left-caret
Insights

ph fedaction financial regulatory updates homepage

Daily Financial Regulation Update -- Friday, March 5, 2021

March 05, 2021

By Paul Hastings Professional

Subscribe to PH FedACTion: Financial Regulatory Updates

PH Client Alerts

Click here to read more from our Coronavirus series.

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 (Nominee)

Small Business Administration – Isabel Guzman (Nominee)

Commodity Futures Trade Commission

National Credit Union Administration – Todd M. Harper

Department of Housing and Urban Development – Marcia Fudge (Nominee)

Department of Education – Dr. Miguel Cardona

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. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: Wall Street vs. Workers: How the Financial System Hurts Workers and Widens the Racial Wealth Gap

March 4, 2021

The Committee on Banking, Housing, and Urban Affairs held a hearing titled “Wall Street vs. Workers: How the Financial System Hurts Workers and Widens the Racial Wealth Gap.” Committee Chairman Sherrod Brown (D-OH) delivered an opening statement at the hearing.

Federal Agencies

U.S. Department of the Treasury

Treasury to Invest $9 billion in Community Development Financial Institutions and Minority Depository Institutions through Emergency Capital Investment Program

March 4, 2021

The U.S. Department of the Treasury (Treasury) announced that it was opening the application process for the Emergency Capital Investment Program (ECIP), a new initiative designed to support access to capital in communities traditionally excluded from the financial system and that have struggled the most during the COVID-19 crisis. The program will ultimately invest $9 billion in Community Development Financial Institutions (CDFIs) and minority depository institutions, supporting their efforts to provide financial products for small and minority-owned businesses and consumers in low-income and underserved communities. Treasury’s $9 billion investment under ECIP will complement the $3 billion of grants being provided by the CDFI Fund through the CDFI Rapid Response Program and the Emergency Support and Minority Lending Program.

Federal Reserve Board

Revised Interagency Examination Procedures for Regulation Z

March 4, 2021

The Board of Governors of the Federal Reserve System (Federal Reserve) released revised interagency examination procedures for Regulation Z for institutions supervised by the Federal Reserve with total consolidated assets of $10 billion or less.

Forecasting US Inflation in Real Time

March 4, 2021

The Board of Governors of the Federal Reserve System’s Divisions of Research & Statistics and Monetary Affairs published a paper titled “Forecasting US Inflation in Real Time,” as part of the Finance and Economics Discussion Series.

Conference of State Bank Supervisors

Open Letter to President Biden

March 4, 2021

The Conference of State Bank Supervisors (CSBS) issued a blog post titled “Open Letter to President Biden,” in which the CSBS discusses (i) the role of state supervision in the financial system; (ii) how the financial system can be made stronger; (ii) the importance of cooperative federalism; and (iv) recent actions taken by the Office of the Comptroller of the Currency. 

U.S. Securities and Exchange Commission

SEC Announces Enforcement Task Force Focused on Climate and ESG Issues

March 4, 2021

The U.S. Securities and Exchange Commission (SEC) announced the creation of a Climate and Environmental, Social and Governance (ESG) Task Force in the Division of Enforcement (Division). 

Statement: Enhancing Focus on the SEC’s Enhanced Climate Change Efforts

March 4, 2021

Hester M. Peirce and Elad L. Roisman, Commissioners at the U.S. Securities and Exchange Commission (SEC), issued a public statement titled “Enhancing Focus on the SEC’s Enhanced Climate Change Efforts.”

FINRA

FINRA Provides Guidance on Common Sales Charge Discounts and Waivers for Investment Company Products

March 4, 2021

The Financial Industry Regulatory Authority (FINRA) issued a notice providing guidance on common sales charge discounts and waivers for investment company products. FINRA issued the notice to (i) remind firms of their obligation to understand and, as appropriate, apply sales charge discounts and waivers for eligible customers; (ii) provide an overview of common sales charge discounts and waivers; (iii) share frequently observed findings in examinations and enforcement matters; and (iv) note considerations firms should review to improve their compliance programs.

National Credit Union Association

NCUA Releases Q4 2020 Credit Union System Performance Data

March 4, 2021

The Nation Credit Union Administration released data on the financial performance of federally insured credit unions for the quarter ending December 31, 2020.

Federal Housing Finance Agency

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

March 4, 2021

The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will continue to offer COVID-19 forbearance to qualifying multifamily property owners through June 30, 2021, subject to the continued tenant protections FHFA has imposed during the COVID-19 pandemic. The programs were set to expire on March 31, 2021.

U.S. Department of Labor

DOL Releases Unemployment Insurance Weekly Claims Report Update

March 4, 2021

The U.S. Department of Labor released an Unemployment Insurance Weekly Claims Report update. In the week ending February 27, 2021, the advance figure for seasonally adjusted initial claims was 745,000, an increase of 9,000 from the previous week’s revised level. The previous week’s level was revised up by 6,000 from 730,000 to 736,000. The four-week moving average was 790,750, a decrease of 16,750 from the previous week’s revised average. The previous week’s average was revised down by 250 from 807,750 to 807,500.

International

European Commission

Pay Transparency: Commission Proposes Measures to Ensure Equal Pay for Equal Work

March 4, 2021

The European Commission presented a proposal on pay transparency to ensure that women and men in the European Union get equal pay for equal work.

Bank of England

Monthly Decision Maker Panel Data - February 2021

March 4, 2021

The Bank of England released the monthly Decision Maker Panel Data for February 2021. In February, businesses estimated that their sales in the first quarter of 2021 would be 22% lower than they otherwise would have been because of COVID-19, with employment 10% lower and investment 22% lower.