PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, February 25, 2021
February 25, 2021
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Administration Changes
Appointments/Confirmation Hearings
Department of the Treasury – Janet Yellen (effective January 26, 2021)
- Treasury Announces Confirmation of Secretary Janet Yellen (January 26, 2021)
- Statement of House Committee on Financial Services Chairwoman Maxine Waters on Confirmation of Janet Yellen (January 26, 2021)
- Treasury Announces the Appointment of Members of Senior Staff (January 20, 2021)
- Treasury Announces Appointment of Several Members of Staff (February 3, 2021)
Consumer Financial Protection Bureau – Rohit Chopra (Nominee)
- Acting Director: Dave Uejio (January 20, 2020)
- Confirmation hearing scheduled for March 2, 2021
- Readout of Incoming Chair Brown’s Meeting with Rohit Chopra (February 3, 2021)
Securities and Exchange Commission – Gary Gensler (Nominee)
- Acting Chair: Allison Herren Lee (January 21, 2021)
- Confirmation hearing to be scheduled scheduled for March 2, 2021
- Acting Chair Allison Herren Lee Announces Executive Staff (February 1, 2021)
- Kelly L. Gibson Named Acting Deputy Director of Division of Enforcement (February 5, 2021)
Small Business Administration – Isabel Guzman (Nominee)
- Small Business Committee Votes to Advance SBA Administrator Nominee Isabel Guzman (February 24, 2021)
- 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 (Nominee)
- Acting Secretary: Matthew E. Ammon
- HUD Announces New Leadership Appointees (January 26, 2021)
- Statement by Senate Committee on Banking, Housing, and Urban Affairs Chairman Sherrod Brown (February 4, 2021)
- HUD Announces More Key Staff (February 16, 2021)
Department of Education – Miguel Cardona (Nominee)
- Acting Secretary: Phil Rosenfelt (January 20, 2021)
- Education Announces Senior Appointees (January 21, 2021)
- Education Announces More Biden-Harris Appointees (February 3, 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 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 Banking, Housing, and Urban Affairs
Senators Menendez, Brown Introduce Housing Counseling Bill
February 24, 2021
U.S. Senators Robert Menendez (D-NJ), senior member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs (Banking Committee), and Sherrod Brown (D-OH), Chairman of the Banking Committee, introduced legislation to expand access to housing counseling and assistance services for families struggling to remain in their homes because of the economic crisis created by the COVID-19 pandemic. The Coronavirus Housing Counseling Improvement Act would provide $700 million for NeighborWorks to support housing counseling services to assist homeowners, renters, people experiencing homelessness, and people at risk of homelessness navigate their housing options and rights during the COVID-19 crisis, including protections and resources provided through COVID-19 relief. The bill also requires that no less than 40% of the $700 million fund is targeted to counseling organizations that serve minority and low-income homeowners and renters.
U.S. House of Representatives
Committee on Financial Services
Committee Holds Hearing on State of the Economy
February 24, 2021
The U.S. House Committee on Financial Services held a hearing entitled, “Monetary Policy and the State of the Economy.” Jerome H. Powell, Chair of the Board of Governors of the Federal Reserve System, was the sole witness at the hearing.
- Hearing Page
- Webcast
- Committee Memorandum
- Statement of Federal Reserve Chairman Jerome H. Powell
- Semiannual Monetary Policy Report
- Statement of House Committee Chairwoman Maxine Waters
Federal Agencies
Federal Reserve Board
Federal Reserve Board Publishes Paper on Stress Test Information Content
February 24, 2021
The Board of Governors of the Federal Reserve System’s Divisions of Research & Statistics and Monetary Affairs published a paper titled “The Information Content of Stress Test Announcements,” as part of the Finance and Economics Discussion Series.
Federal Reserve Vice Chair Clarida Delivers Speech on Economic Outlook, Monetary Policy
February 24, 2021
Richard H. Clarida, Vice Chair of the board of Governors of the Federal Reserve System, delivered a speech entitled, “U.S. Economic Outlook and Monetary Policy,” at the U.S. Chamber of Commerce in Washington, D.C.
Governor Brainard Delivers Lecture on Full Employment as part of Fed’s Dual Mandate
February 24, 2021
Governor Lael Brainard, a Member of the Board of Governors of the Federal Reserve System, delivered a lecture entitled, “How Should We Think about Full Employment in the Federal Reserve's Dual Mandate?” to Harvard University’s Ec10, Principles of Economics class.
Federal Reserve Bank of New York
FRBNY Publishes Blog Post Summarizing State-of-the-Field Conference
February 24, 2021
The Federal Reserve Bank of New York (FRBNY) published a Liberty Street Economics blog post entitled “State-of-the-Field Conference on Cyber Risk to Financial Stability”. In the post, the authors discussed the second annual State-of-the-Field Conference on Cyber Risk to Financial Stability, which was presented by FRBNY and Columbia University’s School of International and Public Affairs over two days in December 2020.
Conference of State Bank Supervisors
CSBS Announces New Executive Leadership Team
February 24, 2021
The Conference of State Bank Supervisors announced its executive leadership team as part of a new organization structure.
Federal Banking Agencies
OCC, Federal Reserve, FDIC Publish Rule Implementing Net Stable Funding Ratio
February 24, 2021
The Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System and Federal Deposit Insurance Corporation jointly issued and published a rule implementing the net stable funding ratio (NSFR), which is designed to strengthen the ability of covered companies to withstand disruptions to their regular sources of funding without compromising their liquidity position or contributing to instability in the financial system.
Securities and Exchange Commission
Acting Chair Lee Issues Statement on Review of Climate-Related Disclosure
February 24, 2021
Allison Herren Lee, Acting Chair of the U.S. Securities and Exchange Commission (SEC), issued a statement announcing she is directing the SEC’s Division of Corporation Finance to enhance its focus on climate-related disclosure in public company filings.
FASB Issues Proposed Taxonomy Implementation Guides for 2021 U.S. GAAP Financial Reporting Taxonomy
February 24, 2021
The Financial Accounting Standards Board (FASB) published two proposed Taxonomy Implementation Guides (Guides) based on the 2021 U.S. GAAP Financial Reporting Taxonomy (Taxonomy), which is currently under consideration by the U.S. Securities and Exchange Commission.
Financial Crimes Enforcement Network
FinCEN Issues Advisory on Financial Crimes Targeting COVID-19 Economic Impact Payments, and Companion Notice Providing Filing Instructions for Financial Institutions
February 24, 2021
The Financial Crimes Enforcement Network (FinCEN) issued an advisory to alert financial institutions to fraud and other financial crimes related to Economic Impact Payments (EIPs), authorized by the CARES Act, and the Coronavirus Response and Relief Supplemental Appropriations Act of 2021. The advisory contains descriptions of EIP fraud, associated red flag indicators, and information on reporting suspicious activity. The advisory is part of a series published by FinCEN on COVID-19-related fraud and criminal activity.
Department of Labor
Labor Department Issues Alert Memorandum on Need for Effective Unemployment Insurance Fraud Controls for High Risk Areas
February 24, 2021
The U.S. Department of Labor issued an Alert Memorandum titled “The Employment and Training Administration (ETA) Needs to Ensure State Workforce Agencies (SWA) Implement Effective Unemployment Insurance Program Fraud Controls for High Risk Areas.”
International
European Banking Authority
EBA Consults on Draft Technical Standards to Improve Supervisory Cooperation for Investment Firms
February 24, 2021
The European Banking Authority (EBA) launched two public consultations on regulatory technical standards and Implementing Technical Standards on cooperation and information exchange between competent authorities involved in prudential supervision of investment firms.
- Consultation paper on draft RTS on colleges of investment firms
- Consultation Paper on draft RTS and ITS on information exchange for investment firms
- News Release
Bank of England
Bank Publishes Professor Haskel’s Annual Report for TSC
February 24, 2021
The Bank of England (Bank) published the report of Professor Jonathan Haskel, an External Member of the Bank’s Monetary Policy Committee, to the UK House of Commons’ Treasury Select Committee (TSC), to be submitted for the TSC’s hearing on February 24.
Bank Publishes Deputy Governor Broadbent's Annual Report for TSC
February 24, 2021
The Bank of England (Bank) published the report of Ben Broadbent, the Bank’s Deputy Governor for Monetary Policy, to the UK House of Commons’ Treasury Select Committee.
Bank Publishes Letter on Resolvability Assessment Framework
February 24, 2021
The Bank of England (Bank) published a letter to the CEOs of the eight major UK banks regarding the first Resolvability Assessment Framework (RAF) reporting and disclosure cycle. The RAF sets out what firms must do to be considered resolvable by the Bank, as the UK’s resolution authority.
Bank Releases Minutes of TEG Meeting
February 24, 2021
The Bank of England released Minutes from the Technical Expert Group’s February 12 virtual meeting.