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Daily Financial Regulation Update -- Thursday, July 8, 2021

July 08, 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

Federal Reserve Bank of New York

New York Fed to Host Fifth Web Event in Series on Culture

July 7, 2021

The Federal Reserve Bank of New York will host its fifth web event in a series on culture on July 16, 2021. The event will focus on culture in a post-pandemic workplace. Topics will include how norms are transmitted in various work environments and the potential impacts of hybrid workplaces on cultural elements like collaboration and inclusion.

Conference of State Bank Supervisors

Education Department Must Retract Policies that Preempt States’ Student Lending Oversight

July 7, 2021

In a letter to U.S. Department of Education (DoE) Secretary Miguel Cardona, the Conference of State Bank Supervisors, joined by the North American Collection Agency Regulatory Association, urged the DoE to rescind recent policies that interfere with state regulation of federal student loan servicers and debt collectors.

U.S. Securities and Exchange Commission

Remarks at the Asset Management Advisory Committee Meeting

July 7, 2021

Chair of the U.S Securities and Exchange Commission (SEC) Gary Gensler and Commissioner Hester M. Peirce gave remarks at the SEC’s Asset Management Advisory Committee meeting.

U.S. Small Business Administration

SBA OIG Report 21-17: Weaknesses Identified During the FY 2020 Federal Information Security Modernization Act Review

July 7, 2021

The Office of Inspector General of the Small Business Administration released a report detailing weaknesses identified during its fiscal year 2020 Federal Information Security Modernization Act evaluation and assessing the maturity of controls used to address risks in each of the information security areas.

SBA Hosts National SBIR Week to Connect Technology Innovators & Entrepreneurs with Research Funding

July 7, 2021

The Small Business Administration will host 2021 National SBIR Week from July 19-23, 2021 for small business innovators. The virtual event will connect entrepreneurs working on advanced technology to the country’s largest source of early-stage funding – the Small Business Innovation Research (SBIR) and Small Business Technology Transfer programs.

Fannie Mae

Consumers Increasingly Adamant That It’s a Good Time to Sell, Bad Time to Buy a Home

July 7, 2021

Fannie Mae issued a release that states that its Home Purchase Sentiment Index® (HPSI) was largely unchanged in June 2021, decreasing by 0.3 points to 79.7, despite even greater volatility among its underlying components. The “Good Time to Buy” and “Good Time to Sell” components once again produced the most notable results. On the buy-side, 64% of respondents said it’s a bad time to buy a home, up from 56% last month; while on the sell-side, 77% of respondents said it’s a good time to sell, up from 67% last month. Year over year, the overall index is up 3.2 points.

International

Bank of England

FCA, PRA and Bank of England Set out Plan to Improve Diversity and Inclusion in Regulated Firms

July 7, 2021

The Financial Conduct Authority, Prudential Regulation Authority and Bank of England are seeking views on regulatory plans to improve diversity and inclusion in financial services. In a discussion paper, the regulators have set out policy options including, among others, the use of targets for representation, measures to make senior leaders directly accountable for diversity and inclusion in their firms, linking remuneration to diversity and inclusion metrics and the regulators’ approach to considering diversity and inclusion in non-financial misconduct.

Paper: Gender, Age and Nationality Diversity in UK Banks

July 7, 2021

The Bank of England released a staff working paper titled “Gender, Age and Nationality Diversity in UK Banks.”

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 - Isabella Casillas 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, 2021)