PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, July 13, 2021
July 13, 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
U.S. Department of the Treasury
Remarks by Secretary of the Treasury Janet L. Yellen to the Eurogroup
July 11, 2021
U.S. Department of the Treasury Secretary Janet L. Yellen gave remarks to the Eurogroup addressing the economic recovery from the COVID-19 pandemic.
Federal Reserve Bank of New York
Consumers' Short-term Inflation, Income, and Spending Expectations Continue to Rise
July 12, 2021
The Federal Reserve Bank of New York's Center for Microeconomic Data released its June 2021 Survey of Consumer Expectations, which shows an increase in the median inflation expectations at the short-term horizon, while inflation expectations at the medium-term horizon remained unchanged. Households' labor market expectations continued to improve with unemployment expectations and the perceived likelihood of job loss both reaching new series' lows. Households' year-ahead income and spending growth expectations continued their recent upward trend. Home price growth expectations remain elevated.
Virtual Event: "Finance & Equity: Insights from the PPP on How Technology Might Help Better Serve Business Owners of Color"
July 12, 2021
The Federal Reserve Bank of New York, AARP, and Reimagine Main Street will host on July 22, 2021 at 12 p.m. Eastern a virtual event titled "Finance & Equity: Insights from PPP on How Technology Might Better Serve Business Owners of Color," which will explore how technology can improve small-business credit access for businesses owned by people of color.
Remarks by John C. Williams: The Theory of Average Inflation Targeting
July 12, 2021
John C. Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, gave remarks titled "The Theory of Average Inflation Targeting," at the "Inflation: Dynamics, Expectations, and Targeting" conference hosted by the Bank of Israel and the Centre for Economic Policy Research.
Blog: Tailoring Regulations
July 12, 2021
The Federal Reserve Bank of New York's Liberty Street Economics blog released a post titled "Tailoring Regulations." According to the post, regulators may seek to modify regulations to better suit the specific risk profiles of regulated entities. The authors consider the Economic Growth, Regulatory Relief, and Consumer Protection Act passed by Congress in 2018, which eased banking regulations for smaller institutions. They focus on the liquidity coverage ratio and assess how its relaxation affected newly exempt banks' assets and liabilities, and the resilience of the banking system.
Federal Reserve Bank of Boston
Paper: Breaking the Implicit Contract: Using Pension Freezes to Study Lifetime Labor Supply
July 12, 2021
The Federal Reserve Bank of Boston released a paper titled, "Breaking the Implicit Contract: Using Pension Freezes to Study Lifetime Labor Supply," which examines the elimination of traditional pensions and subsequent adoption of 401(k) plans by U.S. employers. More specifically, it studies how workers aged 50 to 70 have responded to these so-called pension freezes.
Freddie Mac
Freddie Mac Celebrates Twenty Years of CreditSmart by Launching New Learning Experience
July 12, 2021
Freddie Mac announced the launch of its new, comprehensive CreditSmart® financial capability curriculum aimed at helping consumers learn about the importance of building, maintaining and using credit so they can take the reins on their financial futures.
International
European Commission
Remarks by Commissioner Gentiloni at the Eurogroup Press Conference
July 12, 2021
European Commission Commissioner Gentlioni gave remarks at the Eurogroup Press Conference addressing the economic recovery from the COVID-19 pandemic as well as potential issuance of the Digital Euro.
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)