PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, April 8, 2021
April 08, 2021
By Paul Hastings Professional
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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 (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 (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
Congresswoman Waters, Senator Warner Urge Extension of Emergency Capital Investment Program Application Deadline
April 7, 2021
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Senator Mark Warner (D-VA), sent a letter to Janet L. Yellen, Secretary of the U.S. Department of the Treasury (Treasury), urging the extension of the Emergency Capital Investment Program (ECIP) application deadline. Established by the Consolidated Appropriations Act, 2021, the ECIP, through Treasury, will provide up to $9 billion in capital directly to Community Development Financial Institutions or minority depository institutions to provide loans, grants, and forbearance for small businesses, minority-owned businesses and consumers, especially in low-income and underserved communities, that may be disproportionately impacted by the economic effects of the COVID-19 pandemic.
Federal Agencies
Department of the Treasury
Treasury Releases Made in America Tax Plan Report
April 7, 2021
The U.S. Department of the Treasury released the Made in America Tax Plan Report to provide additional information about the plan first announced last week as part of President Biden’s American Jobs Plan, a comprehensive proposal aimed at increasing investment in infrastructure, the production of clean energy and other priorities.
Treasury, IRS Disburse 25 Million More Economic Impact Payments under the American Rescue Plan
April 7, 2021
The U.S. Department of the Treasury announced that more than 25 million payments were disbursed in the fourth batch of Economic Impact Payments from the American Rescue Plan.
Treasury Secretary Yellen Pens Op-Ed in Wall Street Journal
April 7, 2021
In an op-ed to be published in The Wall Street Journal, Janet L. Yellen, Secretary of the U.S. Department of the Treasury, called for an end to what she deems the “global race to the bottom” on corporate taxes, and set forth arguments in favor of President Biden’s Made in America Tax Plan.
Federal Reserve Board
Federal Reserve Board, FOMC Release FOMC Meeting Minutes
April 7, 2021
The Board of Governors of the Federal Reserve System and the Federal Open Market Committee (Committee) released the minutes of the Committee meeting held on March 16-17, 2021.
Federal Reserve Board Issues February 2021 Consumer Credit Report
April 7, 2021
The Board of Governors of the Federal Reserve System issued its Consumer Credit Report (Report) for February 2021. The Report showed that in February, consumer credit increased at a seasonally-adjusted annual rate of 7.9%; and revolving credit increased at an annual rate of 10.1%, while nonrevolving credit increased at an annual rate of 7.3%.
Federal Reserve Bank of New York
FRBNY Provides Update on How Households Are Using Stimulus Checks
April 7, 2021
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “An Update on How Households Are Using Stimulus Checks.” In the post, the authors examine how households used the second round of stimulus checks, issued starting at the end of December 2020, and investigate how they plan to use the third round authorized in March.
Consumer Financial Protection Bureau
CFPB Proposes Delay of Effective Date for Recent Debt Collection Rules
April 7, 2021
The Consumer Financial Protection Bureau proposed extending the effective date of two recent debt collection rules to give affected parties more time to comply due to the ongoing COVID-19 pandemic.
Freddie Mac
Freddie Mac Issues Report on Impact of New Cap and Mission Rules
April 7, 2021
The Federal Home Loan Mortgage Corporation (Freddie Mac) issued a report in which it addressed the impact of the changes for 2021 to the multifamily loan purchase caps for Freddie Mac and the Federal National Mortgage Association (Fannie Mae), and the new definition of what is considered mission-driven business.
International
European Banking Authority
ESAs Publish Joint Annual Report for 2020
April 7, 2021
The Joint Committee of the European Supervisory Authorities – the European Banking Authority, European Insurance and Occupational Pensions Authority and European Securities and Markets Authority – published its 2020 Annual Report, providing a detailed account of all the joint work completed over the past year.
Bank of England
Bank Explores COVID-19’s Effect on Firms’ Costs and Prices
April 7, 2021
In a “Bank Overground” blog post, the Bank of England examined how the COVID-19 pandemic has affected firms’ costs and prices.
Bank of England Prudential Regulation Authority
PRA Releases Consultation Paper
April 7, 2021
The Bank of England’s Prudential Regulation Authority (PRA) released a Consultation Paper setting forth the PRA’s proposed approach to implementing new requirements related to the specification of the nature, severity, and duration of an economic downturn in the Internal Ratings Based approach to credit risk.