PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, January 23, 2020
January 23, 2021
FEDACTION TASK FORCE
Subscribe to PH FedACTion: Financial Regulatory Updates
PH Client Alerts
Click here to read more from our Coronavirus series.
Administration Changes
Modernizing Regulatory Review
January 20, 2021
The Biden Administration released a Memorandum for the Head of Executive Departments and Agencies titled “Modernizing Regulatory Review,” in which President Biden ordered the Director of Office of Management and Budget, in consultation with representatives of executive departments and agencies to begin a process with the goal of producing a set of recommendations for improving and modernizing regulatory review.
Regulatory Freeze Pending Review
January 20, 2021
The Biden Administration released a Memorandum on behalf of President Biden to the Heads of Executive Departments and Agencies titled “Regulatory Freeze Pending Review.” The Memorandum sets forth President Biden’s plan for managing the Federal regulatory process at the outset of his Administration and requests that the recipients of the Memorandum take certain steps in order to ensure that the President’s appointees or designees have the opportunity to review any new or pending rules.
Appointments/Confirmation Hearings
Department of the Treasury – Janet Yellen (Nominee)
- Acting Secretary: Andy Baukol (January 20, 2021)
- Confirmation hearing conducted January 19, 2021
- Senate Finance Committee unanimously approved nomination (January 22, 2021)
- Floor vote expected January 25, 2021 (additional details to follow)
- Nominee Opening Statement
- Senate Committee on Finance Chairman Charles Grassley’s Opening Statement
- Senate Committee on Finance Ranking Member Ron Wyden
- Treasury Announces the Appointment of Members of Senior Staff (January 20, 2021)
Consumer Financial Protection Bureau – Rohit Chopra (Nominee)
- Acting Director: Dave Uejio (January 20, 2020)
- Confirmation hearing to be scheduled (additional details to follow)
- Director Kathleen L. Kraninger resigned effective January 20, 2020
Securities and Exchange Commission – Gary Gensler (Nominee)
- Acting Chair: Allison Herren Lee (January 21, 2021)
- Confirmation hearing to be scheduled (additional details to follow)
Small Business Administration – Isabel Guzman (Nominee)
- Acting Administrator: Tami Perriello (January 20, 2021)
- Confirmation hearing to be scheduled (additional details to follow)
Department of Education – Miguel Cardona (Nominee)
Commodity Futures Trade Commission
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 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 Small Business
Chairwoman Velázquez Announces Democratic Committee Members for 117th Congress
January 22, 2021
House Small Business Committee Chairwoman Representative Nydia M. Velázquez (D-NY) announced the Committee’s Democratic roster for the 117th Congress. The Democratic Steering and Policy Committee selected the members and the Democratic Caucus voted for their approval.
Federal Agencies
U.S. Department of the Treasury
Fact Sheet: Treasury to Work to Ensure Families Get Access to Economic Impact Payments
January 22, 2021
In response to President Biden’s COVID-19 Economic Relief Executive Order, the U.S. Department of the Treasury announced its effort to help households who have not yet been able to access their stimulus payments. As many as 8 million households may be eligible for but have not yet received payments from the CARES Act.
Federal Housing Finance Agency
Annual Adjustment of the Cap on Average Total Assets That Defines Community Financial Institutions
January 22, 2021
Effective January 1, 2021, the Federal Housing Finance Agency has adjusted the cap on average total assets that is used in determining whether a Federal Home Loan Bank member qualifies as a “community financial institution” to $1.239 million, based on the annual percentage increase in the Consumer Price Index for all urban consumers.
International
Bank of England
How Could the Recent Increase in Homeworking Affect the Economy?
January 22, 2021
The Bank of England released a post titled “How Could the Recent Increase in Homeworking Affect the Economy?” According to the post, it’s not yet clear if more widespread homeworking will persist and what, if any, economic effects it will have. There could be economic effects from more widespread homeworking, especially in the labor market. It could increase the amount of time spent on work: full-time homeworkers tend to work longer hours than their workplace-based colleagues, possibly because they spend less time commuting.