PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, April 10, 2021

April 10, 2021

FedACTion Task Force

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Major Developments

OMB Releases President’s Fiscal Year 2022 Discretionary Funding Request

April 9, 2021

The Office of Management and Budget submitted to Congress President Biden’s discretionary funding request for Fiscal Year 2022. As Congress prepares to begin the annual appropriations process, the request lays out the President’s discretionary funding recommendations across a wide range of policy areas.

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 (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)


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

Federal Reserve Board

Agencies Issue Statement and Request for Information on BSA/AML Compliance

April 9, 2021

The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency (Agencies), in consultation with the Financial Crimes Enforcement Network (FinCEN) and National Credit Union Administration (NCUA), issued a joint statement addressing how risk management principles described in the “Supervisory Guidance on Model Risk Management” relate to systems or models used by banks to assist in complying with the requirements of Bank Secrecy Act (BSA) laws and regulations. The Agencies, along with the NCUA and FinCen, also announced a request for information on the extent to which the principles discussed in the guidance support compliance by banks and credit unions with BSA/Anti-Money-Laundering and Office of Foreign Assets Control requirements. The Agencies are seeking comments and information to better understand bank practices and determine whether additional explanation or clarification may be helpful.

Federal Reserve Bank of New York

FRBNY Releases Monthly U.S. Economy Snapshot

April 9, 2021

The Federal Reserve Bank of New York released its U.S. Economy in a Snapshot presentation (Snapshot) for April 2021. According to the Snapshot, February 2021 data were broadly weak, dragged down by unusually adverse weather; however, payroll data suggest a strong rebound in March 2021.

Federal Deposit Insurance Corporation

FDIC Seeks Input on Modernizing Bank Sign and Advertising Requirements

April 9, 2021

The Federal Deposit Insurance Corporation (FDIC) announced it is seeking the public’s input on potential modernization of its sign and advertising requirements to better reflect how banks and savings associations operate and how consumers use banking services.

Securities and Exchange Commission

SEC Staff Issues Guidance for Conducting Shareholder Meetings during COVID-19

April 9, 2021

Staff of the U.S. Securities and Exchange Commission’s Division of Corporation Finance and Division of Investment Management issued guidance regarding compliance with the federal proxy rules for upcoming annual meetings, in light of health, transportation and other logistical issues raised by the COVID-19 pandemic.

SEC’s Division of Examinations Issues Risk Alert regarding ESG Investing

April 9, 2021

The U.S. Securities and Exchange Commission’s Division of Examinations issued a Risk Alert to highlight observations from recent exams of investment advisers, registered investment companies, and private funds offering environmental, social and governance products and services. 


FINRA Reminds Members about Options Account Approval, Supervision and Margin Requirements

April 9, 2021

The Financial Industry Regulatory Authority issued a Regulatory Notice, in which it reminded members of the requirements for determining whether to approve a customer to trade options, and, cautioned members that options accounts are subject to specific supervisory reviews.

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