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Daily Financial Regulation Update -- Monday, June 7, 2021

June 07, 2021

By FedACTion Task Force

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PH Client Alerts

Click here to read more from our Coronavirus series.

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. Senate

Committee on Banking, Housing, and Urban Affairs

Senators Brown, Reed, Tester Issue Statements on Fixes to VA’s Assistance for Military Borrowers

June 4, 2021

U.S. Sens. Sherrod Brown (D-OH), Chair of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Jack Reed (D-RI), Chair of the U.S. Senate Committee on Armed Services, and Jon Tester (D-MT), Chair of the U.S. Senate Committee on Veterans’ Affairs, issued statements on the Department of Veterans Affairs (VA) making changes to the agency’s proposed COVID-19 Veterans Assistance Partial Claim Payment (COVID-VAPCP) program in response to concerns raised by the Senators and other stakeholders. The program, finalized last week, will help veterans with VA-guaranteed home loans return to making normal payments after exiting a COVID-19-related forbearance.

Federal Agencies

Department of the Treasury

Secretary of the Treasury Janet L. Yellen Participates in G7 Finance Ministers Meetings

June 5, 2021

The Finance Ministers and Central Bank Governors of the G7, met virtually on May 28, 2021, and Finance Ministers met in London on June 4 and 5, 2021, joined by the Heads of the International Monetary Fund (IMF), World Bank Group, Organisation for Economic Cooperation and Development (OECD), Eurogroup, and (on May 28th) Financial Stability Board (FSB). The Ministers agreed to concrete actions to address today’s historic challenges including building inclusive global economic recovery, tackling climate change and taking steps to implement a global minimum tax rate of at least 15%.

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)