left-caret
Insights

ph fedaction financial regulatory updates homepage

Daily Financial Regulation Update -- Tuesday, February 9, 2020

February 09, 2021

By  

FedACTion Task Force

Subscribe to PH FedACTion: Financial Regulatory Updates

PH Client Alerts

Click here to read more from our Coronavirus series.

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 (Nominee)

Commodity Futures Trade Commission

National Credit Union Administration – Todd M. Harper

Department of Housing and Urban Development – Marcia Fudge (Nominee)

Department of Education – Miguel Cardona (Nominee)

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 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’ Expectations Show Increased Optimism

February 8, 2021

The Federal Reserve Bank of New York’s Center for Microeconomic Data released the January 2021 Survey of Consumer Expectations, which shows that households’ year-ahead spending growth expectations rose to 4.2%, the highest level recorded in more than five years. In contrast, earnings growth expectations have remained flat for the sixth consecutive month. Labor market expectations continued to improve with higher expectations about job security and job finding. Home price expectations rose again in January 2021 to reach their highest level since May 2014. Median inflation expectations were flat at both the short and medium-term horizons, while inflation uncertainty and inflation disagreement remain elevated compared to pre-COVID-19.

U.S. Securities and Exchange Commission

SEC issues Sample Comment Letter to Companies Regarding Securities Offerings during Times of Extreme Price Volatility

February 8, 2021

The Division of Corporation Finance (Division) of the Securities and Exchange Commission released an illustrative letter that contains sample comments that, depending on the facts and circumstances, the Division may issue to companies seeking to raise capital in securities offerings amid market and price volatility. The Division urges companies to take these sample comments into consideration as they prepare disclosure documents that may not typically be subject to review by the Division before their use, such as automatically effective registration statements and prospectus supplements for takedowns from existing shelf registration statements. The Division encourages companies experiencing extreme price volatility to contact the industry office responsible for the company’s filings with any questions regarding the company’s proposed disclosure.

Ginnie Mae

Ginnie Mae Starts 2021 with Record January MBS Volume of $82 Billion and More than 290,000 Homes Financed

 

February 8, 2021

Ginnie Mae issued a release noting that Ginnie Mae mortgage-backed securities (MBS) issuance volume was $82.6 billion in January 2021, slightly above the previous record high of $81.7 billion issued the prior month. Issuance is fueled by across-the-board demand for government-backed mortgages as consumers increase home refinance and home purchase volume during this period of record-low interest rates. Approximately 293,004 homes and apartment units were financed by Ginnie Mae guaranteed MBS in January 2021.