PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, June 10, 2021
June 10, 2021
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
Department of the Treasury
Treasury, IRS, BFS Announce 2.3 Million Additional Economic Impact Payments
June 9, 2021
The U.S. Department of the Treasury, the Internal Revenue Service, and the Bureau of the Fiscal Service announced that, over the past two weeks, they disbursed more than 2.3 million additional Economic Impact Payments under the American Rescue Plan, bringing the total disbursed so far to more than 169 million payments.
Federal Deposit Insurance Corporation
FDIC to Host Virtual Conference on Fintech on June 29
June 9, 2021
The Federal Deposit Insurance Corporation opened registration for its upcoming virtual conference, “Fintech: A Bridge to Economic Inclusion”, which will take place on June 29, 2021 from 1:00 - 4:30 p.m. Eastern.
Securities and Exchange Commission
SEC Chair Gensler Delivers Remarks at Global Exchange and FinTech Conference
June 9, 2021
Gary Gensler, Chairman of the U.S. Securities and Exchange Commission, delivered remarks virtually at the Piper Sandler Global Exchange and FinTech Conference. Chairman Gensler’s remarks focused on equity markets as an area in which finance and technology are intersecting in novel ways.
U.S. Small Business Administration
Statement: Role of Small Businesses in Strengthening America’s Supply Chains
June 9, 2021
Isabel Guzman, Administrator of the U.S. Small Business Administration, issued a statement in response to President Biden’s 100 Day Review Report on America’s Supply Chains. Administrator Guzman’s statement highlighted the need to strengthen domestic supply chain resilience by ensuring equitable access to credit, investment, customers, and advisory services.
Fannie Mae
Fannie Mae Indicates Housing Set to Become Inflation Driver
June 9, 2021
Fannie Mae released on its website a research publication titled “Housing Insights: Housing Poised to Become Strong Driver of Inflation.”
Consumer Perception of Home-buying Conditions Worsens
June 7, 2021
Fannie Mae released its Home Purchase Sentiment Index (HPSI) for May 2021. According to the latest HPSI, for the second consecutive month, consumers reported a significantly more pessimistic view of home-buying conditions; on net, that component fell to an all-time survey low, with only 35% of respondents believing it is a good time to buy a home, down from 53% in March 2021. Year over year, the HPSI is up 12.5 points.
Freddie Mac
Freddie Mac’s AIMI Shows Strong Multifamily Investment Environment Continues
June 9, 2021
The Freddie Mac Multifamily Apartment Investment Market Index held steady in the first quarter of 2021, as growing net operating incomes and low interest rates bolstered the investment environment for multifamily properties.
International
European Commission
European Parliament Adopts New Long-Term External Action Budget for 2021-2027
June 9, 2021
The European Parliament voted to adopt the “Global Europe” fund for the period 2021-2027. With this decision, the European Union will be able to use €79.5 billion in current prices to foster global recovery over the next seven years.
Administration Changes
Appointments/Confirmation Hearings
Department of the Treasury - Janet Yellen (effective January 26, 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
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)