PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, March 5, 2021
March 05, 2021
By Paul Hastings Professional
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Administration Changes
Appointments/Confirmation Hearings
Department of the Treasury – Janet Yellen (effective January 26, 2021)
- Treasury Announces Confirmation of Secretary Janet Yellen (January 26, 2021)
- Statement of House Committee on Financial Services Chairwoman Maxine Waters on Confirmation of Janet Yellen (January 26, 2021)
- Treasury Announces the Appointment of Members of Senior Staff (January 20, 2021)
- Treasury Announces Appointment of Several Members of Staff (February 3, 2021)
- Treasury Announces Key Staff Appointment (March 2, 2021)
Consumer Financial Protection Bureau – Rohit Chopra (Nominee)
- Acting Director: Dave Uejio (January 20, 2020)
- Confirmation hearing held on March 2, 2021
- Readout of Incoming Chair Brown’s Meeting with Rohit Chopra (February 3, 2021)
- Brown Opening Statement at Nomination Hearing for SEC Chair and CFPB Director (March 2, 2021)
- Toomey Opening Statement During Chopra, Gensler Nomination Hearing (March 2, 2021)
Securities and Exchange Commission – Gary Gensler (Nominee)
- Acting Chair: Allison Herren Lee (January 21, 2021)
- Confirmation hearing held on March 2, 2021
- Acting Chair Allison Herren Lee Announces Executive Staff (February 1, 2021)
- Kelly L. Gibson Named Acting Deputy Director of Division of Enforcement (February 5, 2021)
- Readout of Chairman Brown’s Meeting with Gary Gensler Nominee to be Chair of the Securities and Exchange Commission (February 26, 2021)
Small Business Administration – Isabel Guzman (Nominee)
- Small Business Committee Votes to Advance SBA Administrator Nominee Isabel Guzman (February 24, 2021)
- Acting Administrator: Tami Perriello (January 20, 2021)
- Confirmation hearing to be scheduled (additional details to follow)
Commodity Futures Trade Commission
National Credit Union Administration – Todd M. Harper
Department of Housing and Urban Development – Marcia Fudge (Nominee)
- Acting Secretary: Matthew E. Ammon
- HUD Announces New Leadership Appointees (January 26, 2021)
- Statement by Senate Committee on Banking, Housing, and Urban Affairs Chairman Sherrod Brown (February 4, 2021)
- HUD Announces More Key Staff (February 16, 2021)
Department of Education – Dr. Miguel Cardona
- Education Announces Senior Appointees (January 21, 2021)
- Education Announces More Biden-Harris Appointees (February 3, 2021)
- Education Announces More Biden-Harris Appointees (February 25, 2021)
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.
- Statement of Committee Chairman Sherrod Brown
- Statement of Committee Ranking Member Pat Toomey
- Hearing Page
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.