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Daily Financial Regulation Update -- Thursday, April 29, 2021

April 28, 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.

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Banking Committee Holds Hearing on the Reemergence of Rent-a-Bank

April 28, 2021

The U.S. Senate Committee on Banking, Housing, and Urban Affairs conducted a hearing entitled, “The Reemergence of Rent-a-Bank?” The witnesses were: The Honorable Josh Stein, Attorney General, State of North Carolina; Ms. Lisa Stifler, Director of State Policy, Center for Responsible Lending; Dr. Frederick D. Haynes, III, Senior Pastor, Friendship-West Baptist Church, Dallas, Texas; Mr. Brian Brooks, Former Acting Comptroller of the Currency; and Dr. Charles Calomiris, Henry Kaufman Professor of Financial Institutions, Columbia Business School.

U.S. House of Representatives

Committee on Financial Services

Waters Announces May Committee Schedule

April 27, 2021

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services (Committee), announced the Committee schedule for the month of May.

Committee on Small Business

Velázquez Looks to Empower Immigrant-Owned Businesses to Drive Equitable Recovery from COVID

April 28, 2021

The House Committee on Small Business, led by Chairwoman Nydia M. Velázquez (D-NY), held a hearing exploring the importance of immigrant-owned businesses to the American economy and their role in the recovery from the COVID-19 pandemic.  

Federal Agencies

Department of the Treasury

Treasury Outlines Proposals in American Families Plan

April 28, 2021

The U.S. Department of the Treasury issued a press release regarding a series of proposals in the American Families Plan that overhaul tax administration and provide the Internal Revenue Service resources and information to address tax evasion.

Treasury Announces Nearly 2 million more Economic Impact Payments disbursed under the American Rescue Plan

April 28, 2021

The U.S. Department of the Treasury, the Internal Revenue Service, and the Bureau of the Fiscal Service announced they are disbursing nearly 2 million payments in the seventh batch of Economic Impact Payments from the American Rescue Plan.

Federal Reserve Board

Federal Reserve Issues FOMC Statement

April 28, 2021

The Board of Governors of the Federal Reserve System issued a statement by the Federal Open Market Committee for April.

Conference of State Bank Supervisors

State Regulators Support CRA Resolution on the OCC True Lender Rule

April 28, 2021

The Conference of State Bank Supervisors (CSBS) sent a letter to Senate Banking Committee Chairman Sherrod Brown (D-OH) and Ranking Member Pat Toomey (R-PA) supporting the Congressional Review Act joint resolution to overturn the Office of the Comptroller of the Currency’s true lender rule.

Consumer Financial Protection Bureau

CFPB Delays Mandatory Compliance Date for General Qualified Mortgage Final Rule

April 27, 2021

The Consumer Financial Protection Bureau (CFPB) formally delayed the mandatory compliance date of the General Qualified Mortgage final rule from July 1, 2021 to October 1, 2022.

U.S. Small Business Administration

SBA Administrator Guzman Announces Application Opening for $28.6 Billion Restaurant Revitalization Fund

April 27, 2021

U.S. Small Business Administration (SBA) Administrator Isabella Casillas Guzman announced the SBA will begin registrations on April 30, 2021 and open applications on May 3, 2021 for the Restaurant Revitalization Fund. The online application will remain open to any eligible establishment until all funds are exhausted.

Federal Housing Finance Agency

FHFA Announces New Refinance Option for Low-Income Families with Enterprise-Backed Mortgages

April 28, 2021

The Federal Housing Finance Agency (FHFA) announced Fannie Mae and Freddie Mac (the Enterprises) will implement a new refinance option for low-income borrowers with Enterprise-backed single-family mortgages.

International

European Commission

Commission Publishes Report on European Structural and Investment Funds

April 28, 2021

The rate of investment of the five European Structural and Investment Funds in the European Union has accelerated significantly in the past two years, from 28% of the total envelope in 2018 to 56% at the end of 2020, according to a report published by the European Commission.

European Banking Authority

The European Banking Authority Launches Public Consultation to Enhance Proportionality in Liquidity Reporting

April 28, 2021

The European Banking Authority (EBA) launched a public consultation on its draft Implementing Technical Standards on supervisory reporting with respect to Additional Liquidity Monitoring Metrics (ALMM).

EBA Consults on Draft Guidelines on the Delineation and Reporting of Available Financial Means of Deposit Guarantee Schemes

April 28, 2021

The European Banking Authority (EBA) launched a public consultation on its draft Guidelines on the delineation and reporting of available financial means of Deposit Guarantee Schemes.