PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, April 21, 2021
April 21, 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)
Small Business Administration – Isabel Guzman (effective March 16, 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)
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. Senate
Committee on Banking, Housing, and Urban Affairs
Banking Committee Holds Hearing on Investing in Rural Communities
April 20, 2021
The U.S. Senate Committee on Banking, Housing, and Urban Affairs met remotely to conduct a hearing entitled “An Economy that Works For Everyone: Investing in Rural Communities.” The witnesses were: Mr. William J. (Bill) Bynum, Chief Executive Officer, HOPE (Hope Enterprise Corporation, Hope Credit Union, Hope Policy Institute); Ms. Stacy Mitchell, Co-Executive Director, Institute for Local Self-Reliance; Ms. Marcia Erickson, Chief Executive Officer, GROW South Dakota; The Honorable Affie Ellis, Wyoming State Senator, District 8; and Ms. Kathleen Sgamma, President, Western Energy Alliance.
- Hearing Page
- Statement by Committee Chairman Sherrod Brown
- Statement by Ranking Member Patrick J. Toomey
U.S. House of Representatives
Committee on Financial Services
Financial Services Committee Meets to Mark up Resolutions
The U.S. House Committee on Financial Services met to mark up the following resolutions: FY20 Budget Views and Estimates; H.R. 1087; H.R. 1187; H.R. 1277; H.R. 2123; H.R. 2516; H.R. 2543; H.R. 2547; H.R. 2553; and Resolution to establish the Task Force on Artificial Intelligence & Resolution to establish the Task Force on Financial Technology
April 20, 2021
Committee on Small Business
Representative Velazquez Issues Update on SBA’s Pandemic Response Programs
April 20, 2021
Congresswoman Nydia M. Velazquez (D-NY), Chairwoman of the Committee on Small Business, issued a statement regarding the Small Business Administration’s (SBA) pandemic response programs, summarizing that since the passage of the CARES Act, the SBA has approved 4.2 million Paycheck Protection Program loans worth $229 billion, 3.77 Economic Injury Disaster Loans (EIDL) for approximately $195 billion, and has disbursed 5.8 million EIDL advances amounting to $20 billion.
Velázquez, Evans, and Golden Look to Extend SBA Lending to Small Cannabis Businesses
April 20, 2021
Committee on Small Business Chairwoman Nydia M. Velázquez (D-NY), Rep. Dwight Evans (D-PA), and Rep. Jared Golden (D-ME) reintroduced legislation to open several Small Business Administration programs to small firms operating in the legal cannabis sector.
Federal Agencies
Department of the Treasury
Deputy Secretary of the Treasury Wally Adeyemo Holds Roundtable Discussion with Bank Policy Institute Members
April 20, 2021
Deputy Secretary of the Treasury Wally Adeyemo met virtually with 20 CEOs who are members of the Bank Policy Institute (BPI) for a roundtable discussion focused on the importance of forging strong partnerships between the public and private sectors to tackle challenges facing Americans.
Commodity Futures Trading Commission
Commissioner Stump Issues Remarks Before Texas A&M’s Bitcoin Conference
April 16, 2021
Commissioner Dawn D. Stump of the Commodity Futures Trading Commission issued remarks at Texas A&M’s Bitcoin Conference. Stump’s remarks focused on the regulation of Bitcoin.
International
Bank of England Prudential Regulation Authority
PRA Publishes Supervisory Disclosures Regarding Approach and Insurance Regulations Applicable in the UK Year-End 2019
April 20, 2021
The Bank of England Prudential Regulation Authority (PRA) published supervisory disclosures, including: aggregate statistical data on key aspects of the application of the prudential framework; a table covering the manner of exercise of the options provided for in the Solvency II Directive; links to the texts of insurance regulations applicable in the United Kingdom; and links to the PRA’s supervisory approach.
- Solvency II: Supervisory disclosures, PRA’s supervisory approach and insurance regulations applicable in the UK
- News Release
UK Financial Conduct Authority
FCA CEO Rathi Delivers Speech on Innovation in the Service of Consumers and the Market
April 20, 2021
Nikhil Rathi, CEO of the UK Financial Conduct Authority, delivered a speech at FinTech Week.