Daily Financial Regulation Update -- Tuesday, June 8, 2021

June 08, 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 at the SelectUSA Investment Summit

June 7, 2021

U.S. Department of the Treasury Secretary Janet L. Yellen gave remarks at the SelectUSA Investment Summit.

Remarks

U.S. Securities and Exchange Commission

Remarks by Chair Gary Gensler at the CFO Network Summit

June 7, 2021

Gary Gensler, Chair of the U.S. Securities and Exchange Commission, gave prepared remarks at the CFO Network Summit.

Speech

Consumer Financial Protection Bureau

New Report on the CFPB’s Financial Coaching Initiative

June 7, 2021

The Consumer Financial Protection Bureau (CFPB) announced that it released a report titled, “Financial Coaching Initiative: Results and Lessons Learned.” The report documents how the CFPB implemented a 60-site financial coaching initiative and presents data and lessons learned for service providers interested in financial coaching.

International

European Banking Authority

EBA Updates List of Risk Indicators and Analysis Tools

June 7, 2021

The European Banking Authority (EBA) published an updated list of indicators for risk assessment and risk analysis tools, together with the accompanying methodological guide. The guidance, which describes how risk indicators are computed in EBA publications, allows competent authorities and users of EBA data to interpret key bank figures in a consistent fashion when conducting their risk assessments and analyses.

EBA Makes Recommendations for Reducing Supervisory Reporting Costs

June 7, 2021

The European Banking Authority (EBA) finalized its comprehensive study of the cost of compliance of European Economic Area (EEA) banks with the supervisory reporting requirements. The EBA published a summary report and identified numerous recommendations collectively leading to a potential reduction of the banks’ reporting costs by up to 15-24%. Most of the recommendations will be implemented by the EBA as part of its ongoing policy work on developing and enhancing the common European Union supervisory reporting framework.

Bank of England

BOE Publishes Discussion Paper on New Forms of Digital Money and Summarizes Responses to the 2020 Discussion Paper on Central Bank Digital Currency

June 7, 2021

The Bank of England (BoE) published a Discussion Paper which aims to broaden the debate around new forms of digital money and seek views on the BoE’s emerging thoughts on the subject.