Quarterly U.S. Map Review released by the National Credit Union Administration.
International
European Commission
Commission’s New Consumer Survey Shows Impact of COVID-19 and Popularity of ‘Greener’ Choices
March 12, 2021
The European Commission released data on the behavior of consumers in 2020 illustrating the impact the COVID-19 crisis had on consumption patterns.