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Daily Financial Regulation Update -- Thursday, May 6, 2021

May 06, 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

Majority Leader Schumer and Chairman Brown Unveil New Clean Transit for America Plan to Replace Nation’s Polluting Buses With Clean Buses

May 4, 2021

Senate Majority Leader Chuck Schumer (D-NY) and Chairman of the Senate Committee on Banking, Housing, and Urban Affairs Sherrod Brown (D-OH) unveiled their new Clean Transit for America plan providing $73 billion to transition the nation’s public transit systems to zero-emission fleets.

Federal Agencies

Federal Reserve Board

The Economic Outlook and Implications for Monetary Policy

May 5, 2021

Michelle W. Bowman, Governor at the Board of Governors of the Federal Reserve System, gave a speech at The Colorado Forum titled “The Economic Outlook and Implications for Monetary Policy.”

Federal Reserve Bank of New York

FRBNY Blog: Many Small Businesses in the Services Sector Are Unlikely to Reopen

May 5, 2021

The Federal Reserve Bank of New York’s Liberty Street Economics blog released a post titled “Many Small Businesses in the Services Sector are Unlikely to Reopen.”

Federal Reserve Bank of Boston

Pandemic Ebbs and Flows: Economic Data, Inflation Concerns and Policymaking

May 5, 2021

Eric Rosengren, President of the Federal Reserve Bank of Boston, gave remarks at the Boston College Carroll School of Management titled “Pandemic Ebbs and Flows: Economic Data, Inflation Concerns and Policymaking.”

Fannie Mae

Fannie Mae’s New Refinance Option Available Beginning June 5, 2021

May 5, 2021

Fannie Mae issued additional details about its new RefiNow option, which is available for qualifying homeowners with a Fannie Mae-owned mortgage beginning June 5, 2021. RefiNow makes it easier for eligible homeowners earning at or below 80% area median income to refinance at a lower interest rate and reduce their monthly mortgage payment.

International

Bank of England

Mutual Interests

May 5, 2021

Sam Woods, Deputy Governor for Prudential Regulation and Chief Executive Officer at the Prudential Regulation Authority, gave a speech at the Building Societies Annual Conference titled “Mutual Interests.”

Operational Resilience – Outcomes in Practice

May 5, 2021

Lyndon Nelson, Deputy Chief Executive Officer and Executive Director, Regulatory Operations and Supervisory Risk Specialists, at the Bank of England, gave a speech at the UK Finance Operational Resilience webinar titled “Operational Resilience – Outcomes in Practice.”