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Daily Financial Regulation Update -- Saturday, July 3, 2021

July 03, 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

Consumer Financial Protection Bureau

Blog: Prioritizing Resources Against Racial Bias in Home Appraisals

July 2, 2021

The Consumer Financial Protection Bureau (CFPB) released a blog titled “CFPB Prioritizing Resources Against Racial Bias in Home Appraisals.”

CFPB Releases Translation of Mortgage Servicing Early Intervention Written Notice Model Clauses

July 2, 2021

The Consumer Financial Protection Bureau released a Spanish-language translation of certain model clauses available for use in early intervention written notices issued under the Mortgage Servicing Rules. The Mortgage Servicing Rules permit servicers to make required disclosures in a language other than English and translate disclosures into other languages, so long as an English version is available for the borrower upon request.

Federal Housing Finance Agency

Speech: Closing the Gap to Sustainable Homeownership

July 2, 2021

Sandra L. Thompson, the newly-appointed Acting Director of the Federal Housing Finance Agency (FHFA), gave remarks at the FHFA Virtual Listening Session titled “Closing the Gap to Sustainable Homeownership.”

U.S. Department of Labor

BLS Releases June 2021 Jobs Report

July 2, 2021

The Bureau of Labor Statistics of the U.S. Department of Labor released the June 2021 Jobs Report. Total nonfarm payroll employment rose by 850,000 in June 2021, and the unemployment rate was little changed at 5.9%. Notable job gains occurred in leisure and hospitality, public and private education, professional and business services, retail trade, and other services.

International

European Banking Authority

EBA and ESMA Publish Final Guidance on Fit and Proper Requirements

July 2, 2021

The European Banking Authority and the European Securities and Markets Authority published their revised final joint Guidelines on the assessment of the suitability of members of the management body and key function holders. The joint final Guidelines will apply beginning December 31, 2021.

EBA Publishes its Final Guidelines on Internal Governance

July 2, 2021

The European Banking Authority (EBA) published its revised Guidelines on internal governance. The update takes into account the amendments introduced by the fifth Capital Requirements Directive and the Investment Firms Directive in relation to credit institutions’ sound and effective governance arrangements, in particular with regard to gender diversity, money laundering, financing terrorist risk and the management of conflicts of interest, including in the context of loans and other transactions with members of the management body and their related parties. The final revised Guidelines will apply beginning December 31, 2021.

EBA Publishes its Final Revised Guidelines on Sound Remuneration Policies

July 2, 2021

The European Banking Authority (EBA) published today its revised Guidelines on sound remuneration policies, taking into account the amendments introduced by the fifth Capital Requirements Directive focusing upon the requirement that remuneration policies should be gender neutral. The final Guidelines also consider supervisory practices and clarify some aspects of retention bonuses and severance pays. The revised Guidelines will apply beginning December 31, 2021.

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)