PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Monday, August 2, 2021

August 02, 2021

FedACTion Task Force

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PH Client Alerts

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

U.S. Department of the Treasury

Statement: USDA, HUD, VA, and Treasury Secretaries and FHFA Acting Director Release Joint Statement on Agency Actions to Prevent Evictions

July 30, 2021

The Centers for Disease Control and Prevention's (CDC) eviction moratorium was in place until July 31st, and was not extended past its current expiration date in accordance with a U.S. Supreme Court ruling. In light of that decision, the Administration is taking steps to protect renters at risk of eviction. According the U.S. Department of Agriculture, U.S. Department of Housing and Urban Development, U.S. Department of Veterans Affairs, and the Federal Housing Finance Agency have extended their foreclosure-related eviction moratoria until September 30, 2021.

Federal Reserve Board

Speech: Governor Lael Brainard on Rebuilding the Post-pandemic Economy

July 30, 2021

Federal Reserve System Governor Lael Brainard gave a speech titled, "Assessing Progress as the Economy Moves from Reopening to Recovery," where she spoke about rebuilding the post-pandemic economy.

Securities and Exchange Commission

Statement: FINRA Rule Regarding Additional Obligations on High-Risk Firms

July 30, 2021

Securities and Exchange Commission (SEC) Commissioners Allison Herren Lee and Caroline A. Crenshaw released a statement on the Financial Industry Regulatory Authority (FINRA) rule regarding high-risk firms. The SEC approved FINRA's proposed rule change to, among other things, impose additional obligations on FINRA member firms with a significant history of misconduct, as well as those firms that employ individual brokers with such histories.

Federal Housing Finance Agency

FHFA Encourages Landlords of Enterprise-Backed Properties to Apply for Emergency Rental Assistance Before Evicting Tenants

July 30, 2021

The Federal Housing Finance Agency (FHFA) is encouraging landlords of properties backed by Fannie Mae or Freddie Mac to apply for Emergency Rental Assistance before starting the process of evicting a tenant for non-payment of rent.

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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