PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, May 15, 2021
May 15, 2021
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Administration Changes
Appointments/Confirmation Hearings
Department of the Treasury – Janet Yellen (effective January 26, 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)
- Alex Oh Resigns from SEC; Melissa Hodgman Named Acting Director of Enforcement (April 28, 2021)
- Jessica Wachter Named SEC Chief Economist and Director of the Division of Economic and Risk Analysis (May 3, 2021)
Small Business Administration – Isabel Guzman (effective March 16, 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)
- Statement by Senate Committee on Banking, Housing, and Urban Affairs Chair Sherrod Brown at Nomination Hearing for Adrianne Todman to be Deputy Secretary (May 11, 2021)
- Statement by Senate Committee on Banking, Housing, and Urban Affairs Ranking Member Pat Toomey at Nomination Hearing for Adrianne Todman to be Deputy Secretary (May 11, 2021)
Department of Education – Dr. Miguel Cardona (effective March 2, 2011)
- U.S. Department of Education Announces Richard Cordray as Chief Operating Officer of Federal Student Aid (May 3, 2021)
- Statement from Secretary Miguel Cardona on the Confirmation of Cindy Marten as Deputy Secretary of the U.S. Department of Education (May 11, 2021)
- Statement by Secretary Cardona on President Biden's Nomination of Catherine Lhamon (May 13, 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.
Federal Agencies
U.S. Department of the Treasury
Remarks by Secretary Janet L. Yellen at the Pontifical Academy of Sciences and the Pontifical Academy of Social Sciences Event Dreaming of a Better Restart
May 14, 2021
U.S. Department of the Secretary Janet L. Yellen gave remarks at the Pontifical Academy of Sciences and the Pontifical Academy of Social Sciences Event Dreaming of a Better Restart.
Federal Reserve Board
Federal Reserve Board Announces the Third Extension of a Rule to Bolster the Effectiveness of the Small Business Administration’s Paycheck Protection Program
May 14, 2021
The Board of Governors of the Federal Reserve System (Federal Reserve) announced the third extension of a rule to bolster the effectiveness of the Small Business Administration’s Paycheck Protection Program (PPP). Like the earlier extensions, the extension will temporarily modify the Federal Reserve’s rules so that certain bank directors and shareholders can apply to their banks for PPP loans for their small businesses.
Resumption of Home Mortgage Disclosure Act Quarterly Reporting
May 14, 2021
The Board of Governors of the Federal Reserve System issued a consumer affairs letter to its supervised financial institutions regarding the resumption of quarterly reporting under the Home Mortgage Disclosure Act
Arbitrage Capital of Global Banks
May 14, 2021
The Divisions of Research & Statistics and Monetary Affairs of the Board of Governors of the Federal Reserve System released a paper titled “Arbitrage Capital of Global Banks,” as part of its Finance and Economics Discussion Series.
Federal Reserve Bank of New York
U.S. Economy in a Snapshot
May 14, 2021
The Federal Reserve Bank of New York released analysis titled “U.S. Economy in a Snapshot” for May 2021.
New York Fed to Host Online Press Briefing on Mortgage Forbearance in COVID-19 on May 19, 2021
May 14, 2021
The Federal Reserve Bank of New York (New York Fed) announced that on May 19, 2021, its Liberty Street Economics blog will release a four-part series on Mortgage Forbearance in COVID-19, as part of its ongoing Economic Inequality research series. The series uses data from the New York Fed’s Consumer Credit Panel to explore the take-up rate and characteristics of those who participated in mortgage forbearance programs, the impact on participating households and small business owners, and the outlook for the mortgage market as forbearance programs end.
The Federal Reserve and U.S. Treasury Did Not Intervene in FX Markets during the First Quarter
May 13, 2021
The Federal Reserve Bank of New York said in its quarterly report to the U.S. Congress that the Federal Reserve and U.S. Department of the Treasury did not intervene in foreign exchange markets during the first quarter of 2021.
U.S. Securities and Exchange Commission
Staff Guidance on EDGAR Filing of Form C Updated
May 14, 2021
The Division of Corporation Finance of the U.S. Securities and Exchange Commission (SEC) released guidance with respect to the filing of Form C with the SEC, in connection with the effectiveness of certain rule changes as set forth in Release No. 33-10884.
Speech: Mind the (Data) Gaps
May 14, 2021
U.S. Securities and Exchange Commission Commissioner Caroline A. Crenshaw gave the keynote address at the 8th Annual Conference on Financial Market Regulation, titled “Mind the (Data) Gaps.”
FASB Issues Proposed Updates for Future Taxonomies Related to Proposed Accounting Standards Update on Fair Value Hedging
May 14, 2021
The U.S. Securities and Exchange Commission (SEC) issued an announcement that the Financial Accounting Standards Board published proposed updates to the U.S. GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy related to the Proposed Accounting Standards Update (ASU) on Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Method. The proposed updates to the taxonomies will include new elements, newly added references to transition elements, and modified documentation and standard labels. The proposed updates will also include element deprecations and reference deletions. The public comment period on the proposed updates will end on July 5, 2021.
Consumer Financial Protection Bureau
CFPB Issues TRID Rule FAQs about the BUILD Act
May 14, 2021
The Consumer Financial Protection Bureau issued additional Frequently Asked Questions (FAQs) pertaining to compliance with the TILA-RESPA Integrated Disclosure Rule (TRID Rule). The FAQs address housing assistance loans, and how the BUILD Act impacts the TRID Rule requirements for certain housing assistance loans.
Federal Housing Finance Agency
FHFA Director Mark Calabria’s Statement at The Brookings Institution on May 11, 2021
May 14, 2021
Dr. Mark Calabria, Director of the Federal Housing Finance Agency, gave remarks at The Brookings Institution titled “Living Wills for Housing Government-Sponsored Enterprises: Implementation and Impact.”
International
Bank of England
Unemployment Risk, Liquidity Traps and Monetary Policy
May 14, 2021
The Bank of England released a staff working paper titled “Unemployment Risk, Liquidity Traps and Monetary Policy.”