PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, April 29, 2021
April 28, 2021
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Administration Changes
Appointments/Confirmation Hearings
Department of the Treasury – Janet Yellen (effective January 26, 2021)
- Statement by Treasury Secretary Janet Yellen on Confirmation of Wally Adeyemo as Deputy Secretary (March 25, 2021)
- Treasury Announces Key Staff Appointments (April 20, 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
- Toomey Opening Statement During Chopra, Gensler Nomination Hearing (March 2, 2021)
Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)
- Statement by Acting Chair Allison Herren Lee and Commissioners on Confirmation of Gary Gensler (April 14, 2021)
- Statement by FINRA President and CEO Robert W. Cook on Confirmation of Gary Gensler (April 14, 2021)
- Statement by Senate Committee on Banking, Housing, and Urban Affairs Chair Sherrod Brown on Confirmation of Gary Gensler (April 14, 2021)
- Statement by House Financial Services Committee Chair Maxine Waters on Confirmation of Gary Gensler (April 15, 2021)
- Gary Gensler Names Initial Executive Staff Members (April 19, 2021)
- Alex Oh Named SEC Director of Enforcement (April 22, 2021)
- SEC Names Keo Chea as Director of Public Engagement and Aisha Johnson as Director of Media Relations (April 26, 2021)
Small Business Administration – Isabel Guzman (effective March 16, 2021)
- SBA Administrator Isabella Casillas Guzman Announces Antwaun Griffin to Serve as SBA Chief of Staff (April 1, 2021)
- Statement by Senate Committee on Small Business & Entrepreneurship Chair Ben Cardin on Nomination of Dilawar Syed as Deputy Administrator (April 21, 2021)
Commodity Futures Trade Commission
Financial Crimes Enforcement Network
- FinCEN Announces Acting Director and New Deputy Director (April 2, 2021)
- Statement from Treasury Deputy Secretary Adeyemo on Leadership Announcement (April 2, 2021)
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)
- U.S. Department of Education Announces More Biden-Harris Appointees (April 9, 2021)
- Statement by Secretary Cardona on President Biden's Nomination of Gwen Graham (April 16, 2021)
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.