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Daily Financial Regulation Update -- Tuesday, May 4, 2021

May 04, 2021

By FedACTion Task Force

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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)

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, 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.

U.S. House of Representatives

Committee on Financial Services

Chairwoman Waters Announces Witnesses for Third Committee Hearing on Market Volatility

April 30, 2021

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced the witnesses for the full committee hearing titled “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide, Part III.” The hearing will be held on May 6, 2021 at 12:00 p.m. Eastern.

Federal Agencies

U.S. Department of the Treasury

Statement by Charles Moravec, Temporary Alternate Governor for the United States 2021 Virtual Annual Meeting, Business Session

May 3, 2021

Charles Moravec, Temporary Alternate Governor for the United States, gave a statement at the virtual 54th Annual Meeting of the Asian Development Bank. His statement covered the following topics: (i) COVID-19 response; (ii) climate; (iii) energy policy; (iv) financial sustainability; (v) graduation; (vi) safeguard policy statement; (vii) debt management, transparency and sustainability; and (viii) gender diversity on the board of directors.

Economy Statement by Catherine Wolfram, Acting Assistant Secretary for Economy Policy, for the Treasury Borrowing Advisory Committee

May 3, 2021

Catherine Wolfram, Acting Assistant Secretary for Economic Policy at the U.S. Department of the Treasury (Treasury), gave a statement for the Treasury Borrowing Advisory Committee.

Federal Reserve Board

Speech by Chair Powell on Community Development

May 3, 2021

Jerome H. Powell, Chair of the Board of Governors of the Federal Reserve System, gave a speech titled “Community Development” at the 2021 Just Economy Conference sponsored by the National Community Reinvestment Coalition.

Federal Reserve Bank of New York

Defragmenting Markets: Evidence from Agency MBS

May 3, 2021

The Federal Reserve Bank of New York released a staff report titled “Defragmenting Markets: Evidence from Agency MBS.”

The Economic Recovery: Are We There Yet?

May 3, 2021

John C. Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, gave remarks at the Women in Housing and Finance 2021 Annual Symposium titled “The Economic Recovery: Are We There Yet?”

Endogenous Supply Chains, Productivity and COVID-19

May 3, 2021

The Federal Reserve Bank of New York’s Liberty Street Economics blog issued a post titled “Endogenous Supply Chains, Productivity and COVID-19.” According to the post, during the COVID-19 pandemic, many industries adapted to new social distancing guidelines by adopting new technologies, providing protective equipment for their employees, and digitizing their methods of production. Such changes in supply chains, together with monetary and fiscal stimulus, contributed to dampening the economic impact of COVID-19 over time. The author discusses a new framework that analyzes how changes in supply chains can drive economic growth in the long run and mitigate recessions in the short run.

Consumer Financial Protection Bureau

Independent Accountants’ Report on the CFPB’s Fiscal Year 2020 Compliance with the Payment Integrity Information Act of 2019

May 3, 2021

The Office of Inspector General of the Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau (CFPB) released the results of an independent accountants’ report on the CFPB’s fiscal year 2020 compliance with the Payment Integrity Information Act of 2019.

Consumer Financial Protection Bureau and Federal Trade Commission Put Nation’s Largest Landlords on Notice about Tenants’ Pandemic Protections

May 3, 2021

Consumer Financial Protection Bureau (CFPB) Acting Director Dave Uejio and Federal Trade Commission (FTC) Acting Chairwoman Rebecca Kelly Slaughter sent notification letters to the nation’s largest apartment landlords, which collectively own more than 2 million units. The letters remind the landlords of federal protections in place to keep tenants in their homes and stop the spread of COVID-19. The Centers for Disease Control and Prevention has extended until June 30, 2021 a temporary moratorium on evictions for non-payment of rent, and the CFPB has issued an interim final rule, which takes effect on May 3, 2021, establishing new notice requirements under the Fair Debt Collection Practices Act.

Federal Financial Institutions Examination Council

Thomas Fite Elected as State Liaison Committee Chairman and Reappointed to FFIEC State Liaison Committee  

May 3, 2021

The Federal Financial Institutions Examination Council’s (FFIEC) State Liaison Committee (SLC) announced the election of Thomas Fite as SLC Chairman. Additionally, the FFIEC announced the reappointment of Mr. Fite to the FFIEC’s SLC. 

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

HUD Makes More than $20 Million Available to Fight Housing Discrimination

May 3, 2021

The U.S. Department of Housing and Urban Development (HUD) announced that it is making more than $20 million available to fair housing organizations across the nation working to fight housing discrimination. The funds will support a variety of activities, including fair housing testing, education and outreach, and capacity building, and are being provided through HUD’s Fair Housing Initiatives Program.

Federal Housing Finance Agency

FHFA Publishes Final Rule on Enterprise Resolution Plans

May 3, 2021

The Federal Housing Finance Agency (FHFA) published a final rule that requires Fannie Mae and Freddie Mac (the Enterprises) to develop credible resolution plans, also known as “living wills.” The resolution plans would facilitate a rapid and orderly resolution of the Enterprises should FHFA be appointed their receiver per the Housing and Economic Recovery Act of 2008.

International

European Banking Authority

European Banking Authority Publishes Report on Mystery Shopping Activities of National Authorities

May 3, 2021

The European Banking Authority (EBA) published a report on the mystery shopping activities of National Competent Authorities (NCAs). The EBA collated mystery shopping activities by NCAs with a view to share experiences, learn valuable lessons, and identify good practices for the benefit of the EBA and NCAs that use or intend to use mystery shopping in the future. Mystery shopping allows NCAs to obtain greater insight into the conduct of financial institutions. The financial institutions are then encouraged to take corrective actions and to better comply with applicable requirements, which eventually enhances the protection of consumers.