PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, January 28, 2020
January 28, 2021
FedACTion Task Force
Subscribe to PH FedACTion: Financial Regulatory Updates
PH Client Alerts
Click here to read more from our Coronavirus series.
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)
Consumer Financial Protection Bureau – Rohit Chopra (Nominee)
- Acting Director: Dave Uejio (January 20, 2020)
- Confirmation hearing to be scheduled (additional details to follow)
- Director Kathleen L. Kraninger resigned effective January 20, 2020
Securities and Exchange Commission – Gary Gensler (Nominee)
- Acting Chair: Allison Herren Lee (January 21, 2021)
- Confirmation hearing to be scheduled (additional details to follow)
Small Business Administration – Isabel Guzman (Nominee)
- Acting Administrator: Tami Perriello (January 20, 2021)
- Confirmation hearing to be scheduled (additional details to follow)
Department of Education – Miguel Cardona (Nominee)
- Acting Secretary: Phil Rosenfelt (January 20, 2021)
- Education Announces Senior Appointees (January 21, 2021)
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
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 Small Business and Entrepreneurship
Senators Cardin, Hirono and Duckworth Introduce Legislation to Make SBA Programs More Equitable
January 27, 2021
Senators Ben Cardin (D-MD), Ranking Member of the U.S. Committee on Small Business & Entrepreneurship (Committee), and Senators Mazie K. Hirono (D-HI) and Tammy Duckworth (D-IL), members of the Committee, introduced the Unlocking Opportunities in Emerging Markets Act, which would establish an Office of Emerging Markets within the U.S. Small Business Administration’s (SBA) Office of Capital Access to ensure that SBA’s access to capital initiatives address the specific needs of entrepreneurs in underserved communities in a coordinated way.
U.S. House of Representatives
Committee on Small Business
Chairwoman Velázquez Announces Subcommittee Chairs and Assignments for 117th Congress
January 27, 2021
House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) announced the five subcommittee chairs and the members that will serve on them during the 117th Congress. Subcommittee chairs were selected via seniority and confirmed unanimously by other members during the committee’s organizational meeting.
Federal Agencies
Federal Reserve Bank of New York
New York Fed Issues Statement Regarding Repurchase Operations
January 27, 2021
The Federal Reserve Bank of New York issued a statement on repurchase operations in response to the most recent Federal Open Market Committee (FOMC) directive.
U.S. Small Business Administration
SBA Provides One Year 8(a) Program Extension to Participants Due to COVID-19
January 27, 2021
The U.S. Small Business Administration published an interim final rule allowing 8(a) Program participants to elect a one-year program extension in the SBA’s 8(a) Business Development Program due to the challenges of COVID-19.
Federal Housing Finance Agency
FHFA Issues Foreclosure Prevention, Refinance and FPM Report - October 2020
January 27, 2021
The Federal Housing Finance Agency released its Foreclosure Prevention, Refinance and Federal Property Management Report for October 2020. Fannie Mae and Freddie Mac completed 166,189 foreclosure prevention actions in October, bringing the total to 5,391,530 since the start of the conservatorships in September 2008. Approximately 45 percent of these actions have been permanent loan modifications.
State Agencies
California Department of Financial Protection and Innovation
The DFPI Signs MOUs Believed to be the Among the Nation’s First with Earned Wage Access Companies
January 27, 2021
The California Department of Financial Protection and Innovation (DFPI) has signed memorandums of understanding (MOUs) with five earned wage access companies. The MOUs enable earned wage access companies to continue operating in California, in advance of possible registration under the California Consumer Financial Protection Law, which took effect this year and defines the companies as newly covered financial services.
International
UK Financial Conduct Authority
FCA Issues Update on Mortgages, Consumer Credit, Banking and Payments During the Coronavirus Pandemic
January 27, 2021
The Financial Conduct Authority (FCA) issued an update on issues relating to mortgages, consumer credit, banking and payments during the pandemic. The update confirms the FCA’s finalized guidance on repossessions for mortgages and consumer credit, as well as the FCA’s intention to consult on an increase in the limit for contactless payments.