PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, July 27, 2021
July 27, 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
Freddie Mac
Freddie Mac Multifamily Midyear Outlook Projects Return to Pre-Pandemic Trends
July 26, 2021
Demand for multifamily housing currently exceeds pre-pandemic levels, according to Freddie Mac's Multifamily Midyear Outlook. As a result, Freddie Mac projects rising rents, falling vacancies and a record-setting origination market for the remainder of 2021. Freddie Mac projects that overall multifamily origination volume will continue to rise in the second half of 2021, growing to within the record-setting range of between $385 billion to $410 billion over the full year.
International
European Banking Authority
EBA Consults on Technical Standards to Identify Shadow Banking Entities
July 26, 2021
The European Banking Authority (EBA) launched a public consultation on draft regulatory technical standards setting out criteria for the identification of shadow banking entities for the purposes of reporting large exposures. The consultation runs until October 26, 2021.
Bank of England
Speech: Running Out of Room: Revisiting the 3D Perspective on Low Interest Rates by Gertjan Vlieghe
July 26, 2021
Gertjan Vlieghe, External Member of the Monetary Policy Committee of the Bank of England, gave a speech titled, "Running Out of Room: Revisiting the 3D Perspective on Low Interest Rates." He considers what we have learned in the past five years about some of the structural drivers of low interest rates, such as demographics, debt, and the distribution of income.
Bank of England Prudential Regulation Authority
Policy Statement: International Banks: The PRA's Approach to Branch and Subsidiary Supervision
July 26, 2021
The Bank of England published a policy statement that provides feedback to responses to the consultation paper titled, "International banks: The PRA's approach to branch and subsidiary supervision."
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)
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)