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Daily Financial Regulation Update -- Friday, August 13, 2021

August 13, 2021

By 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

Federal Reserve Board

Paper: What Can We Learn from Idiosyncratic Wage Changes?

August 12, 2021

The Board of Governors of the Federal Reserve System published a paper titled, "What Can We Learn from Idiosyncratic Wage Changes?"

Federal Deposit Insurance Corporation

FDITECH Selects Eight Teams in Tech Sprint to Reach the Unbanked

August 12, 2021

The Federal Deposit Insurance Corporation announced the selection of eight teams to participate in a "tech sprint" designed to explore new technologies and techniques to help banks meet the needs of unbanked consumers.

U.S. Small Business Administration

Report: The Small Business Administration's Implementation of Recommended Controls and the Economic Aid Act

August 12, 2021

The Small Business Administration (SBA) implemented or initiated action on all the Office of Inspector General (OIG) recommendations to strengthen internal controls related to the Paycheck Protection Program (PPP). The Economic Aid Act continued assistance under the PPP for small businesses financially affected by the ongoing coronavirus pandemic. The OIG found SBA implemented the PPP in accordance with the Economic Aid Act with two exceptions. SBA did not 1) require an assessment of affiliation for faith-based organizations which contradicts its internal control procedures and 2) issue guidance regarding farm credit system institutions to ensure requirements were met.

Department of Housing and Urban Development/Federal Housing Administration

HUD and FHFA Announce Collaboration to Advance Fair Housing and Fair Lending Enforcement

August 12, 2021

The U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) entered into a first-of-its-kind collaborative agreement regarding fair housing and fair lending coordination. Under the Memorandum of Understanding (MOU), the agencies will focus on enhancing their enforcement of the Fair Housing Act, which HUD is primarily charged with administering and enforcing, and their oversight of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, all of which FHFA regulates.

Federal Housing Finance Agency

Report: Foreclosure Prevention, Refinance and FPM Report - May 2021

August 12, 2021

The Federal Housing Finance Agency published its May 2021 Foreclosure Prevention, Refinance and Federal Property Manager's (FPM) Report.

U.S. Department of Labor

Unemployment Insurance Weekly Claims Report Update

August 12, 2021

In the week ending August 7, the advance figure for seasonally adjusted initial claims was 375,000, a decrease of 12,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 385,000 to 387,000. The 4-week moving average was 396,250, an increase of 1,750 from the previous week's revised average. The previous week's average was revised up by 500 from 394,000 to 394,500.

Administration Changes

Appointments/Confirmation Hearings

Department of the Treasury - Janet Yellen (effective January 26, 2021)

Consumer Financial Protection Bureau - Rohit Chopra (Nominee)

Securities and Exchange Commission - Gary Gensler (effective April 17, 2021)

Small Business Administration - Isabella Casillas Guzman (effective March 16, 2021)

Commodity Futures Trade Commission

Financial Crimes Enforcement Network

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, 2021)