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Daily Financial Regulation Update -- Friday, January 22, 2020

January 22, 2021

By FedACTion Task Force

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Administration Changes

Appointments/Confirmation Hearings

Department of the Treasury – Janet Yellen (Nominee)

Consumer Financial Protection Bureau – Rohit Chopra (Nominee)

Securities and Exchange Commission – Gary Gensler (Nominee)

Small Business Administration – Isabel Guzman (Nominee)

Department of Education – Miguel Cardona (Nominee)

Commodity Futures Trade Commission

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 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

Congresswoman Waters Announces Democratic Financial Services Committee Membership for the 117th Congress

January 21, 2021

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee (Committee), announced the Democratic Committee membership for the 117th Congress. Appointments to the Committee are finalized once approved by the House Democratic Caucus.

Federal Agencies

Department of Housing and Urban Development/Federal Housing Administration

Biden Administration Authorizes Extension of Federal Housing Administration Single Family Foreclosure and Eviction Moratorium

January 21, 2021

The Biden Administration requested the U.S. Department of Housing and Urban Development (HUD) and other federal agencies to extend its foreclosure and eviction moratorium for single family mortgages insured by the Federal Housing Administration or guaranteed by HUD’s Office of Native American Programs through March 31, 2021. The moratorium prohibits servicers from initiating or proceeding with foreclosure and foreclosure-related eviction actions for HUD insured or guaranteed single family forward and reverse mortgages, except for those secured by legally vacant and abandoned properties. Further, HUD requires mortgage servicers to provide up to six months of COVID-19 forbearance when a borrower experiencing a financial hardship due to COVID-19 requests this assistance, and up to an additional six months of COVID-19 forbearance for a borrower who requests an extension of the initial forbearance.

U.S. Department of Labor

Labor Department Issues Release on Unemployment Insurance Weekly Claims

January 21, 2021

The U.S. Department of Labor issued a release regarding weekly unemployment insurance claims. The release states that, in the week ending January 16, the advance figure for seasonally adjusted initial claims was 900,000, a decrease of 26,000 from the previous week’s revised level; the previous week’s level was revised down by 39,000 from 965,000 to 926,000; the four-week moving average was 848,000, an increase of 23,500 from the previous week’s revised average; and the previous week’s average was revised down by 9,750 from 834,250 to 824,500.

U.S. Department of Education

Secretary of Education Will Extend Pause on Federal Student Loan Payments

January 21, 2021

The U.S. Department of Education announced that the Acting Secretary of Education will extend the pause on federal student loan payments and collections and keep the interest rate at 0%.

State Agencies

New York State Department of Financial Services

As Part of New York's Ongoing Response to the Covid-19 Pandemic, Governor Cuomo Announces Open Enrollment for New Yorkers Extended Through March 31, 2021

January 21, 2021

Governor Andrew Cuomo announced that the Open Enrollment Period for uninsured New Yorkers will be extended through March 31, 2021. New Yorkers can apply for coverage through New York’s Official Health Plan Marketplace or through insurers.

Governor Cuomo Announces Investigations into Prescription Drug Price Spikes Connected To the COVID-19 Pandemic

January 21, 2021

Governor Andrew Cuomo announced the New York State Department of Financial Services’ newly formed Office of Pharmacy Benefits has initiated investigations into significant price spikes for six drugs that were connected to the COVID-19 pandemic.