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Daily Financial Regulation Update -- Saturday, May 29, 2021

May 29, 2021

By FedACTion Task Force

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PH Client Alerts

Click here to read more from our Coronavirus series.

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

President Biden Releases Proposed Budget

May 28, 2021

President Biden released his Administration’s first budget proposal. The FY2022 budget proposes investments in infrastructure, clean energy and research and development.

Secretary of the Treasury Janet L. Yellen’s Virtual Meeting with G7 Finance Ministers and Central Bank Governors

May 28, 2021

Secretary of the Department of the Treasury Janet L. Yellen participated in a meeting with the G7 finance ministers and central bank governors. Secretary Yellen emphasized the U.S. commitment to multilateralism to solve global issues and the importance of providing further fiscal support to promote a robust and lasting recovery in the wake of the COVID-19 pandemic.

Federal Reserve Board

Federal Reserve Board Invites Public Comment on Proposed Changes to its Policy on Payment System Risk that Governs the Provision of Intraday Credit

May 28, 2021

The Board of Governors of the Federal Reserve System (Federal Reserve) requested public comment on proposed changes to its Policy on Payment System Risk that governs the provision of intraday credit, or daylight overdrafts, to well capitalized depository institutions with accounts at the Federal Reserve Banks.

High-Frequency Estimates of the Natural Real Rate and Inflation Expectations

May 28, 2021

The Divisions of Research & Statistics and Monetary Affairs of the Federal Reserve Board released a paper as part of its Finance and Economics Discussion Series, titled “High- Frequency Estimates of the Natural Real Rate and Inflation Expectations.”

U.S. Department of Housing and Urban Development/Federal Housing Administration

Statement by HUD Secretary Fudge on the President’s Fiscal Year 2022 Budget

May 28, 2021

Department of Housing and Urban Development Secretary Marcia Fudge issued a statement on the President’s Fiscal Year 2022 Budget submitted to Congress.

U.S. Department of Labor

Statement by DOL Secretary Walsh on the President’s Fiscal Year 2022 Budget

May 28, 2021

Department of Labor Secretary Martin J. Walsh issued a statement on the President’s Fiscal Year 2022 Budget submitted to Congress.

U.S. Department of Education

Statement by Secretary of Education Cardona on the President’s Fiscal Year 2022 Budget

May 28, 2021

Department of Education Secretary Miguel Cardona issued a statement on the President’s Fiscal Year 2022 Budget submitted to Congress.

International

European Commission

Antitrust: Commission Publishes Findings of Evaluation on the Motor Vehicle Block Exemption Regulation

May 28, 2021

The European Commission published the Evaluation Report and Staff Working Document summarizing the findings of its evaluation of the Motor Vehicle Block Exemption Regulation.

Bank of England

Measure for Measure: Evidence on the Relative Performance of Regulatory Requirements for Small and Large Banks

May 28, 2021

The Bank of England released a staff working paper titled “Measure for Measure: Evidence on the Relative Performance of Regulatory Requirements for Small and Large Banks.”

Forecasting UK GDP Growth with Large Survey Panels

May 28, 2021

The Bank of England released a staff working paper titled “Forecasting UK GDP Growth with Large Survey Panels.”

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)