PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, May 22, 2021
May 22, 2021
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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)
- Acting Director: Dave Uejio (January 20, 2020)
- Confirmation hearing held on March 2, 2021
- Committee approval March 10, 2021
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.
U.S. House of Representatives
Committee on Financial Services
Waters Announces Updates to May Hearing Schedule
May 21, 2021
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced updates to the hearing schedule for the month of May.
Federal Agencies
Department of the Treasury
Deputy Secretary of the Treasury Wally Adeyemo's Meets with the Independent Community Bankers of America Board of Directors
May 21, 2021
Deputy Secretary of the United States Department of the Treasury (Treasury) Wally Adeyemo met with members of the Independent Community Bankers of America (ICBA) Board of Directors to discuss the role of community banks in providing access to essential payments and needed capital for people and businesses throughout the COVID-19 crisis and how Treasury and ICBA can work together moving forward.
Treasury Distributes $6.1 billion to Assist Renters and Landlords Through Emergency Rental Assistance Program
May 21, 2021
The U.S. Department of the Treasury announced that it has distributed $6.1 billion through the Emergency Rental Assistance (ERA) Program. .The $21.6 billion ERA Program was allocated to prevent evictions and ensure basic housing security for Americans impacted by the affordable housing challenges exacerbated by COVID-19.
Federal Reserve Board
Agencies Issue Host State Loan-To-Deposit Ratios
May 21, 2021
Federal bank regulatory agencies issued the host state loan-to-deposit ratios that are used to evaluate compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios replace the prior year’s ratios from June 2020.
Federal Reserve Bank of New York
New York Fed Blog Discusses Whether the United States is Relying on Foreign Investors to Finance Its Bigger Budget Deficit
May 21, 2021
As part of its Liberty Street Economics blog series, the Federal Reserve Bank of New York posted an article discussing whether the U.S. has relied on foreign investors to finance its budget deficit.
Securities and Exchange Commission
Lee Discusses Leveraging Regulatory Cooperation to Protect America’s Investors
May 21, 2021
Commissioner Allison Herren Lee of the Securities and Exchange Commission delivered Remarks at the 2021 Section 19(d) Conference.
International
European Banking Authority
EBA Publishes Results of EU-Wide Pilot Exercise on Climate Risk
May 21, 2021
The European Banking Authority published the findings of its first EU-wide pilot exercise on climate risk, the main objective of which is to map banks’ exposures to climate risk and provide an insight into the green estimation efforts banks have carried out so far.
Bank of England
Bank of England Publishes Paper on Income Inequality, Mortgage Debt and House Prices
May 21, 2021
The Bank of England published a working paper that studies housing and credit market implications of increasing income inequality and discusses how a low interest rate environment can alter its consequences. Following a rise in income inequality house prices and mortgage debt decline, and aggregate default risk increases. Low real rates mitigate the depressing effect of inequality on house prices at the cost of amplifying the aggregate default risk.
Bank of England Publishes Discussion Paper on How Central Banks Can Use Their Monetary Policy Portfolios to Support Orderly Transition to Net Zero - speech by Andrew Hauser
May 21, 2021
The Bank of England published a discussion paper on options for greening its corporate bond purchase scheme. The paper was published in connection with a speech by Andrew Hauser, Executive Director for Markets, in which Hauser discusses what central banks can do to support the transition to net zero carbon emissions. Discussion Paper
Bank of England Prudential Regulation Authority
PRA Publishes Results of the Firm Feedback Survey 2020
May 21, 2021
The Bank of England Prudential Regulation Authority (PRA) published the results of its 2020 firm feedback survey. The annual firm feedback survey gives PRA-authorized firms the opportunity to comment on their experience of being supervised by the PRA.