PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, May 12, 2021
May 12, 2021
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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
- Toomey Opening Statement During Chopra, Gensler Nomination Hearing (March 2, 2021)
Securities and Exchange Commission – Gary Gensler (effective April 17, 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)
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)
- Statement by Senate Committee on Banking, Housing, and Urban Affairs Chair Sherrod Brown at Nomination Hearing for Adrianne Todman to be Deputy Secretary (May 11, 2021)
- Statement by Senate Committee on Banking, Housing, and Urban Affairs Ranking Member Pat Toomey at Nomination Hearing for Adrianne Todman to be Deputy Secretary (May 11, 2021)
Department of Education – Dr. Miguel Cardona (effective March 2, 2011)
- U.S. Department of Education Announces Richard Cordray as Chief Operating Officer of Federal Student Aid (May 3, 2021)
- Statement from Secretary Miguel Cardona on the Confirmation of Cindy Marten as Deputy Secretary of the U.S. Department of Education (May 11, 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.
Federal Agencies
Federal Reserve Board
Speech: Patience and Progress as the Economy Reopens and Recovers
May 11, 2021
Lael Brainard, Governor at the Board of Governors of the Federal Reserve System, gave a speech titled “Patient and Progress as the Economy Reopens and Recovers.” Ms. Brainard gave the speech at “The Road to Recovery and What’s Next,” a conference sponsored by the Society for Advancing Business Editing and Writing.
Federal Reserve Bank of New York
Remarks: Measure Twice, Cut Once
May 11, 2021
John C. Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, gave remarks at the SOFR Symposium: The Final Year (Part II), titled “Measure Twice, Cut Once.”
Federal Deposit Insurance Corporation
FDIC Publishes 2021 Risk Review
May 11, 2021
The Federal Deposit Insurance Corporation published its 2021 Risk Review, a comprehensive summary of emerging risks in the U.S. banking system.
Office of the Comptroller of the Currency
Michael J. Hsu Statement to Agency Employees on Becoming Acting Comptroller of the Currency
May 11, 2021
Acting Comptroller of the Currency Michael J. Hsu shared a statement with staff of the Office of the Comptroller of the Currency at the conclusion of his first day in the role.
Financial Crimes Enforcement Network
FinCEN Extends Application Deadline for Special Monthly Innovation Hours Sessions for Underserved Groups Developing Technology to Fight Illicit Financial Activity
May 10, 2021
The Financial Crimes Enforcement Network (FinCEN) announced that it is extending the deadline for its special monthly FinCEN Innovation Hours Program on June 10, 2021, which will focus on the important role of underserved groups in developing technology to fight illicit financial activity and protect the nation’s security.
National Credit Union Administration
Federal Financial Regulators to Hold Webinar on Emergency Capital Investment Program
May 11, 2021
The National Credit Union Administration announced that it will hold a webinar titled “An Overview of the Emergency Capital Investment Program,” on May, 24, 2021 at 3:00 p.m. Eastern.
Ginnie Mae
Ginnie Mae Reports April MBS Issuance of $89 Billion
May 11, 2021
Ginnie Mae announced that its mortgage-backed securities issuance volume was $89.70 billion in April 2021, up from $82.25 billion issued in March 2021.
U.S. Department of Education
U.S. Department of Education Makes Available $36 Billion in American Rescue Plan Funds to Support Students and Institutions
May 11, 2021
The U.S. Department of Education announced more than $36 billion in emergency grants provided under the American Rescue Plan Act for postsecondary education.
Secretary Cardona Holds Roundtable with Educators to Discuss the Public Service Loan Forgiveness Program
May 11, 2021
U.S. Department of Education Secretary Miguel Cardona held a roundtable to discuss the Public Service Loan Forgiveness program with educators who have student loans and are participating in the program.
International
Bank of England
Descending Safely: Life after LIBOR
May 11, 2021
Andrew Bailey, Governor at the Bank of England, gave a speech at Alternative Reference Rates Committee – the SOFR Symposium: The Final Year, titled “Descending Safely: Life after LIBOR.”
UK Financial Conduct Authority
Capital Market Liquidity in the 2020 Coronavirus Crisis
May 11, 2021
The Financial Conduct Authority released a research note titled “Capital Market Liquidity in the 2020 Coronavirus Crisis.”