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Daily Financial Regulation Update -- Saturday, July 24, 2021

July 24, 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.

Federal Agencies

U.S. Department of the Treasury

Letter: Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit

July 23, 2021

U.S. Secretary of the Treasury Janet L. Yellen sent a letter to Congressional leadership regarding raising or suspending the statutory debt limit.

Readout: Secretary of the Treasury Janet L. Yellen's Meeting with the Heads and Private-Sector Leads of the Multilateral Development Banks to Discuss Climate Finance

July 22, 2021

Secretary of the Treasury Janet L. Yellen convened the heads and private-sector leads of several of the multilateral development banks (MDBs) to discuss ways that the MDBs can rapidly align their portfolios with the goals of the Paris Agreement and redouble their efforts to mobilize significantly more private capital for climate. Participants included U.S. Special Presidential Envoy for Climate John Kerry and representatives from the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank Group, and the World Bank Group.

Department of Housing and Urban Development/Federal Housing Administration

Federal Housing Administration Announces Additional COVID-19 Recovery Options for Homeowners

July 23, 2021

The Federal Housing Administration (FHA) announced streamlined COVID-19 recovery options to help homeowners with FHA-insured mortgages who have been financially impacted by the pandemic bring their mortgage current and remain in their homes. The simplified COVID-19 Recovery waterfall allows mortgage servicers to offer eligible homeowners who cannot resume making their mortgage payments a reduction in the principal and interest portion of their monthly payments.

International

Bank of England

Paper: Dash for Dollars

July 23, 2021

The Bank of England published Staff Working Paper No. 932 titled, "Dash for Dollars." The authors found that within-firm variation of corporate bond spreads around the COVID-19 outbreak shows that U.S. dollar-denominated bonds experienced larger increases in spreads relative to non-dollar bonds, especially at short maturities.

Blog Post: How has COVID-19 Affected Global Trade?

July 23, 2021

The Bank Overground of the Bank of England published a blog post titled, "How has COVID-19 affected global trade?"

Bank of England Prudential Regulation Authority

Meeting: Seventh Meeting of the PRA and FCA's joint Climate Financial Risk Forum

July 23, 2021

The Financial Conduct Authority and Prudential Regulation Authority hosted the seventh meeting of the Climate Financial Risk Forum (CFRF). Members discussed the challenges facing the financial services industry and particular sectors in relation to climate-related financial risks. The discussion also focused on potential future areas of focus for the CFRF.

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)