PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, March 9, 2021
March 09, 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
- 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
Small Business Administration – Isabel Guzman (Nominee)
- Acting Administrator: Tami Perriello (January 20, 2021)
- Confirmation hearing to be scheduled (additional details to follow)
Commodity Futures Trade Commission
National Credit Union Administration – Todd M. Harper
Department of Housing and Urban Development – Marcia Fudge (Nominee)
- Acting Secretary: Matthew E. Ammon
Department of Education – Dr. Miguel Cardona
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, adopted by US Senate on March 6, 2021, pending in the US House of Representatives.
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 Board
Federal Reserve Board Announces it will Extend PPP Liquidity Facility to June 30, 2021
March 8, 2021
The Board of Governors of the Federal Reserve System announced it will extend its Paycheck Protection Program Liquidity Facility by three months to June 30, 2021. The extension will continue to provide support for the flow of credit to small businesses by purchasing loans originated under the Paycheck Protection Program.
Agencies Update FAQs on Community Reinvestment Act (CRA) Consideration for Bank Activities in Response to the Coronavirus
March 8, 2021
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency issued five new Frequently Asked Questions (FAQs) addressing compliance with the Community Reinvestment Act for activities in response to the COVID-19 pandemic.
Federal Reserve Bank of New York
New York Fed Survey Finds Consumers Expect Higher Rent and Gasoline Price Growth
March 8, 2021
The Federal Reserve Bank of New York's Center for Microeconomic Data released the February 2021 Survey of Consumer Expectations, which shows sharp increases in year-ahead gas and rent price growth expectations, with both reaching new series highs. Median inflation expectations increased by 0.1 percentage point at the short-term horizon and were unchanged at the medium-term horizon. Median year-ahead expected earnings growth increased to 2.2%, driven by respondents with more than a high school education. Households' year-ahead spending growth expectations rose to 4.6%, the highest level in more than six years.
Federal Deposit Insurance Corporation
FDIC to Host Industry Webinar on Brokered Deposits Final Rule
March 8, 2021
The FDIC will host a webinar for bankers and other interested parties on March 17, 2021 from 1:00 p.m. to 2:30 p.m., Eastern, to discuss the recent revisions to the regulations on brokered deposits and interest rate restrictions in Part 337 of the FDIC’s regulations.
International
European Banking Authority
EBA Issues Update on Investigation into Cyber-Attack
March 8, 2021
The European Banking Authority (EBA) issued an update on its investigation into a cyber-attack against its servers on March 7, 2021. The investigation is still ongoing and the EBA is deploying additional security measures and close monitoring in view of restoring the full functionality of the email servers.
Bank of England
Bailey Delivers Speech on Getting over COVID
March 8, 2021
Andrew Bailey, Governor of the Bank of England, delivered a speech at the Resolution Foundation. Bailey talked about the post-Covid future as the economy recovers from the pandemic, examined the nature of the shock to the economy and looked at how it may change the way people work and shop.
UK Financial Conduct Authority
FCA Issues Paper on Regulating Bidding for Emissions Allowances under the UK Emissions Trading Scheme
March 8, 2021
The Financial Conduct Authority (FCA) issued a consultation paper on regulating bidding for emissions allowances. The paper proposes how the FCA how we will authorize and supervise certain firms intending to bid for emission allowances on the UK auction platform.
Steward Delivers Speech Locking Down Market Abuse
March 8, 2021
Mark Steward, Executive Director of Enforcement and Market Oversight at the Financial Conduct Authority, delivered a speech at the Expert Forum: Market Abuse 2021. Steward discussed enforcement action taken in key market abuse cases against individuals and firms and introduced a new market cleanliness measure, the Potentially Anomalous Trading Ratio.