PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, April 10, 2021
April 10, 2021
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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.
- FY 2022 Discretionary Request
- OMB News Release
- Statement by Treasury Secretary Janet Yellen
- Statement by HUD Secretary Marcia Fudge
- Statement by House Committee on Small Business Chair Nydia Velazquez
Administration Changes
Appointments/Confirmation Hearings
Department of the Treasury – Janet Yellen (effective January 26, 2021)
Consumer Financial Protection Bureau – Rohit Chopra (Nominee)
- Acting Director: Dave Uejio (January 20, 2020)
- Confirmation hearing held on March 2, 2021
- Committee approval March 10, 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
- Committee approval March 10, 2021
Small Business Administration – Isabel Guzman (effective March 16, 2021)
Commodity Futures Trade Commission
Financial Crimes Enforcement Network
- FinCEN Announces Acting Director and New Deputy Director (April 2, 2021)
- Statement from Treasury Deputy Secretary Adeyemo on Leadership Announcement (April 2, 2021)
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.
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 Register Notice
- Interagency Statement
- News Release
- FDIC Financial Institution Letter
- Supervision and Regulation Letter
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
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.