PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, June 24, 2021
June 24, 2021
FedACTion Task Force
Subscribe to PH FedACTion: Financial Regulatory Updates
PH Client Alerts
Click here to read more from our Coronavirus series.
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. Senate
Committee on Banking, Housing, and Urban Affairs
Senators Reintroduce Bipartisan Legislation to Address Eviction Crisis
June 23, 2021
U.S. Senators Michael Bennet (D-CO), Rob Portman (R-OH), Sherrod Brown (D-OH), and Todd Young (R-IN) introduced the Eviction Crisis Act of 2021, an effort to address the national housing crisis. The legislation includes provisions aimed at improving data and analysis on evictions; reducing preventable evictions and mitigating eviction-related consequences; and improving information on tenant screening reports.
Federal Agencies
Department of the Treasury
Treasury Secretary Yellen, Deputy Assistant Secretary Poyo Deliver Testimony before Senate Subcommittee
June 23, 2021
Janet L. Yellen, Secretary of the U.S. Department of the Treasury (Treasury), and Noel Andrés Poyo, Treasury’s Deputy Assistant Secretary for Community and Economic Development, delivered testimony to the U.S. Senate Appropriations Subcommittee on Financial Services and General Government. Secretary Yellen’s and Deputy Assistant Secretary Poyo’s testimony addressed subjects including the state of the U.S. economy, the state of the Treasury, the Treasury’s fiscal year 2022 budget, Community Development Financial Institutions (CDFIs) and Treasury’s CDFI Fund.
- Testimony of Secretary of the Treasury Janet L. Yellen
- Testimony of Deputy Assistant Secretary for Community and Economic Development Noel Andrés Poyo
Federal Reserve Board
Speech: Building Economic Resilience in Communities
June 23, 2021
Michelle W. Bowman, a Governor on the Board of Governors of the Federal Reserve System, delivered via prerecorded video a speech at the Policy Summit 2021 at the Federal Reserve Bank of Cleveland. In her speech, Governor Bowman briefly described current U.S. economic conditions including post-COVID-19 economic outcomes, and shared her perspective on economic resilience.
Paper: Open Source Cross-Sectional Asset Pricing
June 23, 2021
The Board of Governors of the Federal Reserve System’s Divisions of Research & Statistics and Monetary Affairs, as part of their Finance and Economics Discussion Series, released a paper titled “Open Source Cross-Sectional Asset Pricing.”
Federal Reserve Bank of New York
Blog Post: Central Banks and Digital Currencies
June 23, 2021
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “Central Banks and Digital Currencies.” In the blog post, the authors consider two ways a central bank could choose to become involved with digital currencies and discuss some implications of these potential choices.
Securities and Exchange Commission
Chair Gensler Delivers Remarks at London City Week
June 23, 2021
Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), delivered prepared remarks at London City Week. In his remarks, Chair Gensler discussed three key areas of the SEC’s reform agenda: public company disclosure; market structure; and transparency.
National Credit Union Association
According to NCUA Report, Minority Depository Institution Credit Unions See Year of Growth
June 23, 2021
The National Credit Union Administration (NCUA) issued its eighth annual report to Congress on the composition and financial performance of the minority depository institutions (MDI) supervised by the NCUA in 2020. The report’s highlights include a finding that the number of MDI credit unions grew in 2020, and these credit unions expanded membership and increased lending. Shares and deposits were up, as were total assets.
U.S. Small Business Administration
SBA Webinar: Get Your Business Back on Track
June 23, 2021
The U.S. Small Business Administration and the Public Private Strategies Institute will host a webinar on June 24 at 2:00 p.m. Eastern, with Congresswoman Judy Chu (D-CA). The webinar will address programs aimed at assisting businesses recover from the COVID-19 pandemic.
Federal Housing Finance Agency
SCOTUS Rules that FHFA Structure is Unconstitutional, President Can Remove Director
June 23, 2021
The U.S. Supreme Court ruled in Collins v. Yellen that the structure of the Federal Housing Finance Agency (FHFA) director position, as established in the Housing and Economic Recovery Act, is unconstitutional, but declined to dismantle the agency entirely. President Biden removed FHFA Director Mark Calabria from the position following the decision.
- SCOTUS Opinion
- Statement by FHFA Director Mark Calabria
- Statement by Senate Committee on Banking, Housing, and Urban Affairs Chair Sherrod Brown
- Statement by Senate Committee on Banking, Housing, and Urban Affairs Ranking Member Patrick Toomey
International
European Commission
Commission Proposes Joint Cyber Unit to Increase Response to Large-Scale Security Incidents
June 23, 2021
The European Commission laid out plans to build a new Joint Cyber Unit to tackle the rising number of serious cyber incidents impacting public services, as well as businesses and citizens across the European Union.
- Factsheet
- Infographic
- Recommendation
- First implementation report
- Second Progress Report
- Press Release
European Banking Authority
EBA Publishes Report on Management and Supervision of ESG Risks for Credit Institutions and Investment Firms
June 23, 2021
The European Banking Authority (EBA) published its Report on Environmental, Social and Governance (ESG) risks management and supervision. The report, which is a key component of the EBA’s broader ESG work, provides a comprehensive proposal on how ESG factors and risks should be included in the regulatory and supervisory framework for credit institutions and investment firms.
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
Securities and Exchange Commission - Gary Gensler (effective April 17, 2021)
Small Business Administration - Isabella Casillas Guzman (effective March 16, 2021)
Commodity Futures Trade Commission
Financial Crimes Enforcement Network
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, 2021)