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Daily Financial Regulation Update -- Friday, May 7, 2021

May 07, 2021

By FedACTion Task Force

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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 – Isabel 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, 2011)

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.

U.S. House of Representatives

Committee on Financial Services

Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide, Part III

The U.S. House Committee on Financial Services held a hearing titled “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide, Part III.”

May 6, 2021

Committee on Small Business

Crow Seeks to Utilize Workforce Development to Train Next Generation of Infrastructure Workers

May 6, 2021

The U.S. House Small Business Committee Subcommittee on Innovation, Entrepreneurship, and Workforce Development, led by Chairman Jason Crow (D-CO), held a hearing examining how small firms and the federal government can leverage workforce development programs to train and upskill the next generation of infrastructure workers.

Federal Agencies

U.S. Department of the Treasury

More than 1.1 Million Additional Economic Impact Payments Disbursed Under the American Rescue Plan

May 5, 2021

The Internal Revenue Service, the U.S. Department of the Treasury and the Bureau of the Fiscal Service announced they are disbursing more than 1.1 million payments in the eighth batch of Economic Impact Payments from the American Rescue Plan. The announcement brings the total disbursed so far to approximately 164 million payments, with a total value of approximately $386 billion since March 12, 2021. 

Federal Reserve Board

Federal Reserve Board Invites Public Comment on Proposed Guidelines to Evaluate Requests for Accounts and Payment Services at Federal Reserve Banks

May 6, 2021

The Board of Governors of the Federal Reserve System invited public comment on proposed guidelines to evaluate requests for accounts and payment services at Federal Reserve Banks.

Financial Stability Report

May 6, 2021

The Board of Governors of the Federal Reserve System released its May 2021 Financial Stability Report.

Cheapest-to-Deliver Pricing, Optimal MBS Securitization, and Market Quality

May 6, 2021

The Divisions of Research & Statistics and Monetary Affairs of the Board of Governors of the Federal Reserve System released a paper titled “Cheapest-to-Deliver Pricing, Optimal MBS Securitization, and Market Quality” as part of its Finance and Economics Discussion Series.

Conference of State Bank Supervisors

CSBS: Beneficial Ownership Rules Should Recognize State Regulators

May 6, 2021

The Conference of State Bank Supervisors released a comment letter to the Financial Crimes Enforcement Network in which it stated that the Corporate Transparency Act’s beneficial ownership reporting requirements should formally recognize state regulators.

Federal Deposit Insurance Corporation

FDIC Announces Meeting of Advisory Committee on Economic Inclusion

May 6, 2021

The Federal Deposit Insurance Corporation (FDIC) announced that the FDIC Advisory Committee on Economic Inclusion (Committee) will meet May 13, 2021 with two panels of experts to discuss the topics of Expanding Inclusion through Technology and Innovation and Expanding Account Access.

FDIC’s Office of the Ombudsman Publishes Report on 2019 & 2020 Activities

May 5, 2021

The Federal Deposit Insurance Corporation’s (FDIC) Office of the Ombudsman published a report detailing its activities, as well as assistance provided on behalf of the banking industry, for calendar years 2019 and 2020.

U.S. Securities and Exchange Commission

SEC to Host 40th Annual Small Business Forum Featuring Inclusive Conversations on Capital Formation from Startup to Small Cap

May 5, 2021

The Office of the Advocate for Small Business Capital Formation will host the Securities and Exchange Commission’s 40th Annual Government-Business Forum on Small Business Capital Formation from May 24 through May 27, 2021.

Consumer Financial Protection Bureau

Office of Servicemember Affairs Annual Report

May 6, 2021

The Consumer Financial Protection Bureau released the Office of Servicemember Affairs Annual Report for 2020.

U.S. Small Business Administration

SBA Announces Initial Results of Restaurant Revitalization Fund

May 5, 2021

U.S. Small Business Administration Administrator Isabella Casillas Guzman announced the initial results of the May 3, 2021 launch of the Restaurant Revitalization Fund, showing more than 186,000 applications from restaurants and other food and beverage businesses in all 50 states, the District of Columbia and five U.S. Territories.

U.S. Department of Labor

Labor Department Issues News Release on Unemployment Insurance Weekly Claims Report Update

May 6, 2021

The U.S. Department of Labor issued a news release regarding weekly unemployment insurance claims. In the week ending May 1, 2021, the advance figure for seasonally adjusted initial claims was 498,000, a decrease of 92,000 from the previous week’s revised level (and the lowest level for initial claims since March 14, 2020 when it was 256,000); the previous week’s level was revised up by 37,000 from 553,000 to 590,000; the four-week moving average was 560,000, a decrease of 61,000 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 9,250 from 611,750 to 621,000.

International

Bank of England

Monetary Policy Report - May 2021

May 6, 2021

The Bank of England released its Monetary Policy Report for May 2021.

UK Financial Conduct Authority

Regulation for a Different World

May 6, 2021

Nikhil Rathi, Chief Executive Officer at the Financial Conduct Authority, gave a speech titled “Regulation for a Different World” at the Association of Foreign Banks – CEO Program 2021 – “The UK Regulatory Landscape Post-Brexit and Beyond.” 

Outcomes-Focused Regulation: A Measure of Success?

May 6, 2021

Charles Randell, Chair of the Financial Conduct Authority and Payment Systems Regulator, gave a speech to the Building Societies Association titled “Outcomes-Focused Regulation: A Measure of Success?”