PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, June 5, 2021

June 05, 2021

FedACTion Task Force

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Click here to read more from our Coronavirus series.


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 June Committee Schedule

June 03, 2021

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services (Committee), announced the Committee’s schedule for the month of June.

Federal Agencies

Federal Reserve Bank of New York

Erickson Delivers Speech on Community Development

June 03, 2021

David Erickson, Senior Vice President of the Federal Reserve Bank of New York (New York Fed), delivered a remarks at Capital Quest. Erickson discussed the New York Fed’s strategic focus within community development, including leveraging its connections in business, finance and neighborhoods to build bridges between communities and funders.

National Credit Union Association

NCUA Finds Rising Net Income, Elevated Insured Share Growth in First Quarter of 2021

June 04, 2021

According to the latest financial performance data released by the National Credit Union Administration, federally insured credit unions reported net income growth of $11.3 billion, or 134.9 percent, over the year ending in the first quarter of 2021. The increase in net income was due in large part to strong growth in other operating income and a decline in the provisioning for loan, lease, and credit loss expenses. Insured shares and deposits rose $286 billion, or 22.4 percent, to $1.56 trillion over the same period.

Freddie Mac

Freddie Mac Multifamily Extends COVID-19 Forbearance Program to September 30

June 03, 2021

Freddie Mac Multifamily has extended to September 30, 2021 the deadline for requesting a new COVID-19 forbearance agreement for its Multifamily loans. The program was previously set to terminate June 30, 2021. The extension provides additional time for multifamily operators experiencing hardship as a result of the pandemic to request a new forbearance agreement, which includes renter protections such as a moratorium on evictions for non-payment of rent. Borrowers continuing to experience hardship may also request additional relief at the end of the initial forbearance period.


European Commission

EU Proposes a Strong Multilateral Trade Response to the COVID-19 Pandemic

June 04, 2021

The European Commission (Commission) submitted its proposal seeking the commitment of World Trade Organization (WTO) members for a multilateral trade action plan to expand the production of COVID-19 vaccines and treatments. With the proposal to the WTO, the Commission underlines the WTO's central role in the response to the COVID-19 pandemic and urges fellow WTO members to agree on a set of commitments, including on intellectual property rights.

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)

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