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Daily Financial Regulation Update -- Thursday, March 4, 2021

March 04, 2021

By FedACTion Task Force

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PH Client Alerts

Click here to read more from our Coronavirus series.

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)

Commodity Futures Trade Commission

National Credit Union Administration – Todd M. Harper

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

Department of Education – Dr. Miguel Cardona

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. House of Representatives

Committee on Financial Services

Congresswoman Waters Announces Updates to March Hearing Schedule

March 3, 2021

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced updates to the hearing schedule for March 2021.

Federal Agencies

Pandemic Response Accountability Committee

PRAC Releases Virtual Stakeholder Listening Forum with Experts on Housing

March 3, 2021

The Pandemic Response Accountability Committee Financial Sector Oversight working group released a new video of a stakeholder listening forum entitled, “Pandemic Response: Perspectives on Housing.”

Federal Reserve Bank of New York

New York Fed Names Naureen Hassan First Vice President

March 3, 2021

The Board of Directors of the Federal Reserve Bank of New York has appointed Naureen Hassan First Vice President and Chief Operating Officer, effective March 15, 2021.  The appointment was approved by the Board of Governors of the Federal Reserve System.

Conference of State Bank Supervisors

Networked Supervision: An Opportunity for Regulatory Change

March 3, 2021

The Conference of Bank Supervisor released a blog post titled “Networked Supervision: An Opportunity for Regulatory Change.”

Federal Deposit Insurance Corporation

FDIC Releases Strategic Plan to Reinforce Diversity, Equity, and Inclusion within the Agency and Among the Financial Institutions It Supervises

March 3, 2021

The Federal Deposit Insurance Corporation released its latest strategic plan to incorporate and promote diversity, equity, and inclusion in every aspect of its mission and operations. 

Consumer Compliance Examination Manual

March 2, 2021

The Federal Deposit Insurance Corporation (FDIC) released the latest version of the Consumer Compliance Examination Manual, a primary resource and reference tool for FDIC compliance examination staff to use in support of conducting Consumer Compliance and Community Reinvestment Act examinations and other supervisory activities.

Securities and Exchange Commission

SEC Division of Examinations Announces 2021 Examination Priorities

March 3, 2021

The U.S. Securities and Exchange Commission’s Division of Examinations (Division) announced its 2021 examination priorities, including a greater focus on climate-related risks. The Division will also focus on conflicts of interest for brokers (Regulation Best Interest) and investment advisers (fiduciary duty), and attendant risks relating to Fintech in its initiatives and examinations.

U.S. Small Business Administration

The PPP Webinar Series

March 3, 2021

The U.S. Small Business Administration has some key changes to the Paycheck Protection Program which will be available for a limited amount of time to ensure America’s smallest businesses get exclusive access. There is new information for small business owners with fewer than 20 employees and self-employed individuals.

International

European Commission

Commission Presents Updated Approach to Fiscal Policy Response to Coronavirus Pandemic

March 3, 2021

The European Commission (EC) has adopted a communication providing Member States with broad guidance on the conduct of fiscal policy in the period ahead.

European Banking Authority

The EBA Highlights Key Money Laundering and Terrorist Financing Risks across the EU

March 3, 2021

The European Banking Authority (EBA) published its biennial opinion on risks of money laundering and terrorist financing (ML/TF) affecting the European Union’s financial sector. The ML/TF risks identified by the EBA include those that are applicable to the entire financial system, for example the use of innovative financial services, while others affect specific sectors, such as de-risking. The list also includes ML/TF risks that emerge from wider developments such as the COVID-19 pandemic that has an impact on both firms’ anti-money laundering/combating the financing of terrorism compliance and competent authorities’ supervision.

UK Financial Conduct Authority

Final Guidance: Business Interruption Insurance Test Case - Proving the Presence of COVID-19

March 3, 2021

The Financial Conduct Authority released final guidance, which sets out the types of evidence, and methodologies which insurance policyholders may wish to use when proving the presence of COVID-19 in a particular area around their premises.

FCA Confirms the Increase in Thresholds for Contactless Payments

March 3, 2021

The Financial Conduct Authority confirmed changes to its rules to allow for an increase in the single transaction contactless payment threshold from £45 to £100. The contactless threshold for multiple transactions will also increase from £130 to £300.