PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, March 24, 2021
March 24, 2021
By Paul Hastings Professional
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Administration Changes
Appointments/Confirmation Hearings
Department of the Treasury – Janet Yellen (effective January 26, 2021)
- Treasury Announces Key Staff Appointment (March 2, 2021)
- Statement from Secretary Yellen on President Biden’s Intention to Nominate Key Roles for Treasury (March 11, 2021)
- Treasury Announces Key Staff Appointments (March 16, 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 (Nominee)
- Acting Chair: Allison Herren Lee (January 21, 2021)
- Confirmation hearing held on March 2, 2021
- Committee approval March 10, 2021
Small Business Administration – Isabel Guzman (effective March 16, 2021)
- Senate Confirms Nomination of Isabel Guzman to be SBA Administrator (March 16, 2021)
- Statement of House Committee on Small Business Chair Nydia M. Velazquez (March 16, 2021)
Commodity Futures Trade Commission
National Credit Union Administration – Todd M. Harper
Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021)
- Marcia Fudge Sworn in As Secretary of Housing and Urban Development (March 10, 2021)
- Statement by Senate Committee on Banking, Housing, and Urban Affairs Chair Sherrod Brown (March 10, 2021)
- Statement by Senate Committee on Banking, Housing, and Urban Affairs Ranking Member Pat Toomey (March 10, 2021)
- Statement by House Committee on Financial Services Chair Maxine Waters (March 10, 2021)
Department of Education – Dr. Miguel Cardona (effective March 2, 2011)
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 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
Toomey Requests Additional Information on Climate Change Executive Order
March 23, 2021
Senator Pat Toomey (R-PA), Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Jim Cruse, Acting Vice Chairman and First Vice President the Export-Import (Ex-Im) Bank of the United States, requesting information on the implementation of a new executive order directing the Secretary of State and Secretary of the Treasury to coordinate with the newly-established Special Presidential Envoy for Climate to develop a “climate finance plan.”
U.S. House of Representatives
Committee on Financial Services
Committee Holds Hearing on the COVID-19 Response by the Department of the Treasury and the Federal Reserve Board
March 23, 2021
The U.S. House Committee on Financial Services held a hearing entitled, “Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response.”
- Hearing Page
- Webcast
- Committee Memorandum
- Statement by Committee Chair Maxine Waters
- Testimony by Treasury Secretary Janet L. Yellen
- Testimony by Federal Reserve Board Chair Jerome Powell
Committee on Small Business
Subcommittee Holds Hearing on Interplay between PPP, FAR
March 23, 2021
The U.S. House Committee on Small Business’ Subcommittee on Contracting and Infrastructure held a hearing focused on the interplay between the Paycheck Protection Program and the Federal Acquisition Regulations’ “credits clause.”
Federal Agencies
Federal Reserve Board
Governor Brainard Delivers Speech Urging Patience as COVID-19 Outlook Brightens
March 23, 2021
Governor Lael Brainard, a Member of the Board of Governors of the Federal Reserve System, delivered a speech entitled, “Remaining Patient as the Outlook Brightens,” at the National Association for Business Economics 37th annual Economic Policy Conference.
Governor Brainard Delivers Speech on Climate Change’s Effect on Financial Stability
March 23, 2021
Governor Lael Brainard, a Member of the Board of Governors of the Federal Reserve System, delivered a speech entitled, “Financial Stability Implications of Climate Change,” at the “Transform Tomorrow Today” Ceres 2021 Conference in Boston, Massachusetts.
Governor Bowman Delivers Speech on Small Business Prospects, Economic Outlook
March 22, 2021
Michelle W. Bowman, a Member of the Board of Governors of the Federal Reserve System, delivered via webcast a speech entitled, “The Economic Outlook and Prospects for Small Business,” at the Economic Club of Oklahoma in Oklahoma City, Oklahoma.
Federal Deposit Insurance Corporation
FDIC Examines COVID-19 One Year Later
March 23, 2021
The Federal Deposit Insurance Corporation (FDIC) issued a Consumer News released entitled, “COVID-19 One Year Later.” In the release, the FDIC updated an April 2020 edition of Consumer News, entitled “COVID-19 and Your Financial Health,” in which the FDIC provided consumers with information regarding banking remotely.
Office of the Comptroller of the Currency
OCC Reports Fourth Quarter 2020 Bank Trading Revenue
March 23, 2021
The Office of the Comptroller of the Currency (OCC) reported trading revenue of U.S. commercial banks and savings associations of $6.3 billion in the fourth quarter of 2020. The fourth quarter trading revenue was $588 million, or 8.5%, less than the previous quarter.
Securities and Exchange Commission
Commissioner Crenshaw Delivers Remarks on ESG and Climate Change at Asset Management Advisory Committee Meeting
March 23, 2021
Caroline A. Crenshaw, a Commissioner on the U.S. Securities and Exchange Commission (SEC), delivered remarks at a meeting of the SEC’s Asset Management Advisory Committee.
Consumer Financial Protection Bureau
CFPB Blog Post Stresses Commitment to Protecting Vulnerable Borrowers
March 23, 2021
The Consumer Financial Protection Bureau (CFPB) published a blog post entitled “Our Commitment to Protecting Vulnerable Borrowers.”
Federal Financial Institutions Examination Council
FinCEN Exchange Brings Together Public and Private Stakeholders to Discuss Bank Secrecy Act Suspicious Activity Reporting Statistics
March 23, 2021
The Financial Crimes Enforcement Network (FinCEN) convened a virtual FinCEN Exchange event to discuss Bank Secrecy Act filing statistics for low-dollar, voluntarily-filed suspicious activity reports that contain a transaction nexus to Arizona, New Mexico, Texas, Oklahoma and Louisiana.
National Credit Union Association
Chairman Harper Discusses Economic Outlook, Urges Credit Unions against Garnishing Stimulus Payments
March 23, 2021
Todd M. Harper, Chairman of the National Credit Union Administration, delivered remarks at the Maine Credit Union League’s Town Hall Meeting. In his remarks, Chairman Harper spoke optimistically about the effects of the recently-passed $1.9 trillion American Rescue Plan Act, and cautioned credit unions about the reputational issues that may arise from the practice, implemented by some financial institutions, of garnishing economic stimulus payments.
SBA Releases Facts on Small Business Ownership
March 23, 2021
The U.S. Small Business Administration’s Office of Advocacy released a document entitled “Small Business Facts: Paths to Business Ownership,” which provides statistics about how small business owners came to own their businesses.
International
UK Financial Conduct Authority
FCA Warns that Younger Investors are Assuming Large Financial Risks
March 23, 2021
The UK Financial Conduct Authority published research findings regarding investors who engage in high-risk investments such as cryptocurrencies and foreign exchange.