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Daily Financial Regulation Update -- Tuesday, May 25, 2021

May 25, 2021

By FedACTion Task Force

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Major Developments

Federal Reserve Board

Speech by Governor Brainard on Private Money and Central Bank Money as Payments Go Digital: an Update on CBDCs

May 24, 2021

Governor Lael Brainard of the Board of Governors of the Federal Reserve System gave a speech at the Consensus by CoinDesk 2021 Conference titled “Private Money and Central Bank Money as Payments Go Digital: an Update on CBDCs.”

Conference of State Bank Supervisors

State Regulators Seek Public Comment on Proposed Nationwide MSB License Requirements

May 24, 2021

The Conference of State Bank Supervisors (CSBS) announced that it is seeking public comment on proposed nationwide licensing requirements for money service businesses (MSB). Key aspects of the proposal include (i) an overview of MSB business-specific requirements and how they apply to companies, key individuals (formerly referred to as control persons) and business locations and (ii) proposed changes to the license application process for the MSB industry. Public comments will be accepted until July 23, 2021.

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 - Isabel 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)

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

Going Public: SPACs, Direct Listings, Public Offerings, and the Need for Investor Protections

May 24, 2021

The Subcommittee on Investor Protection, Entrepreneurship and Capital Markets of the House Committee on Financial Services held a hearing titled “Going Public: SPACs, Direct Listings, Public Offerings and the Need for Investor Protections.”

Federal Agencies

Federal Reserve Bank of New York

Statement Regarding the Annual Report on Open Market Operations during 2020

May 24, 2021

The Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York published its annual report, Open Market Operations during 2020. The report contains a summary of open market operations conducted by the Desk for the System Open Market Account, a description of the Federal Reserve emergency credit and liquidity facilities established during the year, and a review of Federal Reserve balance sheet developments in 2020. The report also presents New York Fed staff projections of SOMA domestic securities holdings and associated net income.

U.S. Securities and Exchange Commission

Remarks: Living in a Material World: Myths and Misconceptions about “Materiality”

May 24, 2021

U.S. Securities and Exchange Commission Commissioner Allison Herren Lee gave keynote remarks at the 2021 ESG Disclosure Priorities Event, titled “Living in a Material World: Myths and Misconceptions about ‘Materiality.’”

Statement at the 40th Annual Government-Business Forum on Small Business Capital Formation

May 24, 2021

U.S. Securities and Exchange Commission Commissioner Hester M. Pierce gave a public statement regarding small business capital formation at the fortieth annual Government-Business Forum on Small Business Capital Formation.

U.S. Department of Housing and Urban Development/Federal Housing Administration

HUD Announces $145 Million Funding Opportunity to Address the Needs of Youth Experiencing Homelessness

May 24, 2021

The U.S. Department of Housing and Urban Development (HUD) announced that it is making $145 million in competitive funding available to build systems intended to end youth homelessness in local and rural communities through HUD’s Youth Homelessness Demonstration Program.

International

Bank of England Prudential Regulation Authority

Prudential Regulation Authority Business Plan 2021/22

May 24, 2021

The Prudential Regulation Authority (PRA) released its 2021/22 Business Plan, which sets out the workplan for each of its strategic goals to support the delivery of the PRA’s strategy, together with an overview of the PRA’s budget for the period March 1, 2021 through February 28, 2022. It also details some of the PRA’s highest-level actions to mitigate the impact of COVID-19 on the firms it regulates, and on the UK economy.