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Daily Financial Regulation Update --Tuesday, April 13, 2021

April 13, 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

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.

Federal Agencies

Federal Reserve Bank of New York

Consumers’ Inflation, Home Price and Spending Expectations Keep Rising

April 12, 2021

The Federal Reserve Bank of New York’s Center for Microeconomic Data released the March 2021 Survey of Consumer Expectations, which shows a continuation in the recent upward trend in inflation, home price and spending growth expectations. In particular, expectations about home, gas and rent price changes all reached new series highs in March 2021. Labor market expectations continued to recover with higher expectations about job security and improved unemployment expectations. Finally, households were more positive about their current and expected financial situation and their ability to access credit. 

New Member Appointed to Fintech Advisory Group

April 12, 2021

The Federal Reserve Bank of New York (New York Fed) announced the appointment of a new member to its Fintech Advisory Group, Matt Harris, a partner at Bain Capital Ventures. The Fintech Advisory Group provides New York Fed leaders with a high-level platform to establish clear points of contact with senior representatives and thought leaders from the financial and technology industries.

How COVID-19 Affected First-Time Homebuyers

April 12, 2021

The Federal Reserve Bank of New York’s Liberty Street Economics blog released a post titled “How COVID-19 Affected First-Time Homebuyers.”

Federal Reserve Bank of Boston

Taking Stock of the Economic Recovery and the Opportunities to Bolster Financial Stability

April 12, 2021

Eric S. Rosengren, President and Chief Executive Officer of the Federal Reserve Bank of Boston, gave remarks to the Newton-Needham Regional Chamber titled “Taking Stock of the Economic Recovery and the Opportunities to Bolster Financial Stability.”

Federal Deposit Insurance Corporation

FDIC and Duke University’s Pratt School of Engineering Announce Strategic Partnership to Promote Innovation

April 12, 2021

The Federal Deposit Insurance Corporation and Duke University’s Pratt School of Engineering announced a strategic partnership to support technological innovation in the banking and financial services sectors.

Financial Crimes Enforcement Network

FinCEN to Hold Special Monthly Innovation Hours Sessions for Underserved Groups Developing Technology to Fight Illicit Financial Activity

April 12, 2021

The Financial Crimes Enforcement Network (FinCEN) will host a special monthly virtual FinCEN Innovation Hours Program on June 10, 2021, focusing on the important role of underserved groups in developing technology to fight illicit financial activity and protect the nation’s security. FinCEN encourages participation by financial technology and regulatory technology companies, venture capital and investment firms, and financial institutions majority founded, owned or managed by underserved groups.

FINRA

Short Interest — What It Is, What It Is Not.

April 12, 2021

The Financial Industry Regulatory Authority released an Investor Insight titled “Short Interest – What It Is, What It Is Not.”

International

European Commission

Coronavirus Response: Commission Proposes to Exempt Vital Goods and Services Distributed by the EU from VAT in Times of Crisis

April 12, 2021

The European Commission (EC) proposed to exempt from Value Added Tax (VAT) goods and services made available by the EC, European Union bodies and agencies to Member States and citizens during times of crisis. This is in response to the experience gained during the course of the COVID-19 pandemic. Among other things, it has shown that the VAT charged on some transactions ends up being a cost factor in procurement operations that strains limited budgets.