PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, April 6, 2021
April 06, 2021
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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)
- 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 (Nominee)
- Acting Chair: Allison Herren Lee (January 21, 2021)
- Confirmation hearing held on March 2, 2021
- Committee approval March 10, 2021
Small Business Administration – Isabel Guzman (effective March 16, 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)
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
Remarks by Secretary of the Treasury Janet L. Yellen on International Priorities to The Chicago Council on Global Affairs
April 5, 2021
Secretary of the Department of the Treasury Janet L. Yellen gave remarks on international priorities to The Chicago Council on Global Affairs.
Federal Reserve Bank of New York
Do People View Housing as a Good Investment and Why?
April 5, 2021
The Federal Reserve Bank of New York’s (New York Fed) Liberty Street Economics blog released a post titled “Do People View Housing as a Good Investment and Why?” The authors use data from the New York Fed’s SCE Housing Survey to answer questions about how households view the choice: Do households view housing as a good investment choice in comparison to financial assets, such as stocks? Are there cross-sectional differences in preferences for housing as an investment? What are the factors households consider when making an investment choice between housing and financial assets?
“Excess Savings” Are Not Excessive
April 5, 2021
The Federal Reserve Bank of New York’s (New York Fed) Liberty Street Economics blog released a post titled “‘Excess Savings’ are Not Excessive.” The authors of the post argue that savings that U.S. households have accumulated since March 2020 are not that excessive, when considered against the backdrop of the unprecedented government interventions adopted over the past year in support of households and that they are unlikely to generate a surge in demand post-COVID-19 pandemic.
U.S. Securities and Exchange Commission
SEC Promotes Investor Awareness during National Financial Capability Month
April 5, 2021
The Securities and Exchange Commission’s Office of Investor Education and Advocacy is embracing National Financial Capability Month as an opportunity to encourage all investors, especially first-timers or those relatively new to investing, to take the time to visit Investor.gov and utilize an array of resources to help them get acclimated.
U.S. Department of Education
Department of Education Discharges Over $1.6 billion in HBCU Capital Finance Debt
April 2, 2021
The Department of Education recently discharged approximately $1.6 billion of debt provided to Historically Black Colleges and Universities (HBCUs) that participate in the HBCU Capital Financing Program. The action will provide debt relief to 45 HBCUs – 13 public institutions and 32 private institutions.
Secretary of Education Joins Senators Chuck Schumer and Elizabeth Warren for a Roundtable Discussion With Student Loan Borrowers and Advocates
April 2, 2021
U.S. Department of Education Secretary Cardona joined a roundtable discussion alongside Senate Majority Leader Chuck Schumer and Senator Elizabeth Warren to listen as student loan borrowers and advocates shared their stories about the impact student loan debt has had on their lives.