PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, May 11, 2021
May 11, 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 (effective April 17, 2021)
- Alex Oh Resigns from SEC; Melissa Hodgman Named Acting Director of Enforcement (April 28, 2021)
- Jessica Wachter Named SEC Chief Economist and Director of the Division of Economic and Risk Analysis (May 3, 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
Treasury Launches Coronavirus State and Local Fiscal Recovery Funds
May 10, 2021
The U.S. Department of the Treasury (Treasury) announced the launch of the Coronavirus State and Local Fiscal Recovery Funds, established by the American Rescue Plan Act of 2021, to provide $350 billion in emergency funding for state, local, territorial, and Tribal governments. Treasury also released details on the ways funds can be used to respond to acute pandemic-response needs, fill revenue shortfalls among state and local governments, and support the communities and populations hardest-hit by the COVID-19 crisis. Eligible state, territorial, metropolitan city, county, and Tribal governments will be able to access funding directly from the Treasury to assist communities as they recover from the pandemic.
Federal Reserve Bank of New York
April 2021 Consumer Expectations Survey: Inflation Expectations Increase in the Short-Term, Remain Stable in the Medium-Term
May 10, 2021
The Federal Reserve Bank of New York’s Center for Microeconomic Data released the April 2021 Survey of Consumer Expectations, which shows that median inflation expectations increased at the short-term horizon but remained unchanged at the medium-term horizon. Median year-ahead home and rent price growth expectations also increased, with both reaching new series highs. Households' year-ahead spending growth expectations remain elevated.
Blog: Women’s Labor Force Participation Was Rising to Record Highs—Until the Pandemic Hit
May 10, 2021
The Federal Reserve Bank of New York’s Liberty Street Economics blog released a post titled “Women’s Labor Force Participation Was Rising to Record Highs – Until the Pandemic Hit.”
Federal Deposit Insurance Corporation
FDiTech Announces New Deputy Director of Office of Innovation
May 10, 2021
The Federal Deposit Insurance Corporation (FDIC) announced the appointment of Zunera Mazhar as Deputy Director of the FDIC’s Office of Innovation. Ms. Mazhar will guide the FDIC’s work to promote the adoption of innovative technologies within the FDIC and across the financial services sector.
U.S. Small Business Administration
SBA Funds 16,000 Restaurant Revitalization Fund Awards
May 10, 2021
The U.S. Small Business Administration has begun delivering economic relief from the Restaurant Revitalization Fund to more than 16,000 approved applicants. The first round of funding represented more than $2 billion of relief awarded since the program’s launch. Restaurants and other food and beverage businesses across the nation will begin to see funds in bank accounts as early as May 11, 2021.
Federal Housing Finance Agency
Prepayment Monitoring Report First Quarter 2021
May 10, 2021
The Federal Housing Finance Agency (FHFA) released the Prepayment Monitoring Report for the first quarter of 2021. The report provides market participants additional transparency into a sample of the data FHFA receives and reviews on a monthly basis. The report focuses on alignment of prepayment rates, which continues to be important to the success of Uniform Mortgage-Backed Securities and to the efficiency and liquidity of the secondary mortgage market.
International
European Banking Authority
EBA Updates Data on Deposit Guarantee Schemes across the EEA
May 10, 2021
The European Banking Authority (EBA) published 2020 data relating to two key concepts and indicators in the Deposit Guarantee Schemes Directive: available financial means, and covered deposits. The EBA publishes the data on a yearly basis to enhance the transparency and public accountability of deposit guarantee schemes (DGSs) across the European Economic Area to the benefit of depositors, markets, policymakers, DGSs and Members States.