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Daily Financial Regulation Update -- Saturday, May 15, 2021

May 15, 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 (effective April 17, 2021)

Small Business Administration – Isabel 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, 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 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.

Federal Agencies

U.S. Department of the Treasury

Remarks by Secretary Janet L. Yellen at the Pontifical Academy of Sciences and the Pontifical Academy of Social Sciences Event Dreaming of a Better Restart

May 14, 2021

U.S. Department of the Secretary Janet L. Yellen gave remarks at the Pontifical Academy of Sciences and the Pontifical Academy of Social Sciences Event Dreaming of a Better Restart.

Federal Reserve Board

Federal Reserve Board Announces the Third Extension of a Rule to Bolster the Effectiveness of the Small Business Administration’s Paycheck Protection Program

May 14, 2021

The Board of Governors of the Federal Reserve System (Federal Reserve) announced the third extension of a rule to bolster the effectiveness of the Small Business Administration’s Paycheck Protection Program (PPP). Like the earlier extensions, the extension will temporarily modify the Federal Reserve’s rules so that certain bank directors and shareholders can apply to their banks for PPP loans for their small businesses.

Resumption of Home Mortgage Disclosure Act Quarterly Reporting

May 14, 2021

The Board of Governors of the Federal Reserve System issued a consumer affairs letter to its supervised financial institutions regarding the resumption of quarterly reporting under the Home Mortgage Disclosure Act

Arbitrage Capital of Global Banks

May 14, 2021

The Divisions of Research & Statistics and Monetary Affairs of the Board of Governors of the Federal Reserve System released a paper titled “Arbitrage Capital of Global Banks,” as part of its Finance and Economics Discussion Series.

Federal Reserve Bank of New York

U.S. Economy in a Snapshot

May 14, 2021

The Federal Reserve Bank of New York released analysis titled “U.S. Economy in a Snapshot” for May 2021.

New York Fed to Host Online Press Briefing on Mortgage Forbearance in COVID-19 on May 19, 2021

May 14, 2021

The Federal Reserve Bank of New York (New York Fed) announced that on May 19, 2021, its Liberty Street Economics blog will release a four-part series on Mortgage Forbearance in COVID-19, as part of its ongoing Economic Inequality research series. The series uses data from the New York Fed’s Consumer Credit Panel to explore the take-up rate and characteristics of those who participated in mortgage forbearance programs, the impact on participating households and small business owners, and the outlook for the mortgage market as forbearance programs end.

The Federal Reserve and U.S. Treasury Did Not Intervene in FX Markets during the First Quarter

May 13, 2021

The Federal Reserve Bank of New York said in its quarterly report to the U.S. Congress that the Federal Reserve and U.S. Department of the Treasury did not intervene in foreign exchange markets during the first quarter of 2021.

U.S. Securities and Exchange Commission

Staff Guidance on EDGAR Filing of Form C Updated

May 14, 2021

The Division of Corporation Finance of the U.S. Securities and Exchange Commission (SEC) released guidance with respect to the filing of Form C with the SEC, in connection with the effectiveness of certain rule changes as set forth in Release No. 33-10884.

Speech: Mind the (Data) Gaps

May 14, 2021

U.S. Securities and Exchange Commission Commissioner Caroline A. Crenshaw gave the keynote address at the 8th Annual Conference on Financial Market Regulation, titled “Mind the (Data) Gaps.”

FASB Issues Proposed Updates for Future Taxonomies Related to Proposed Accounting Standards Update on Fair Value Hedging

May 14, 2021

The U.S. Securities and Exchange Commission (SEC) issued an announcement that the Financial Accounting Standards Board published proposed updates to the U.S. GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy related to the Proposed Accounting Standards Update (ASU) on Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Method. The proposed updates to the taxonomies will include new elements, newly added references to transition elements, and modified documentation and standard labels. The proposed updates will also include element deprecations and reference deletions. The public comment period on the proposed updates will end on July 5, 2021.

Consumer Financial Protection Bureau

CFPB Issues TRID Rule FAQs about the BUILD Act

May 14, 2021

The Consumer Financial Protection Bureau issued additional Frequently Asked Questions (FAQs) pertaining to compliance with the TILA-RESPA Integrated Disclosure Rule (TRID Rule). The FAQs address housing assistance loans, and how the BUILD Act impacts the TRID Rule requirements for certain housing assistance loans.

Federal Housing Finance Agency

FHFA Director Mark Calabria’s Statement at The Brookings Institution on May 11, 2021

May 14, 2021

Dr. Mark Calabria, Director of the Federal Housing Finance Agency, gave remarks at The Brookings Institution titled “Living Wills for Housing Government-Sponsored Enterprises: Implementation and Impact.”

International

Bank of England

Unemployment Risk, Liquidity Traps and Monetary Policy

May 14, 2021

The Bank of England released a staff working paper titled “Unemployment Risk, Liquidity Traps and Monetary Policy.”