PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, April 27, 2021
April 27, 2021
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Administration Changes
Appointments/Confirmation Hearings
Department of the Treasury – Janet Yellen (effective January 26, 2021)
- Statement by Treasury Secretary Janet Yellen on Confirmation of Wally Adeyemo as Deputy Secretary (March 25, 2021)
- Treasury Announces Key Staff Appointments (April 20, 2021)
Consumer Financial Protection Bureau – Rohit Chopra (Nominee)
- Acting Director: Dave Uejio (January 20, 2020)
- Confirmation hearing held on March 2, 2021
- Committee approval March 10, 2021
- Toomey Opening Statement During Chopra, Gensler Nomination Hearing (March 2, 2021)
Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)
- Statement by Acting Chair Allison Herren Lee and Commissioners on Confirmation of Gary Gensler (April 14, 2021)
- Statement by FINRA President and CEO Robert W. Cook on Confirmation of Gary Gensler (April 14, 2021)
- Statement by Senate Committee on Banking, Housing, and Urban Affairs Chair Sherrod Brown on Confirmation of Gary Gensler (April 14, 2021)
- Statement by House Financial Services Committee Chair Maxine Waters on Confirmation of Gary Gensler (April 15, 2021)
- Gary Gensler Names Initial Executive Staff Members (April 19, 2021)
- Alex Oh Named SEC Director of Enforcement (April 22, 2021)
- SEC Names Keo Chea as Director of Public Engagement and Aisha Johnson as Director of Media Relations (April 26, 2021)
Small Business Administration – Isabel Guzman (effective March 16, 2021)
- SBA Administrator Isabella Casillas Guzman Announces Antwaun Griffin to Serve as SBA Chief of Staff (April 1, 2021)
- Statement by Senate Committee on Small Business & Entrepreneurship Chair Ben Cardin on Nomination of Dilawar Syed as Deputy Administrator (April 21, 2021)
Commodity Futures Trade Commission
Financial Crimes Enforcement Network
- FinCEN Announces Acting Director and New Deputy Director (April 2, 2021)
- Statement from Treasury Deputy Secretary Adeyemo on Leadership Announcement (April 2, 2021)
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)
- U.S. Department of Education Announces More Biden-Harris Appointees (April 9, 2021)
- Statement by Secretary Cardona on President Biden's Nomination of Gwen Graham (April 16, 2021)
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
U.S. Department of the Treasury
Statement by Treasury Secretary Janet Yellen on the United Kingdom’s Establishment of a Global Anti-Corruption Sanctions Regime
April 26, 2021
Janet Yellen, Secretary of the U.S. Department of the Treasury, gave a statement on the United Kingdom’s establishment of a global anti-corruption sanctions regime.
Deputy Secretary Wally Adeyemo’s Meeting with Americans for Financial Reform
April 23, 2021
Deputy Secretary of the U.S. Department of the Treasury Wally Adeyemo met virtually with leaders and representatives from Americans for Financial Reform (AFR) and their affiliates. The Deputy Secretary discussed with AFR and its members the importance of financial regulation and the harmful effects of certain financial practices, including the negative impacts of unsustainable debt levels that can lead to preventable bankruptcies.
Federal Reserve Bank of New York
Mapping Home Price Changes
April 26, 2021
The Federal Reserve Bank of New York released economic research titled “Mapping Home Price Changes.” The dynamic map details year-over-year changes in home prices since 2003, both regionally and nationally.
U.S. Securities and Exchange Commission
Increasing Opportunities for Underrepresented Founders and Investors on the Agenda for the SEC Small Business Capital Formation Advisory Committee Meeting on April 30, 2021
April 26, 2021
The U.S. Securities and Exchange Commission’s (SEC) Small Business Capital Formation Advisory Committee (Committee) will meet on April 30, 2021 to discuss solutions to increase access to capital for underrepresented founders and investors from smaller, regional funds.
Consumer Financial Protection Bureau
Innovation and Collaboration: Tech Sprints Support Improvements in Consumer Notifications and Data Collection and Processing
April 26, 2021
The Consumer Financial Protection Bureau released a blog post titled “Innovation and Collaboration: Tech Sprints Support Improvements in Consumer Notifications and Data Collection and Processing.”
U.S. Department of Housing and Urban Development/Federal Housing Administration
HUD and Census Bureau Report New Residential Sales in March 2021
April 26, 2021
The U.S. Department of Housing and Urban Development issued a press release titled “HUD and Census Bureau Reports New Residential Sales in March 2021.”
Ginnie Mae
The Ginnie Mae Innovation Lab Embarks on Blockchain
April 26, 2021
Ginne Mae has released a Ginnie in Brief post titled “The Ginnie Mae Innovation Lab Embarks on Blockchain.” According to the post, Ginnie Mae is in the process of establishing a blockchain workgroup consisting of Ginnie Mae technology and business members and participants across U.S. Federal Housing-related agencies. Ginnie Mae’s Innovation Lab is conducting a preliminary analysis of how blockchain might be used to reduce cost, reduce risk, enhance stakeholder’s experience, improve liquidity and meet the needs of the evolving mortgage industry.
Global Market Analysis Report – April 2021
April 23, 2021
Ginnie Mae released its Global Markets Analysis Report for April 2021. According to the report, in the fourth quarter of 2020, mortgage debt outstanding increased slightly to $11.7 trillion, and total household equity increased to $22.4 trillion. The largest holders of agency debt in the fourth quarter of 2020 include the Federal Reserve (21%), commercial banks (24%), foreign investors (12%) and money market and pension funds (10%).
U.S. Department of Education
Secretary Cardona, Senator Manchin, and Senator Murray Held Roundtable with Students Experiencing Homelessness to Discuss American Rescue Plan Resources
April 23, 2021
Secretary of the U.S. Department of Education (DoE) Dr. Miguel Cardona held a roundtable with Senators Joe Manchin (D-WV) and Patty Murray (D-WA) during which they spoke with students who have experienced homelessness. The conversation came following the DoE’s announcement of plans to distribute $800 million in American Rescue Plan funds to states to support students experiencing homelessness, particularly those disproportionately impacted by the pandemic.
International
UK Financial Conduct Authority
Compliance, Culture and Evolving Regulatory Expectations
April 26, 2021
Mark Steward, Executive Director of Enforcement and Market Oversight at the Financial Conduct Authority, delivered a speech at NYU Law School titled “Compliance, Culture and Evolving Regulatory Expectations.”