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Daily Financial Regulation Update -- Wednesday, April 14, 2021

April 14, 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 (Nominee)

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. Senate

Committee on Banking, Housing, and Urban Affairs

Brown and Toomey Deliver Statements on the Legacy of Housing Discrimination

April 13, 2021

U.S. Senator Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and Senator Pat Toomey (R-PA), the Ranking Member, delivered opening statements at a hearing entitled “Separate and Unequal: The Legacy of Racial Discrimination in Housing.” 

U.S. House of Representatives

Committee on Financial Services

Waters Urges Increase in FinCEN Appropriations to Support Legislation to Combat Financial Crime

April 12, 2021

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, sent a letter to senior Members of the House Committee on Appropriations, Subcommittee on Financial Services and General Government, urging them to support supplemental funding to the Financial Crimes Enforcement Network.

Federal Agencies

Department of the Treasury

Deputy Secretary Wally Adeyemo Meets with the Executive Committee of the American Bankers Association (ABA)

April 13, 2021

Deputy Secretary of the Treasury (Treasury) Wally Adeyemo met with members of the American Bankers Association Executive Committee to discuss economic issues and priorities.

Securities and Exchange Commission

SEC Issues Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies

April 12, 2021

Securities and Exchange Commission (SEC) Acting Chief Accountant Paul Munter and John Coates, Acting Director of the SEC’s Division of Corporate Finance, released a statement to highlight the potential accounting implications of certain terms that may be common in warrants included in special purpose acquisition companies transactions and to discuss the financial reporting considerations that apply if a registrant and its auditors determine there is an error in any previously-filed financial statements.

Peirce Issues Statement on Staff ESG Risk Alert

April 12, 2021

Commissioner Hester M. Peirce of the Securities and Exchange Commission (SEC) issued a statement regarding a risk alert issued by the SEC’s Division of Examinations on April 9, 2021. The risk alert described the areas on which SEC staff is focusing in examinations of registered investment advisers’ and funds’ environmental, social, and governance (ESG) offerings.

State Agencies

New York State Department of Financial Services

Superintendent Lacewell Announces New DFS’ Statewide Office of Financial Inclusion And Empowerment

April 13, 2021

Superintendent of Financial Services Linda A. Lacewell announced the New York State Department of Financial Services’ new Statewide Office of Financial Inclusion and Empowerment. 

International

UK Financial Conduct Authority

FCA Outlines Post-Brexit Changes for Some Consumer Credit Firms from June 1, 2021

April 13, 2021

The UK Financial Conduct Authority (FCA) outlined post-Brexit changes for credit firms subject to regulations 8, 10, and 11 of the Disclosure Regulations 2010 and relevant rules in the FCA’s Handbook. The changes relate to new pre-contract consumer credit information forms.

FCA Releases Insurer Claims Data from Business Interruption Insurance Test Case

April 13, 2021

The UK Financial Conduct Authority released data from a business interruption insurance test case. that the test case was intended to gather information on all non-damage Business Interruption policies that are, in principle, capable of responding to the coronavirus pandemic.

Delfas Delivers Speech on Regulating the UK as a Global Financial Center

April 13, 2021

Nausicaa Delfas, Executive Director of International at the UK Financial Conduct Authority delivered a speech at City & Financial Global’s Future of UK Financial Services Regulation Virtual Summit.