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Daily Financial Regulation Update -- Friday, July 9, 2021

July 09, 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 Bank of New York

New York Fed Announces the Start of Secondary Market Corporate Credit Facility Corporate Bond Sales on July 12

July 8, 2021

The Federal Reserve Bank of New York (New York Fed) announced that the Secondary Market Corporate Credit Facility will begin gradual sales of its corporate bond holdings on July 12, 2021. The New York Fed also released an updated set of Frequently Asked Questions regarding the sales of these assets.

Federal Reserve Bank of Boston

Paper: Wealth Concentration in the United States Using an Expanded Measure of Net Worth

July 8, 2021

The Federal Reserve Bank of Boston released a working paper titled “Wealth Concentration in the United States Using an Expanded Measure of Net Worth.”

Conference of State Bank Supervisors

Community Bankers Stay Positive on Economy; Regulatory Burden and Monetary Policy Concerns Continue

July 8, 2021

The Conference of State Bank Supervisors issued a release that states that community bankers’ assessment about future economic and financial conditions continues to indicate a positive economic outlook, according to the most recent Community Bank Sentiment Index. Regulatory burden remains the greatest concern for community bankers. 

FINRA

FINRA Continues to Encourage Firms to Notify FINRA if They Engage in Activities Related to Digital Assets

July 8, 2021

For the past several years, the Financial Institution Regulatory Authority (FINRA) has encouraged firms to keep their risk monitoring analyst informed if the firm, or its associated persons or affiliates, engaged, or intended to engage, in activities related to digital assets, including digital assets that are non-securities. FINRA is encouraging firms to continue to keep their risk monitoring analyst abreast of their activities related to digital assets on an ongoing basis.

U.S. Department of Labor

Labor Department Issues Release on Unemployment Insurance Weekly Claims

July 8, 2021

The U.S. Department of Labor issued a news release regarding weekly unemployment insurance claims. The release states that, in the week ending July 3, the advance figure for seasonally adjusted initial claims was 373,000, an increase of 2,000 from the previous week’s revised level; the previous week’s level was revised up by 7,000 from 364,000 to 371,000; the four-week moving average was 394,500, a decrease of 250 from the previous week’s revised average (and the lowest level for this average since March 14, 2020 when it was 225,500); and the previous week’s average was revised up by 2,000 from 392,750 to 394,750.

International

European Commission

EU Justice Scoreboard 2021: Digital Tools Help Courts and Prosecution Services Mitigate COVID-19 Challenges

July 8, 2021

The European Commission announced that it has published the 2021 EU Justice Scoreboard, an annual overview providing comparative data on the efficiency, quality and independence of justice systems in all European Union Member States. This year’s overview focused on the digitalization of justice, which kept courts functioning during the COVID-19 pandemic and more generally made justice systems more accessible and efficient.

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)