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Daily Financial Regulation Update -- Saturday, March 6, 2021

March 06, 2021

By FedACTion Task Force

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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 (Nominee)

  • Acting Secretary: Matthew E. Ammon

Department of Education – Dr. Miguel Cardona

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 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 Small Business

Chairwoman Velázquez Issues Statement on February Jobs Report

March 5, 2021

House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) issued a statement after the Labor Department released its February 2021 jobs report.

Federal Agencies

Federal Reserve Board

Federal Reserve Board Clarifies Guidance as it Relates to Definitions for Minority Depository Institutions

March 5, 2021

The Board of Governors of the Federal Reserve System clarified guidance as it relates to definitions for minority depository institutions (MDIs), expanded the MDI definition to include women-owned financial institutions, and highlighted resources available to MDIs through its Partnership for Progress program.

Ginnie Mae

Ginnie Mae Reports February MBS Issuance of $77 Billion; More than 274,000 Homes Financed

 

March 5, 2021

Ginnie Mae mortgage-backed securities (MBS) issuance volume was $76.92 billion in February 2021, down from the record $82.6 billion issued in January 2021. Approximately 274,787 homes and apartment units were financed by Ginnie Mae guaranteed MBS in February 2021.

U.S. Department of Labor

Employment Situation Summary

March 5, 2021

According to the U.S. Bureau of Labor Statistics, total nonfarm payroll employment rose by 379,000 in February 2021, and the unemployment rate was little changed at 6.2%. The labor market continued to reflect the impact of the COVID-19 pandemic. Most job gains occurred in leisure and hospitality, with smaller gains in temporary help services, health care and social assistance, retail trade and manufacturing. Employment declined in state and local government education, construction and mining.

International

Bank of England

Paper: Organisational Culture and Bank Risk

March 5, 2021

The Bank of England released a staff working paper titled “Organisational Culture and Bank Risk.”

Paper: Uneven Growth: Automation’s Impact on Income and Wealth Inequality

March 5, 2021

The Bank of England released a staff working paper titled “Uneven Growth: Automation’s Impact on Income and Wealth Inequality.”

Paper: Monetary Policy Surprises and their Transmission through Term Premia and Expected Interest Rates

March 5, 2021

The Bank of England released a staff working paper titled “Monetary Policy Surprises and their Transmission through Term Premia and Expected Interest Rates.”

Speech: Remarks on Challenges to the Economic Outlook

March 5, 2021

Jonathan Haskel, External Member of the Monetary Policy Committee (MPC) of the Bank of England, gave a speech titled “Remarks on Challenges to the Economic Outlook.” Mr. Haskel reflects on some of the economic issues the MPC has been considering in response to the COVID-19 pandemic.

External Business of Monetary Financial Institutions Operating in the UK for Q4 2020

March 5, 2021

The Bank of England issued a statistical release for the fourth quarter of 2020, which covers claims on and liabilities to other countries by UK-resident banks and building societies (monetary financial institutions). Adjusted for exchange rate movements, external liabilities increased by $145.4 billion during the fourth quarter of 2020. The increase was more than accounted for by an increase in liabilities to developed countries, which was largely attributable to the United States.

UK Financial Conduct Authority

FCA Provides Update on Support for Consumers Impacted by Coronavirus

March 5, 2021

The Financial Conduct Authority (FCA) released mortgages tailored support guidance that sets out its expectation that firms should not enforce mortgage repossessions, except in exceptional circumstances, before April 1, 2021. From April 1, 2021, firms can enforce repossessions, but only if they act in accordance with FCA guidance and regulatory requirements.

Announcements on the End of LIBOR

March 5, 2021

The Financial Conduct Authority (FCA) announced the dates that panel bank submissions for all LIBOR settings will cease, after which representative LIBOR rates will no longer be available. The FCA confirmed that all LIBOR settings will either cease to be provided by any administrator or no longer be representative: (i) immediately after December 31, 2021, in the case of all sterling, euro, Swiss franc and Japanese yen settings, and the 1-week and 2-month US dollar settings; and (ii) immediately after June 30, 2023, in the case of the remaining US dollar settings.