left-caret
Insights

ph fedaction financial regulatory updates homepage

Daily Financial Regulation Update -- Thursday, June 24, 2021

June 24, 2021

By FedACTion Task Force

Subscribe to PH FedACTion: Financial Regulatory Updates

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.

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Senators Reintroduce Bipartisan Legislation to Address Eviction Crisis

June 23, 2021

U.S. Senators Michael Bennet (D-CO), Rob Portman (R-OH), Sherrod Brown (D-OH), and Todd Young (R-IN) introduced the Eviction Crisis Act of 2021, an effort to address the national housing crisis. The legislation includes provisions aimed at improving data and analysis on evictions; reducing preventable evictions and mitigating eviction-related consequences; and improving information on tenant screening reports. 

Federal Agencies

Department of the Treasury

Treasury Secretary Yellen, Deputy Assistant Secretary Poyo Deliver Testimony before Senate Subcommittee

June 23, 2021

Janet L. Yellen, Secretary of the U.S. Department of the Treasury (Treasury), and Noel Andrés Poyo, Treasury’s Deputy Assistant Secretary for Community and Economic Development, delivered testimony to the U.S. Senate Appropriations Subcommittee on Financial Services and General Government. Secretary Yellen’s and Deputy Assistant Secretary Poyo’s testimony addressed subjects including the state of the U.S. economy, the state of the Treasury, the Treasury’s fiscal year 2022 budget, Community Development Financial Institutions (CDFIs) and Treasury’s CDFI Fund.

Federal Reserve Board

Speech: Building Economic Resilience in Communities

June 23, 2021

Michelle W. Bowman, a Governor on the Board of Governors of the Federal Reserve System, delivered via prerecorded video a speech at the Policy Summit 2021 at the Federal Reserve Bank of Cleveland. In her speech, Governor Bowman briefly described current U.S. economic conditions including post-COVID-19 economic outcomes, and shared her perspective on economic resilience.

Paper: Open Source Cross-Sectional Asset Pricing

June 23, 2021

The Board of Governors of the Federal Reserve System’s Divisions of Research & Statistics and Monetary Affairs, as part of their Finance and Economics Discussion Series, released a paper titled “Open Source Cross-Sectional Asset Pricing.”

Federal Reserve Bank of New York

Blog Post: Central Banks and Digital Currencies

June 23, 2021

The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “Central Banks and Digital Currencies.” In the blog post, the authors consider two ways a central bank could choose to become involved with digital currencies and discuss some implications of these potential choices.

Securities and Exchange Commission

Chair Gensler Delivers Remarks at London City Week

June 23, 2021

Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), delivered prepared remarks at London City Week. In his remarks, Chair Gensler discussed three key areas of the SEC’s reform agenda: public company disclosure; market structure; and transparency.

National Credit Union Association

According to NCUA Report, Minority Depository Institution Credit Unions See Year of Growth

June 23, 2021

The National Credit Union Administration (NCUA) issued its eighth annual report to Congress on the composition and financial performance of the minority depository institutions (MDI) supervised by the NCUA in 2020. The report’s highlights include a finding that the number of MDI credit unions grew in 2020, and these credit unions expanded membership and increased lending. Shares and deposits were up, as were total assets.

U.S. Small Business Administration

SBA Webinar: Get Your Business Back on Track

June 23, 2021

The U.S. Small Business Administration and the Public Private Strategies Institute will host a webinar on June 24 at 2:00 p.m. Eastern, with Congresswoman Judy Chu (D-CA). The webinar will address programs aimed at assisting businesses recover from the COVID-19 pandemic.  

Federal Housing Finance Agency

SCOTUS Rules that FHFA Structure is Unconstitutional, President Can Remove Director

June 23, 2021

The U.S. Supreme Court ruled in Collins v. Yellen that the structure of the Federal Housing Finance Agency (FHFA) director position, as established in the Housing and Economic Recovery Act, is unconstitutional, but declined to dismantle the agency entirely. President Biden removed FHFA Director Mark Calabria from the position following the decision.

International

European Commission

Commission Proposes Joint Cyber Unit to Increase Response to Large-Scale Security Incidents

June 23, 2021

The European Commission laid out plans to build a new Joint Cyber Unit to tackle the rising number of serious cyber incidents impacting public services, as well as businesses and citizens across the European Union.

European Banking Authority

EBA Publishes Report on Management and Supervision of ESG Risks for Credit Institutions and Investment Firms

June 23, 2021

The European Banking Authority (EBA) published its Report on Environmental, Social and Governance (ESG) risks management and supervision. The report, which is a key component of the EBA’s broader ESG work, provides a comprehensive proposal on how ESG factors and risks should be included in the regulatory and supervisory framework for credit institutions and investment firms.

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)