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Daily Financial Regulation Update -- Saturday, March 13, 2021

March 13, 2021

By FedACTion Task Force

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PH Client Alerts

Click here to read more from our Coronavirus series.

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 (Nominee)

Small Business Administration – Isabel Guzman (Nominee)

Commodity Futures Trade Commission

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, 2011)

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 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. Senate

Committee on Small Business and Entrepreneurship

Cardin, Collins & Shaheen Introduce Bill to Extend PPP

March 12, 2021

U.S. Senate Committee on Small Business & Entrepreneurship Chair Ben Cardin (D-Md.) and Senators Susan Collins (R-Maine) and Jeanne Shaheen (D-N.H.) introduced the PPP Extension Act of 2021. The bipartisan bill would extend the deadline for Paycheck Protection Program loan applications for two months to May 31, 2021, and provide an additional 30-day period for the U.S. Small Business Administration to process applications that are still pending. 

Federal Agencies

Federal Reserve Bank of New York

New York Fed to Host Event on the Impact of the COVID-19 Shock on Women’s Labor Market Outcomes

March 12, 2021

On March 22, the Federal Reserve Bank of New York will host an event titled “The Impact of the COVID-19 Shock on Women’s Labor Market Outcomes and Equitable Policy Solutions.” The event will discuss the effects of the COVID-19 pandemic on the labor market, with a focus on women of color, as well as the effects women’s job losses have had on families and children.

National Credit Union Association

NCUA Releases Q4 2020 State Credit Union Data Report

March 12, 2021

Federally insured credit unions experienced double-digit asset and share-and-deposit growth over the year ending in the fourth quarter of 2020, according to the latest Quarterly U.S. Map Review released by the National Credit Union Administration.

International

European Commission

Commission’s New Consumer Survey Shows Impact of COVID-19 and Popularity of ‘Greener’ Choices

March 12, 2021

The European Commission released data on the behavior of consumers in 2020 illustrating the impact the COVID-19 crisis had on consumption patterns.