PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, May 4, 2021
May 04, 2021
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Administration Changes
Appointments/Confirmation Hearings
Department of the Treasury – Janet Yellen (effective January 26, 2021)
- Statement by Treasury Secretary Janet Yellen on Confirmation of Wally Adeyemo as Deputy Secretary (March 25, 2021)
- Treasury Announces Key Staff Appointments (April 20, 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
- Toomey Opening Statement During Chopra, Gensler Nomination Hearing (March 2, 2021)
Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)
- Statement by Acting Chair Allison Herren Lee and Commissioners on Confirmation of Gary Gensler (April 14, 2021)
- Statement by FINRA President and CEO Robert W. Cook on Confirmation of Gary Gensler (April 14, 2021)
- Statement by Senate Committee on Banking, Housing, and Urban Affairs Chair Sherrod Brown on Confirmation of Gary Gensler (April 14, 2021)
- Statement by House Financial Services Committee Chair Maxine Waters on Confirmation of Gary Gensler (April 15, 2021)
- Gary Gensler Names Initial Executive Staff Members (April 19, 2021)
- Alex Oh Named SEC Director of Enforcement (April 22, 2021)
- SEC Names Keo Chea as Director of Public Engagement and Aisha Johnson as Director of Media Relations (April 26, 2021)
- Alex Oh Resigns from SEC; Melissa Hodgman Named Acting Director of Enforcement (April 28, 2021)
- Jessica Wachter Named SEC Chief Economist and Director of the Division of Economic and Risk Analysis (May 3, 2021)
Small Business Administration – Isabel Guzman (effective March 16, 2021)
- SBA Administrator Isabella Casillas Guzman Announces Antwaun Griffin to Serve as SBA Chief of Staff (April 1, 2021)
- Statement by Senate Committee on Small Business & Entrepreneurship Chair Ben Cardin on Nomination of Dilawar Syed as Deputy Administrator (April 21, 2021)
Commodity Futures Trade Commission
Financial Crimes Enforcement Network
- FinCEN Announces Acting Director and New Deputy Director (April 2, 2021)
- Statement from Treasury Deputy Secretary Adeyemo on Leadership Announcement (April 2, 2021)
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, 2011)
- U.S. Department of Education Announces More Biden-Harris Appointees (April 9, 2021)
- Statement by Secretary Cardona on President Biden's Nomination of Gwen Graham (April 16, 2021)
- Statement by Secretary Cardona on President Biden’s Nomination of Roberto J. Rodríguez (April 29, 2021)
- U.S. Department of Education Announces Richard Cordray as Chief Operating Officer of Federal Student Aid (May 3, 2021)
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. House of Representatives
Committee on Financial Services
Chairwoman Waters Announces Witnesses for Third Committee Hearing on Market Volatility
April 30, 2021
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced the witnesses for the full committee hearing titled “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide, Part III.” The hearing will be held on May 6, 2021 at 12:00 p.m. Eastern.
Federal Agencies
U.S. Department of the Treasury
Statement by Charles Moravec, Temporary Alternate Governor for the United States 2021 Virtual Annual Meeting, Business Session
May 3, 2021
Charles Moravec, Temporary Alternate Governor for the United States, gave a statement at the virtual 54th Annual Meeting of the Asian Development Bank. His statement covered the following topics: (i) COVID-19 response; (ii) climate; (iii) energy policy; (iv) financial sustainability; (v) graduation; (vi) safeguard policy statement; (vii) debt management, transparency and sustainability; and (viii) gender diversity on the board of directors.
Economy Statement by Catherine Wolfram, Acting Assistant Secretary for Economy Policy, for the Treasury Borrowing Advisory Committee
May 3, 2021
Catherine Wolfram, Acting Assistant Secretary for Economic Policy at the U.S. Department of the Treasury (Treasury), gave a statement for the Treasury Borrowing Advisory Committee.
Federal Reserve Board
Speech by Chair Powell on Community Development
May 3, 2021
Jerome H. Powell, Chair of the Board of Governors of the Federal Reserve System, gave a speech titled “Community Development” at the 2021 Just Economy Conference sponsored by the National Community Reinvestment Coalition.
Federal Reserve Bank of New York
Defragmenting Markets: Evidence from Agency MBS
May 3, 2021
The Federal Reserve Bank of New York released a staff report titled “Defragmenting Markets: Evidence from Agency MBS.”
The Economic Recovery: Are We There Yet?
May 3, 2021
John C. Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, gave remarks at the Women in Housing and Finance 2021 Annual Symposium titled “The Economic Recovery: Are We There Yet?”
Endogenous Supply Chains, Productivity and COVID-19
May 3, 2021
The Federal Reserve Bank of New York’s Liberty Street Economics blog issued a post titled “Endogenous Supply Chains, Productivity and COVID-19.” According to the post, during the COVID-19 pandemic, many industries adapted to new social distancing guidelines by adopting new technologies, providing protective equipment for their employees, and digitizing their methods of production. Such changes in supply chains, together with monetary and fiscal stimulus, contributed to dampening the economic impact of COVID-19 over time. The author discusses a new framework that analyzes how changes in supply chains can drive economic growth in the long run and mitigate recessions in the short run.
Consumer Financial Protection Bureau
Independent Accountants’ Report on the CFPB’s Fiscal Year 2020 Compliance with the Payment Integrity Information Act of 2019
May 3, 2021
The Office of Inspector General of the Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau (CFPB) released the results of an independent accountants’ report on the CFPB’s fiscal year 2020 compliance with the Payment Integrity Information Act of 2019.
Consumer Financial Protection Bureau and Federal Trade Commission Put Nation’s Largest Landlords on Notice about Tenants’ Pandemic Protections
May 3, 2021
Consumer Financial Protection Bureau (CFPB) Acting Director Dave Uejio and Federal Trade Commission (FTC) Acting Chairwoman Rebecca Kelly Slaughter sent notification letters to the nation’s largest apartment landlords, which collectively own more than 2 million units. The letters remind the landlords of federal protections in place to keep tenants in their homes and stop the spread of COVID-19. The Centers for Disease Control and Prevention has extended until June 30, 2021 a temporary moratorium on evictions for non-payment of rent, and the CFPB has issued an interim final rule, which takes effect on May 3, 2021, establishing new notice requirements under the Fair Debt Collection Practices Act.
Federal Financial Institutions Examination Council
Thomas Fite Elected as State Liaison Committee Chairman and Reappointed to FFIEC State Liaison Committee
May 3, 2021
The Federal Financial Institutions Examination Council’s (FFIEC) State Liaison Committee (SLC) announced the election of Thomas Fite as SLC Chairman. Additionally, the FFIEC announced the reappointment of Mr. Fite to the FFIEC’s SLC.
U.S. Department of Housing and Urban Development/Federal Housing Administration
HUD Makes More than $20 Million Available to Fight Housing Discrimination
May 3, 2021
The U.S. Department of Housing and Urban Development (HUD) announced that it is making more than $20 million available to fair housing organizations across the nation working to fight housing discrimination. The funds will support a variety of activities, including fair housing testing, education and outreach, and capacity building, and are being provided through HUD’s Fair Housing Initiatives Program.
Federal Housing Finance Agency
FHFA Publishes Final Rule on Enterprise Resolution Plans
May 3, 2021
The Federal Housing Finance Agency (FHFA) published a final rule that requires Fannie Mae and Freddie Mac (the Enterprises) to develop credible resolution plans, also known as “living wills.” The resolution plans would facilitate a rapid and orderly resolution of the Enterprises should FHFA be appointed their receiver per the Housing and Economic Recovery Act of 2008.
International
European Banking Authority
European Banking Authority Publishes Report on Mystery Shopping Activities of National Authorities
May 3, 2021
The European Banking Authority (EBA) published a report on the mystery shopping activities of National Competent Authorities (NCAs). The EBA collated mystery shopping activities by NCAs with a view to share experiences, learn valuable lessons, and identify good practices for the benefit of the EBA and NCAs that use or intend to use mystery shopping in the future. Mystery shopping allows NCAs to obtain greater insight into the conduct of financial institutions. The financial institutions are then encouraged to take corrective actions and to better comply with applicable requirements, which eventually enhances the protection of consumers.