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Daily Financial Regulation Update -- Thursday, March 25, 2021

March 25, 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 (effective March 16, 2021)

Commodity Futures Trade Commission

National Credit Union Administration – Todd M. Harper (effective January 25, 2021)

Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021)

Department of Education – Dr. Miguel Cardona (effective March 2, 2011)

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 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 Brown and Toomey Deliver Opening Statements at Quarterly CARES Act Hearing

March 24, 2021

U.S. Senator Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and Senator Pat Toomey (R-PA), the Ranking Member, delivered opening statements at a hearing entitled “The Quarterly CARES Act Report to Congress.”

U.S. House of Representatives

Committee on Financial Services

Chairwoman Waters Delivers Opening Statement at Hearing on Public Housing During the Pandemic

March 24, 2021

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, delivered an opening statement at a Subcommittee on Housing, Community Development and Insurance virtual hearing entitled, “Preserving a Lifeline: Examining Public Housing in a Pandemic.”

Committee on Small Business

Chairwoman Velázquez Delivers Statement on SBA-implemented Improvements to COVID-19 EIDL Program


March 24, 2021

House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) delivered a statement after the Small Business Administration announced a series of reforms to the COVID-19 Economic Injury Disaster Loan program.

Federal Agencies

Department of the Treasury

Treasury Secretary Janet L. Yellen Issues Response to State Attorneys General Inquiries on Implementation of Section 9901 of the American Rescue Plan Act

March 24, 2021

Secretary of the Treasury (Treasury) Janet L. Yellen issued a response to a March 16, 2021 letter from Arizona Attorney General Mark Bnovich regarding Treasury’s implementation of Section 9901 of the American Rescue Plan Act, which provides funds to States, territories, Tribal governments and localities to help them manage the economic consequences of COVID-19. 

Federal Reserve Bank of New York

New York Fed Research Asks Whether Dealers Failed to Make Markets During the Pandemic

March 24, 2021

As part of its Liberty Street Economics blog series, researches at the Federal Reserve Bank of New York discussed liquidity provision by dealers in several financial markets during the pandemic: how much was provided, possible causes of any shortfalls and the effects of the Board of Governors of the Federal Reserve System’s actions.

Conference of State Bank Supervisors

CSBS Survey Finds Banker Outlook for Economic Sectors More Optimistic

March 24, 2021

The Conference of State Bank Supervisors summarized preliminary findings from the Community Bank Sentiment Index (CBSI) for the first quarter of 2021. Bankers’ outlooks for all 10 economic sectors are up quarter-over-quarter and year-over-year. The strongest comebacks are expected in the tourism, restaurant, consumer and retail sectors, all of which have suffered the largest employment losses.

Securities and Exchange Commission

Acting Director Ten Siethoff Delivers Remarks at the March 19, 2021 Meeting of the Asset Management Advisory Committee

March 24, 2021

Sarah ten Siethoff, Acting Director of the Division of Investment Management of the Securities and Exchange Commission, delivered remarks at a March 19, 2021 meeting of the Asset Management Advisory Committee.

SEC Issues Regulatory Amendments, Seeks Public Comment on Holding Foreign Companies Accountable Act

March 24, 2021

The Securities and Exchange Commission (Commission) adopted interim final amendments to implement congressionally mandated submission and disclosure requirements of the Holding Foreign Companies Accountable Act.

Consumer Financial Protection Bureau

CFPB Annual Complaint Report Highlights More Than a Half-Million Complaints Received in 2020

March 24, 2021

The Consumer Financial Protection Bureau (CFPB) provided to Congress the Consumer Response Annual Report for 2020. The impact of the COVID-19 pandemic on the consumer financial marketplace is reflected in the increase of complaints submitted to the CFPB. The CFPB handled approximately 542,300 complaints last year—a nearly 54% increase over the approximately 352,400 complaints handled in 2019.

U.S. Small Business Administration

SBA Increases Lending Limit for COVID-19 Economic Injury Disaster Loans

March 24, 2021

The U.S. Small Business Administration (SBA) is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. Starting the week of April 6, 2021, the SBA is raising the loan limit for the COVID-19 EIDL program from 6-months of economic injury with a maximum loan amount of $150,000 to up to 24-months of economic injury with a maximum loan amount of $500,000.

Department of Housing and Urban Development/Federal Housing Administration

HUD and Census Bureau Report New Residential Sales in February 2021

March 24, 2021

The U.S. Department of Housing and Urban Development and the U.S. Census Bureau jointly announced new residential sales statistics for February 2021. The median sales price of new houses sold in February 2021 was $396,400. The average sales price was $416,000. The seasonally adjusted estimate of new houses for sale at the end of February was $312,000. This represents a supply of 4.8 months at the current sales rate.

OIG Issues Bulletin on Key Internal Controls Related to Disaster Recovery Procurement

March 23, 2021

The U.S. Department of Housing and Urban Development, Office of Inspector General, issued a bulletin on internal controls related to disaster recovery procurement. The bulletin warns that grantees and sub-recipients that do not follow all Community Development Block Grant program requirements may be forced to repay federal funds.

Survey Finds HUD and its CDBG-DR Grantees Have Experienced Challenges Related to the COVID-19 Pandemic

March 23, 2021

The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General, completed a survey of the impact of the COVID-19 pandemic on HUD’s Community Development Block Grant Disaster Recovery (CDBG-DR) grantees.

International

Bank of England

Bank of England Issues Market Notice on Risk Management Approach to Collateral Referencing LIBOR for use in the Sterling Monetary Framework

March 24, 2021

The Bank of England (Bank) issued a market notice that sets out the Bank's risk management approach to collateral referencing all LIBOR rates for use in the Sterling Monetary Framework.

UK Financial Conduct Authority

FCA Launches Campaign to Encourage Individuals to Report Wrongdoing

March 24, 2021

The UK Financial Conduct Authority (FCA) launched a campaign, “In confidence, with confidence,” to encourage individuals working in financial services to report potential wrongdoing to the FCA.

FCA Issues Updated Statement on Non-Damage BI Settlements and Deductions made for Government Support

March 24, 2021

The UK Financial Conduct Authority updated its August 3, 2020 statement regarding complaints from policyholders and other stakeholders about insurers making deductions from business interruption insurance claim payout for some types of government support given to policyholders.