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Daily Financial Regulation Update --Saturday, July 17, 2021

July 17, 2021

By Paul Hastings Professional

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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. House of Representatives

Committee on Financial Services

Waters Announces Introduction of Groundbreaking Legislative Housing Package

July 15, 2021

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, released a statement on her legislative housing package. The legislative housing package includes the Housing is Infrastructure Act of 2021, the Ending Homelessness Act of 2021, and the Downpayment Toward Equity Act of 2021.

Federal Agencies

U.S. Department of the Treasury

Secretary of the Treasury Janet L. Yellen to Convene a Meeting of the President's Working Group on Financial Markets to Discuss Stablecoins

July 16, 2021

Secretary of the Treasury Janet L. Yellen announced plans to convene the President's Working Group on Financial Markets, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation to discuss interagency work on stablecoins. The group will meet on Monday, July 19, 2021.

Readout: Financial Stability Oversight Council Meeting

July 16, 2021

Secretary of the Treasury Janet L. Yellen presided over a meeting of the Financial Stability Oversight Council (Council). The Council received an update on the Federal Reserve Board's recently announced bank stress test results or 2021. The Council heard a presentation from Federal Housing Finance Agency staff on recent trends in housing markets, including prices, sales, and mortgage forbearance rates. The Council also received an update from Treasury staff regarding progress in developing the Council report to be issued under the Executive Order on Climate-Related Financial Risks.

International

European Commission

European Green Deal: Commission Proposes New Strategy to Protect and Restore EU Forests

July 16, 2021

The European Commission (EC) adopted the New EU Forest Strategy for 2030, a flagship initiative of the European Green Deal that builds on the EU Biodiversity Strategy for 2030. The strategy contributes to the package of measures proposed to achieve greenhouse gas emission reductions of at least 55% by 2030 and climate neutrality in 2050 in the European Union (EU). It helps the EU deliver on its commitment to enhance carbon removals by natural sinks as per the Climate Law. By addressing the social, economic and environmental aspects all together, the Forest Strategy aims at ensuring the multifunctionality of EU forests and highlights the pivotal role played by foresters.

UK Financial Conduct Authority

Workstreams Updates

July 16, 2021

In response to the Covid-19 pandemic, the UK Financial Conduct Authority reviewed its work plans to delay or postpone activity not critical to protecting consumers and market integrity in the short term.

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)