PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, August 31, 2021
August 31, 2021
FedACTion Task Force
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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.
Federal Agencies
Federal Deposit Insurance Corporation
FDITECH Opens Registration for Tech Sprint to Measure and Test Bank Resilience
August 30, 2021
The Federal Deposit Insurance Corporation opened the registration period to participate in a tech sprint designed to identify and develop measures, data and other capabilities to understand how resilient banks are to major disruptions. The tech sprint is intended to be the first of several focused on how to foster stronger resiliency in banking.
Consumer Financial Protection Bureau
New Mortgage Servicing Rule Aims to Prevent Avoidable Foreclosures As Protections Expire
August 30, 2021
The Consumer Financial Protection Bureau posted a blog titled, "New Mortgage Servicing Rules Aims to Prevent Avoidable Foreclosures as Protections Expire."
FINRA
Blog: SPAC Warrants: 5 Tips to Avoid Missed Opportunities
August 30, 2021
The Financial Industry Regulatory Authority posted an Investor Insight blog titled, "SPAC Warrants: 5 Tips to Avoid Missed Opportunities," providing information on warrant redemptions for those interested in investing in special purpose acquisition companies.
Federal Housing Finance Agency
FHFA Announces Two Staffing Updates
August 30, 2021
The Federal Housing Finance Agency named Laura Thrift as Director of the Office of Congressional Affairs and Communications and Alexei Alexandrov as Chief Economist.
Ginnie Mae
The Ginnie Mae Global Market Analysis August Report
August 30, 2021
The Ginnie Mae Office of Capital Markets published its monthly Global Market Analysis Report. This comprehensive report is designed to keep Ginnie Mae investors and partners abreast of new data and developments affecting the Ginnie Mae market and the mortgage-backed securities market more broadly.
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)
- Renee Jones to Join SEC as Director of Corporation Finance; John Coates Named SEC General Counsel (June 14, 2021)
- Daniel S. Kahl Appointed Acting Director of the Division of Examinations; Peter B. Driscoll to Depart Agency (July 14, 2021)
Small Business Administration - Isabella Casillas Guzman (effective March 16, 2021)
- Small Business Committee Advances SBA Deputy Administrator Nominee Dilawar Syed (June 17, 2021)
- U.S. Small Business Administration Announces Key Staff (August 18, 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)