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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update --Tuesday, June 29, 2021

June 29, 2021

FedACTion Task Force

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PH Client Alerts

Click here to read more from our Coronavirus series.

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.

U.S. House of Representatives

Committee on Financial Services

Chairwoman Waters Announces July 2021 Committee Schedule

June 28, 2021

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced the Committee schedule for July 2021.

Press Release

Federal Agencies

Federal Reserve Board

Speech: Parachute Pants and Central Bank Money

June 28, 2021

Randal K. Quarles, Vice Chair for Supervision at the Board of Governors of the Federal Reserve System, gave a speech at the 113th Annual Utah Bankers Association Convention, titled “Parachute Pants and Central Bank Money,” addressing proposals involving Central Bank Digital Currencies.

Speech

Federal Reserve Bank of New York

Report: U.S. Monetary Policy Spillovers to Emerging Markets: Both Shocks and Vulnerabilities Matter

June 28, 2021

The Federal Reserve Bank of New York released a staff report titled “U.S. Monetary Policy Spillovers to Emerging Markets: Both Shocks and Vulnerabilities Matter.”

Staff Report

Federal Deposit Insurance Corporation

Paper: Capital Controls, Domestic Macroprudential Policy and the Bank Lending Channel of Monetary Policy

June 28, 2021

The Center for Financial Research of the Federal Deposit Insurance Corporation released a paper titled “Capital Controls, Domestic Macroprudential Policy and the Bank Lending Channel of Monetary Policy.”

Working Paper

U.S. Securities and Exchange Commission

Speech: Climate, ESG, and the Board of Directors: “You Cannot Direct the Wind, But You Can Adjust Your Sails”

June 28, 2021

Commissioner Allison Herren Lee of the U.S. Securities and Exchange Commission gave the keynote address at the 2021 Society for Corporate Governance National Conference, titled “Climate, ESG, and the Board of Directors: ‘You Cannot Direct the Wind, But You Can Adjust Your Sails.’”

Speech

Consumer Financial Protection Bureau

CFPB Issues Rules to Facilitate Smooth Transition as Federal Foreclosure Protections Expire

June 28, 2021

The Consumer Financial Protection Bureau (CFPB) finalized amendments to the federal mortgage servicing regulations to reinforce the ongoing economic recovery as the federal foreclosure moratoria are phased out. The CFPB seeks to help protect mortgage borrowers from unwelcome surprises as they exit forbearance. The amendments will support the housing market’s smooth and orderly transition to post-pandemic operation.

U.S. Small Business Administration

SBA Reconvenes Underserved Communities Council

June 25, 2021

The U.S. Small Business Administration (SBA) announced that it is reconvening the Council on Underserved Communities (Council) under the authority of the Federal Advisory Committee Act to help support the SBA’s prioritization of equity across its programs and initiatives. The Council will consist of 20 diverse stakeholders from every region of the country tasked with advising the SBA on strengthening and improving its strategies to help underserved communities.

Bulletin

Ginnie Mae

Global Markets Analysis Report for June 2021

June 28, 2021

Ginnie Mae released its Global Markets Analysis Report for June 2021.

Report

Department of Education

Education Department Provides Nearly $4 Billion in Pandemic Relief Aid and Other Grants to Puerto Rico Department of Education

June 28, 2021

U.S. Secretary of Education Miguel Cardona informed Pedro Pierluisi, Governor of the Commonwealth of Puerto Rico and Eliezer Ramos, Interim Secretary of Education, that the Puerto Rico Department of Education now has full access to all federal education pandemic relief funds earmarked for the Commonwealth and other education program grant dollars. The additional funds now available total nearly $4 billion.

Press Release

International

European Commission

VAT: New E-Commerce Rules in the EU will Simplify Life for Traders and Introduce More Transparency for Consumers

June 28, 2021

The European Commission announced that new Value-Added Tax rules for online shopping will be effective this week as part of efforts to ensure a more level playing field for all businesses, to simplify cross-border e-commerce and to introduce greater transparency for European Union shoppers when it comes to pricing and consumer choice.

Data Protection: Commission Adopts Adequacy Decisions for the UK

June 28, 2021

The European Commission announced that it has adopted two adequacy decisions for the United Kingdom - one under the General Data Protection Regulation and the other for the Law Enforcement Directive. Personal data can now flow freely from the European Union to the United Kingdom where it benefits from an essentially equivalent level of protection to that guaranteed under European Union law. The adequacy decisions also facilitate the correct implementation of the EU-UK Trade and Cooperation Agreement, which foresees the exchange of personal information, for example for cooperation on judicial matters.