PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, June 15, 2021

June 15, 2021

FedACTion Task Force

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Click here to read more from our Coronavirus series.


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

Treasury and IRS Announce New Online Tool to Help Families Register for Monthly Child Tax Credit

June 14, 2021

The U.S. Department of the Treasury and the Internal Revenue Service announced the availability of a new online tool to help families who normally are not required to file an income tax return to register quickly for the expanded Child Tax Credit from the American Rescue Plan. The new tool is part of a larger effort to help more families obtain advance Child Tax Credit payments.

Federal Reserve Bank of New York

Consumers Expect Higher Inflation over the Next Year and Show Optimism about Labor Market

June 14, 2021

The Federal Reserve Bank of New York’s Center for Microeconomic Data released the May 2021 Survey of Consumer Expectations, which shows that households’ expectations about year-ahead inflation, home price and rent price changes, earnings, income, and spending growth all increased in May 2021. Medium-term inflation expectation grew more modestly, while inflation uncertainty increased sharply at both horizons. Labor market expectations improved, with unemployment and the probability of losing one’s job both reaching series lows, while earning expectations and the probability of finding a job increased sharply.

U.S. Securities and Exchange Commission

Commissioners’ Statement: Moving Forward or Falling Back? Statement on Chair Gensler’s Regulatory Agenda

June 14, 2021

U.S. Securities and Exchange Commission Commissioners Hester M. Peirce and Elad L. Roisman issued a public statement titled “Moving Forward or Falling Back? Statement on Chair Gensler’s Regulatory Agenda.”

U.S. Small Business Administration

The U.S. Small Business Administration and the White House Webinar with Small Business Leaders on Economic Recovery and Vaccine Leadership 

June 14, 2021

On June 10, 2021, as part of the “Vaccine Month of Action,” The White House, the U.S. Small Business Administration and Public Private Strategies Institute hosted a briefing for small business leaders on COVID-19 recovery as part of their recently announced “Getting Back on Track: Help is Here” webinar series.

U.S. Department of Education

Department of Education Posts State Plans for Use of American Rescue Plan Funds to Support Students and the Safe and Sustained Reopening of Schools

June 14, 2021

The U.S. Department of Education posted 28 plans submitted by State Education Agencies describing how states plan to use American Rescue Plan Elementary and Secondary School Emergency Relief (ARP ESSER) funds to support schools, students and educators. The ARP ESSER Fund provides nearly $122 billion to states to support the nation’s schools in safely reopening and sustaining safe in-person operations while meeting the social, emotional, mental health and academic needs of students impacted by the COVID-19 pandemic.

State Agencies

New York State Department of Financial Services

Superintendent Lacewell Calls for Disclosure of Climate-Related Financial Risks by Publicly Traded Companies

June 14, 2021

Superintendent Linda A. Lacewell announced that the New York Department of Financial Services (DFS) recommended that the Securities and Exchange Commission (SEC) establish clear and consistent climate change disclosure requirements, in response to a request for input by then-Acting SEC Chair Allison Herren Lee. In a comment letter, DFS commended the SEC for focusing on the financial risks from climate change and seeking broad input as it develops climate-related disclosure requirements. 


European Commission

EU Clears Way for the EU Digital COVID Certificate

June 14, 2021

The Presidents of the three European Union (EU) institutions, the European Parliament, the Council of the EU and the European Commission, attended the official signing ceremony for the Regulation on the EU Digital COVID Certificate, marking the end of the legislative process. Presidents David Sassoli and Ursula von der Leyen and Prime Minister António Costa made statements at the ceremony.

Commission and Industry Invest €22 billion in New European Partnerships to Deliver Solutions to Major Societal Challenges

June 14, 2021

The European Commission announced that it has launched 11 new European Partnerships together with industry, to boost investments in research and innovation and to overcome climate and sustainability challenges, towards making Europe the first climate neutral economy and delivering on the European Green Deal.

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 - Isabella Casillas 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, 2021)

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