PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, June 4, 2021

June 04, 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.

Federal Agencies

Department of the Treasury

Treasury Secretary Yellen Delivers Remarks at G20 Infrastructure Investors Dialogue

June 03, 2021

Janet L. Yellen, Secretary of the U.S. Department of the Treasury, delivered remarks entitled “Challenges and Opportunities in Environment, Social, and Governance-aligned Infrastructure Investment,” at the G20 Infrastructure Investors Dialogue.

Federal Reserve Board/Federal Reserve Bank of New York

Federal Reserve Board, New York Fed Announce Winding Down of Secondary Market Corporate Credit Facility Portfolio

June 02, 2021

The Board of Governors of the Federal Reserve System (Federal Reserve Board) announced plans to begin winding down the portfolio of the Secondary Market Corporate Credit Facility (SMCCF), a temporary emergency lending facility that closed on December 31, 2020. Consistent with the Federal Reserve Board’s announcement, the Federal Reserve Bank of New York (FRBNY), which manages the operations of the SMCCF, announced that the SMCCF will begin gradual sales of its holdings of corporate bond exchange-traded funds on June 7, 2021. The FRBNY also released a new set of Frequently Asked Questions regarding the sale of these assets.

Fed Vice Chair Quarles Delivers Speech on Bank Regulation during the COVID-19 Pandemic

June 03, 2021

Randal K. Quarles, Vice Chair for Supervision of the Board of Governors of the Federal Reserve System, delivered via webcast a speech entitled “Jet Flight, Mail Bags, and Banking Regulation,” addressing developments in banking regulation that helped banks during the COVID-19 pandemic. The speech was delivered at the Prudential Regulation Conference.

Commodity Futures Trading Commission

CFTC Commissioner Berkovitz, Acting Chairman Behnam Deliver Opening Statements at EEMAC Meeting

June 03, 2021

Dan M. Berkovitz, a Commissioner of the Commodity Futures Trading Commission (CFTC), and Rostin Behnam, Acting Chairman of the CFTC, delivered opening statements at a meeting of the CFTC’s Energy and Environmental Markets Advisory Committee (EEMAC). At the meeting, the EEMAC explored the potential role of carbon markets in the transition to a low-carbon economy.

Consumer Financial Protection Bureau

Blog: Acting Director Uejio Examines Racial Inequities in Consumer Finance Markets

June 02, 2021

Dave Uejio, Acting Director of the Consumer Financial Protection Bureau (CFPB), released a blog post entitled “Addressing Racial Inequities in Consumer Finance Markets,” on the CFPB’s website.

Federal Housing Finance Agency

FHFA Extends COVID-19 Multifamily Forbearance through September 30, 2021

June 03, 2021

The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (Enterprises) will continue to offer COVID-19 forbearance to qualifying multifamily property owners through September 30, 2021, subject to the continued tenant protections FHFA has imposed during the pandemic. This is the third extension of the programs, which were set to expire June 30, 2021. Property owners with Enterprise-backed multifamily mortgages can enter a new or, if qualified, modified forbearance if they experience a financial hardship due to the COVID-19 emergency.

Fannie Mae

Fannie Mae Extends Protections for Renters Affected by COVID-19

June 03, 2021

Fannie Mae announced the extension of its multifamily COVID-19 forbearance program through September 30, 2021. The program, which requires landlords to suspend all evictions for renters unable to pay rent during the forbearance period, was formerly set to expire on June 30, 2021.


European Commission

Commission Proposes a Digital Identity for All Europeans

June 03, 2021

The European Commission proposed a framework for a European Digital Identity which will be available to all European Union (EU) citizens, residents and businesses. Citizens will be able to prove their identity and share electronic documents from their European Digital Identity wallets via their phones, and will be able to access online services with their national digital identification, which will be recognized throughout Europe.

European Banking Authority

EBA Publishes 2020 Annual Report

June 03, 2021

The European Banking Authority (EBA) published its 2020 Annual Report, which provides a detailed account of the EBA’s work in the past year, and anticipates the key areas of focus in the coming year.

Bank of England

Bank Publishes UK International Reserves Data for May 2021

June 03, 2021

The Bank of England published its monthly release of data regarding UK holdings of international reserves and foreign currency liquidity.

Bank Publishes Decision Maker Panel Data for May 2021

June 03, 2021

The Bank of England (Bank) published the results of its monthly Decision Maker Panel (DMP), which is a survey of Chief Financial Officers from small, medium and large UK businesses. The Bank uses the DMP to monitor developments in the economy and track businesses’ views.

Bank Governor Bailey Delivers Speech on Central Banks’ Climate Change Efforts

June 03, 2021

Andrew Bailey, Governor of the Bank of England, delivered a speech at the BIS-BDF-IMF-NGFS Green Swan 2021 Global Conference. In his speech, Governor Bailey discussed the work central banks have done on climate change, and how it will need to evolve.

UK Financial Conduct Authority

FCA Extends Temporary Registration Regime for Cryptoasset Businesses

June 03, 2021

The UK Financial Conduct Authority (FCA) announced it is extending the end date of the Temporary Registrations Regime for existing cryptoasset businesses from July 9, 2021 to March 31, 2022.

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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