PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, May 8, 2021
May 08, 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)
Office of the Comptroller of the Currency
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)
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 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.
U.S. House of Representatives
Committee on Financial Services
Equitable Algorithms: How Human-Centered AI Can Address Systemic Racism and Racial Justice in Housing and Financial Services
May 7, 2021
The Task Force on Artificial Intelligence of the House Committee on Financial Services held a hearing titled “Equitable Algorithms: How Human-Centered AI can Address Systemic Racism and Racial Justice in Housing and Financial Services.”
Federal Agencies
U.S. Department of the Treasury
Treasury Announces Additional $21.6 Billion in Emergency Rental Assistance Allocation
May 7, 2021
The U.S. Department of the Treasury, in coordination with the White House American Rescue Plan Implementation Team and the U.S. Department of Housing and Urban Development, announced the allocation of an additional $21.6 billion under the American Rescue Plan for Emergency Rental Assistance, which will help prevent evictions and ensure basic housing security for millions of Americans impacted by the affordable housing challenges exacerbated by COVID-19.
Federal Reserve Board
Federal Reserve Board Invites Public Comment on Proposed Changes to Regulation II
May 7, 2021
The Board of Governors of the Federal Reserve System (Federal Reserve) invited public comment on proposed changes to Regulation II (Debit Card Interchange Fees and Routing) to clarify that debit card issuers should enable, and allow merchants to choose from, at least two unaffiliated networks for card-not-present debit card transactions, such as online purchases.
U.S. Small Business Administration
SBA’s Handling of Identity Theft in the COVID-19 Economic Injury Disaster Loan Program
May 7, 2021
The Office of Inspector General of the Small Business Administration (SBA) issued its evaluation report to notify SBA officials of significant matters regarding its handling of complaints of identity theft in the COVID-19 Economic Injury Disaster Loan program.
Fannie Mae
HPSI Dips as Consumers’ Pessimism toward Homebuying Conditions Sets Survey Record
May 7, 2021
The Fannie Mae Home Purchase Sentiment Index (HPSI) decreased in April 2021 by 2.7 points to 79.0. Four of the HPSI’s six components decreased month over month, most notably the component related to home-buying conditions, which turned net negative for the first time in the survey’s history. The decline was offset in part by consumers’ ongoing optimism toward home-selling conditions, which continued its significant rise from this time last year and has nearly returned to its pre-pandemic peak. Year over year, the HPSI is up 16.0 points.
International
Bank of England
The Consumption Response to Borrowing Constraints in the Mortgage Market
May 7, 2021
The Bank of England released a staff working paper titled “The Consumption Response to Borrowing Constraints in the Mortgage Market.”
UK Financial Conduct Authority
FCA Launches Consultation on a New Type of Fund to Support Investment in Long-Term Assets
May 7, 2021
The Financial Conduct Authority (FCA) launched a consultation on proposals for a new category of fund designed to invest efficiently in long-term, illiquid assets. The consultation is open for feedback until June 25, 2021.
FCA Statement on its Work on Liquidity Mismatch in Authorized Open-Ended Property Funds
May 7, 2021
The Financial Conduct Authority issued a statement on its work on liquidity mismatch in authorized open-ended property funds.