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Daily Financial Regulation Update -- Thursday, January 28, 2020

January 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 (Nominee)

Small Business Administration – Isabel Guzman (Nominee)

Department of Education – Miguel Cardona (Nominee)

Commodity Futures Trade Commission

National Credit Union Administration – Todd M. Harper

Department of Housing and Urban Development – Marcia Fudge (Nominee)

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 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 Small Business and Entrepreneurship

Senators Cardin, Hirono and Duckworth Introduce Legislation to Make SBA Programs More Equitable

January 27, 2021

Senators Ben Cardin (D-MD), Ranking Member of the U.S. Committee on Small Business & Entrepreneurship (Committee), and Senators Mazie K. Hirono (D-HI) and Tammy Duckworth (D-IL), members of the Committee, introduced the Unlocking Opportunities in Emerging Markets Act, which would establish an Office of Emerging Markets within the U.S. Small Business Administration’s (SBA) Office of Capital Access to ensure that SBA’s access to capital initiatives address the specific needs of entrepreneurs in underserved communities in a coordinated way.

U.S. House of Representatives

Committee on Small Business

Chairwoman Velázquez Announces Subcommittee Chairs and Assignments for 117th Congress

January 27, 2021

House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) announced the five subcommittee chairs and the members that will serve on them during the 117th Congress. Subcommittee chairs were selected via seniority and confirmed unanimously by other members during the committee’s organizational meeting.

Federal Agencies

Federal Reserve Bank of New York

New York Fed Issues Statement Regarding Repurchase Operations

January 27, 2021

The Federal Reserve Bank of New York issued a statement on repurchase operations in response to the most recent Federal Open Market Committee (FOMC) directive.

U.S. Small Business Administration

SBA Provides One Year 8(a) Program Extension to Participants Due to COVID-19

January 27, 2021

The U.S. Small Business Administration published an interim final rule allowing 8(a) Program participants to elect a one-year program extension in the SBA’s 8(a) Business Development Program due to the challenges of COVID-19.

Federal Housing Finance Agency

FHFA Issues Foreclosure Prevention, Refinance and FPM Report - October 2020

January 27, 2021

The Federal Housing Finance Agency released its Foreclosure Prevention, Refinance and Federal Property Management Report for October 2020. Fannie Mae and Freddie Mac completed 166,189 foreclosure prevention actions in October, bringing the total to 5,391,530 since the start of the conservatorships in September 2008. Approximately 45 percent of these actions have been permanent loan modifications.

State Agencies

California Department of Financial Protection and Innovation

The DFPI Signs MOUs Believed to be the Among the Nation’s First with Earned Wage Access Companies

January 27, 2021

The California Department of Financial Protection and Innovation (DFPI) has signed memorandums of understanding (MOUs) with five earned wage access companies. The MOUs enable earned wage access companies to continue operating in California, in advance of possible registration under the California Consumer Financial Protection Law, which took effect this year and defines the companies as newly covered financial services.

International

UK Financial Conduct Authority

FCA Issues Update on Mortgages, Consumer Credit, Banking and Payments During the Coronavirus Pandemic

January 27, 2021

The Financial Conduct Authority (FCA) issued an update on issues relating to mortgages, consumer credit, banking and payments during the pandemic. The update confirms the FCA’s finalized guidance on repossessions for mortgages and consumer credit, as well as the FCA’s intention to consult on an increase in the limit for contactless payments.