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Daily Financial Regulation Update -- Saturday, June 12, 2021

June 11, 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.

U.S. House of Representatives

Committee on Financial Services

Chairwoman Waters Applauds HUD’s Efforts to Restore Obama Era Mandate to Redress Housing Segregation and Inequitable Development

June 11, 2021

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, released a statement on the U.S. Department of Housing and Urban Development’s efforts to restore the Affirmatively Furthering Fair Housing Rule.

Federal Agencies

Federal Reserve Bank of New York

New York Fed President John Williams to Meet with Government, Business, and Nonprofit Leaders from Staten Island on June 22-24, 2021

June 11, 2021

The Federal Reserve Bank of New York (New York Fed) announced that, from June 22 through June 24, 2021, New York Fed President John C. Williams will hold a series of engagements with leaders in business, government, education and community development as part of a virtual regional visit to Staten Island.

Federal Reserve Bank of Boston

Main Street Lending: Right Times, Right Places

June 11, 2021

The Federal Reserve Bank of Boston released a study titled “A Helping Hand to Main Street Where and When It Was Needed.” The study finds that the Main Street Lending Program provided credit when and where it was most needed.

U.S. Securities and Exchange Commission

SEC Announces Annual Regulatory Agenda

June 11, 2021

The U.S. Securities and Exchange Commission (SEC) announced that the Office of Information and Regulatory Affairs released the Spring 2021 Unified Agenda of Regulatory and Deregulatory Actions. The report, which includes contributions related to the SEC, lists short- and long-term regulatory actions that administrative agencies plan to take.

Consumer Financial Protection Bureau

Spring 2021 Rulemaking Agenda

June 11, 2021

The Consumer Financial Protection Bureau announced that it has published its Spring 2021 Agenda as part of the Spring 2021 Unified Agenda of Federal Regulatory and Deregulatory Actions.

Financial Stability Oversight Council

Financial Stability Oversight Council Meeting

June 11, 2021

U.S. Department of the Treasury Secretary Janet L. Yellen convened a meeting of the Financial Stability Oversight Council (FSOC) and gave remarks to the FSOC on the LIBOR transition.

International

European Banking Authority

EBA Publishes Report on the Data Provided by PSPs on Their Readiness to Apply Strong Customer Authentication for E-Commerce Card-Based Payment Transactions

June 11, 2021

The European Banking Authority published a report on the data provided by payment service providers on their readiness to apply strong customer authentication for the subset of payment transactions that are e-commerce card-based payment transactions.

Bank of England

Impacts of the COVID-19 Crisis: Evidence from 2 million UK SMEs

June 11, 2021

The Bank of England released a staff working paper titled, “Impacts of the COVID-19 Crisis: Evidence from 2 Million UK SMEs.”

Sectoral Comovement, Monetary Policy and the Credit Channel

June 11, 2021

The Bank of England released a staff working paper titled, “Sectoral Comovement, Monetary Policy and the Credit Channel.”

Bank for International Settlements and Bank of England Launch Innovation Hub London Center

June 11, 2021

The Bank for International Settlements (BIS) and the Bank of England launched the BIS Innovation Hub London Center. The launch is part of a plan to expand the Innovation Hub’s global reach, which also includes the centers with the Bank of Canada (Toronto), the European Central Bank/Eurosystem (Frankfurt and Paris) and four Nordic central banks (Danmarks Nationalbank, the Central Bank of Iceland, the Central Bank of Norway and Sveriges Riksbank) in Stockholm. In January 2021, the BIS signed a memorandum of understanding for a strategic collaboration with the Federal Reserve System (New York).

How Have Households’ Spending Expectations Changed Since Last Year?

June 11, 2021

The Bank of England’s Bank Overground released a post titled “How Have Households’ Spending Expectations Changed Since Last Year?”

UK Financial Conduct Authority

Mortgage Interest Rates and LIBOR: Information for Borrowers

June 11, 2021

The Financial Conduct Authority issued a consumer update titled “Mortgage Interest Rates and LIBOR: Information for Borrowers.”

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)