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Daily Financial Regulation Update -- Thursday, May 20, 2021

May 20, 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 (effective April 17, 2021)

Small Business Administration – Isabel 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, 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 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

Chairman Brown Sends Letter to OCC Acting Comptroller Hsu Asking for Reassessment of Conditional Approvals issued to for National Trust Charters to Cryptocurrency Firms

May 19, 2021

U.S. Senator Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs sent a letter to Michael Hsu, the Acting Comptroller of the Currency, seeking reassessment by the Office of the Comptroller of the Currency (OCC) of recent preliminary conditional national trust charters issued to cryptocurrency firms and to halt approval of any additional charters to nonbank entities during such review. The letter also seeks evaluation of the approval, supervisory and licensing standards to ensure they remain rigorous and equitable among charter applicants.

Chairman Brown Urges OCC to Strengthen Community Reinvestment Act in Upcoming Revamp of Trump-Era Rule

May 18, 2021

U.S. Senator Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs, issued a statement regarding the Office of the Comptroller of the Currency’s (OCC) May 18, 2021 announcement that it will reconsider the OCC’s regulations implementing the Community Reinvestment Act rule, adopted in June 2020.  

Toomey and Van Hollen Statement on Omission of Sanctions Targets in the Treasury’s Hong Kong Sanctions Report

May 19, 2021

U.S. Senate Committee on Banking, Housing and Urban Affairs Ranking Member Pat Toomey (R-PA) and Senator Chris Van Hollen (D-MD) issued a statement in response to the U.S. Department of the Treasury’s report pursuant to Mr. Toomey and Mr. Van Hollen’s Hong Kong Autonomy Act.

U.S. House of Representatives

Committee on Financial Services

Chairwoman Waters’ Opening Statement at Hearing on Oversight of Prudential Regulators

May 19, 2021

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services (Committee), gave a statement at a full Committee hearing titled, “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity and Accountability of Depository Institutions.”

Chairwoman Waters Announces Subcommittee Vice Chairs for 117th Congress

May 18, 2021

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced the Subcommittee Vice Chairs for the 117th Congress.

Committee on Small Business

Subcommittee Looks to Utilize SBA Resource Partners to Drive Small Business Recovery

May 19, 2021

The House Small Business Committee Subcommittee on Innovation, Entrepreneurship, and Workforce Development held a hearing reviewing the Small Business Administration’s (SBA) entrepreneurial development ecosystem, including free or low-cost counseling and training services through its primary resource partners, Small Business Development Centers, Women’s Business Centers, SCORE, and Veterans Business Outreach Centers. The hearing, examined the role resource partners played in the COVID-19 pandemic, as well as steps Congress could take to strengthen the organizations moving forward.

Subcommittee Looks to Strengthen Role of Community Financial Institutions in Small Business Lending

May 18, 2021

The House Small Business Committee Subcommittee on Economic Growth, Tax, and Capital Access held a hearing examining the roles of Community Development Financial Institutions and Minority Depository Institutions in small business lending. 

Federal Agencies

U.S. Department of the Treasury

Secretary of the Treasury Janet L. Yellen’s Meeting with the American Bankers Association Board of Directors

May 18, 2021

Secretary of the Department of the Treasury (Treasury Department) Janet L. Yellen met with members of the American Bankers Association (ABA) Board of Directors to discuss ways the Treasury Department and the ABA can work together to facilitate a strong recovery over the short-term and a robust economic expansion over the longer-term. The Secretary highlighted the role of banks as a necessary source of strength due to their critical role channeling emergency government support to households and businesses through the Paycheck Protection Program and Economic Impact Payments. The Secretary also noted the crucial role banks can play as part of the Biden Administration’s historic investments in both infrastructure and the essential services for families -like childcare- to help drive broad-based growth.

Federal Reserve Board

Minutes of the Federal Open Market Committee, April 27-28, 2021

May 19, 2021

The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on April 27-28, 2021.

Federal Reserve Bank of New York

Blog: Keeping Borrowers Current in a Pandemic

May 19, 2021

The Federal Reserve Bank of New York’s Liberty Street Economics blog released a post titled “Keeping Borrowers Current in a Pandemic.”

Blog: What Happens during Mortgage Forbearance?

May 19, 2021

The Federal Reserve Bank of New York’s Liberty Street Economics blog released a post titled “What Happens during Mortgage Forbearance?”

Blog: Small Business Owners Turn to Personal Credit

May 19, 2021

The Federal Reserve Bank of New York’s Liberty Street Economics blog released a post titled “Small Business Owners Turn to Personal Credit.”

Blog: What’s Next for Forborne Borrowers?

May 19, 2021

The Federal Reserve Bank of New York’s Liberty Street Economics blog released a post titled “What’s Next for Forborne Borrowers?”

New York Fed to Host Impact Investing Event: Connecting Communities with Capital

May 19, 2021

The Federal Reserve Bank of New York (New York Fed) announced that its Community Development team, in partnership with the U.S. Impact Investing Alliance, is hosting an event on June 3, 2021 at 1:00 p.m. Eastern focused on the expanding pool of impact investing funders, how new sources of investment can strengthen the low- and moderate-income communities hardest hit by the COVID-19 pandemic, and the New York Fed’s plans to connect communities with funds.

Conference of State Bank Supervisors

Speech: The Resiliency of the State System - Even Through a Pandemic

May 19, 2021

Kevin Hagler, Immediate Past Chair of the Conference of State Bank Supervisors, gave a speech titled “The Resiliency of the State System – Even Through a Pandemic.”

Office of the Comptroller of the Currency

Fictitious Notifications Regarding the Use of Bitcoin Wallet for Release of Funds Supposedly Under the Control of the Office of the Comptroller of the Currency

May 19, 2021

The Office of the Comptroller of the Currency (OCC) issued an alert about fictitious notifications regarding the use of Bitcoin Wallet for the release of funds supposedly under the control of the OCC.

U.S. Small Business Administration

SBA Announces New HUBZones to Expand Federal Contracting Opportunities for Small Businesses

May 19, 2021

U.S. Small Business Administration (SBA) Administrator Isabella Casillas Guzman announced the expansion of HUBZone, a program that provides small businesses in low-income communities that hire low-income residents opportunities to compete in the federal marketplace.

Getting Back on Track: Help is Here Educational Webinar Series

May 18, 2021

The U.S. Small Business Administration and Public Private Strategies Institute announced several educational opportunities to learn more about programs that will help small businesses get back on track. This is part of an effort to ensure that American small businesses know about the many resources to help their businesses grow and additional resources to help their businesses thrive.

SBA Initiates a Final Push for Restaurant Revitalization Fund Applications

May 18, 2021

U.S. Small Business Administration (SBA) Administrator Isabella Casillas Guzman announced that eligible eating establishments have only until Monday, May 24, 2021 at 8 p.m. Eastern, to submit applications to the Restaurant Revitalization Fund.

Fannie Mae

Economy Expected to Heat Up Through the Summer as Inflation Risks Mount

May 19, 2021

Fannie Mae announced that expectations for full-year 2021 economic growth were revised upward in May 2021 to 7%, a modest improvement from last month’s projection of 6.8%, attributable primarily to stronger-than-expected first quarter real gross domestic product growth and an improved near-term outlook for consumer spending. The additional strength in consumer spending was previously projected to occur later in 2021 or early 2022, but recent incoming data increasingly points to eagerness on the part of consumers amid continued progress mobilizing COVID-19 vaccinations and waning virus-related restrictions.

International

Bank of England

Speech: Building Financial Market Resilience: From Diagnosis to Prescription

May 19, 2021

Jonathan Hall, a member of the Financial Policy Committee at the Bank of England, gave a speech at Cardiff Business School titled “Building Financial Market Resilience: From Diagnosis to Prescription.”