left-caret
Insights

ph fedaction financial regulatory updates homepage

Daily Financial Regulation Update -- Saturday, March 20, 2021

March 20, 2021

By FedACTion Task Force

Subscribe to PH FedACTion: Financial Regulatory Updates

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 (effective March 16, 2021)

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.

Federal Agencies

Department of the Treasury

Treasury Releases Fact Sheet on American Rescue Plan

March 19, 2021

The U.S. Department of the Treasury released a Fact Sheet entitled, “The American Rescue Plan Will Deliver Immediate Economic Relief to Families”.

Federal Reserve Board

Bank Regulatory Agencies Announce Temporary Supplementary Leverage Ratio Changes to Expire as Scheduled

March 19, 2021

The Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021. Additionally, the FRB announced that the temporary change to the SLR for bank holding companies will also expire as scheduled on March 31, 2021, and that the FRB will shortly seek comment on measures to adjust the SLR.

Federal Reserve Board Publishes Research Papers on Varied Topics

March 19, 2021

The Board of Governors of the Federal Reserve System’s Divisions of Research & Statistics and Monetary Affairs, as part of the Finance and Economics Discussion Series, published several economic papers.

Federal Reserve Bank of New York

FRBNY Staff Report Examines Inflation Expectations and Risk Premia in Emerging Bond Markets

March 19, 2021

The Federal Reserve Bank of New York released a Staff Report entitled, “Inflation Expectations and Risk Premia in Emerging Bond Markets: Evidence from Mexico”.

FRBNY Releases Monthly U.S. Economy Snapshot

March 19, 2021

The Federal Reserve Bank of New York released its U.S. Economy in a Snapshot presentation (Snapshot) for March 2021. According to the Snapshot, consumer spending rose in January 2021; real expenditures on goods increased 5% while spending on services was roughly unchanged; overall spending was down 2% over the year; and income increased more than spending, pushing up the personal saving rate to a high level.

FRBNY Releases Monthly Underlying Inflation Gauge

March 19, 2021

The Federal Reserve Bank of New York released the Underlying Inflation Gauge (UIG) for March 2021. The UIG captures sustained movements in inflation from information contained in a broad set of price, real activity and financial data.

Federal Reserve Bank of Boston

FRBBOS Releases Report on Main Street Lending Program

March 19, 2021

The Federal Reserve Bank of Boston released a report entitled, “Uptake of the Main Street Lending Program.” The report’s authors find that, overall, the Main Street Lending Program seems to have added substantially to the supply of credit to medium-sized borrowers, especially those with less than $50 million in earnings, that likely had limited access to large banks.

Securities and Exchange Commission

Commissioners Peirce, Roisman Deliver Remarks at Asset Management Advisory Committee Meeting

March 19, 2021

Hester M. Peirce and Elad L. Roisman, Commissioners on the U.S. Securities and Exchange Commission (SEC), both delivered remarks on ESG and related issues at a meeting of the SEC’s Asset Management Advisory Committee.

U.S. Small Business Administration

SBA Launches Portal to Begin Accepting Shuttered Venue Operators Grant Applications

March 19, 2021

The U.S. Small Business Administration launched a page for the Shuttered Venue Operators Grant application portal, in anticipation of opening applications for the much-anticipated economic relief program on April 8.

International

European Banking Authority

EBA Acknowledges Adoption by European Commission of Standards on Institutions’ Public Disclosures

March 19, 2021

The European Banking Authority acknowledged the adoption by the European Commission of the Implementing Act laying down implementing technical standards on institutions’ Pillar 3 disclosures.