PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, July 23, 2021

July 23, 2021

FedACTion Task Force

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Click here to read more from our Coronavirus series.


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

Hearing: Examining Frameworks to Address Future Pandemic Risk

July 22, 2021

The Committee on Banking, Housing, and Urban Affairs Subcommittee on Securities, Insurance, and Investment held a hearing titled, "Examining Frameworks to Address Future Pandemic Risk."

U.S. House of Representatives

Hearing: Bond Rating Agencies: Examining the "Nationally Recognized" Statistical Rating Organizations

July 22, 2021

The House Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets held a meeting titled, "Bond Rating Agencies: Examining the 'Nationally Recognized' Statistical Rating Organizations."

Federal Agencies

Securities and Exchange Commission

Speech: SEC Commissioner Hester M. Peirce Gives Speech on Prosperity's Door

July 22, 2021

Securities and Exchange Commission (SEC) Commissioner Hester M. Peirce gave a speech titled, "Prosperity's Door," addressing changes in the financial services markets and regulation.

National Credit Union Association

Notice: NCUA Board Proposes Complex Credit Union Leverage Ratio

July 22, 2021

The National Credit Union Administration (NCUA) Board held its seventh open meeting of 2021 and unanimously approved: (1) a proposed rule that would create a simplified measure of capital adequacy for complex credit unions; and (2) a request for information on the use of digital assets and related technologies by federally insured credit unions.

Department of Labor

Unemployment Insurance Weekly Claims Report Update

July 22, 2021

In the week ending July 17, the advance figure for seasonally adjusted initial claims was 419,000, an increase of 51,000 from the previous week's revised level. The previous week's level was revised up by 8,000 from 360,000 to 368,000. The 4-week moving average was 385,250, an increase of 750 from the previous week's revised average. The previous week's average was revised up by 2,000 from 382,500 to 384,500.

State Agencies

California Department of Financial Protection and Innovation

Report: DFPI Report Shows California Payday Loan Activity Significantly Declines Amid Pandemic

July 22, 2021

The California Department of Financial Innovation and Protection reports that during the COVID-19 pandemic California's payday lenders made fewer than 6.1 million loans in 2020, representing a 40% decline in loans from 2019 and a 30% decline in customers compared to 2019, according to the 2020 Annual Report of Payday Lending Activity Under the California Deferred Deposit Transaction Law. Payday loans are also down by half in terms of dollar volume since 2011.


European Banking Authority

Paper: EBA Launches Discussion on Proportionality Assessment Methodology

July 22, 2021

The European Banking Authority (EBA) published a discussion paper aimed at gathering some preliminary input on how to standardize the proportionality assessment methodology for credit institutions and investment firms. The discussion paper invites all market participants affected by the proportional treatment in the application of EBA regulatory products to provide their input.

Bank of England

July 2021 Resolution Publications

July 22, 2021

The Bank of England published a statement from its Deputy Governor for Markets and Banking, Dave Ramsden, which accompanies two Resolution publications: (1) a Consultation Paper reviewing the Bank's approach to setting a minimum requirement for own funds and eligible liabilities; and (2) an Operational Guide on executing bail-in. These publications build on the progress made to develop the UK resolution regime over the last decade, and represent the latest stage of development of what is an increasingly mature regime.

Speech: "Mismatch" by Ben Broadbent

July 22, 2021

The Bank of England's Deputy Governor of Monetary Policy, Ben Broadbent, discussed mismatches between spending and supply caused by the COVID-19 pandemic in the UK and global economies.

He suggests that recent upward pressure on global goods prices is likely to be temporary, but there is some risk of longer-lasting frictions in the domestic economy. Developments in the labor market will be critical in assessing inflationary pressure in the medium term.

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)

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