PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, April 7, 2021
April 07, 2021
FedACTion Task Force
Subscribe to PH FedACTion: Financial Regulatory Updates
PH Client Alerts
Click here to read more from our Coronavirus series.
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 (Nominee)
- Acting Chair: Allison Herren Lee (January 21, 2021)
- Confirmation hearing held on March 2, 2021
- Committee approval March 10, 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
Remarks by Secretary of the Treasury Janet L. Yellen to the Coalition of Finance Ministers for Climate Action
April 6, 2021
Secretary of the U.S. Department of the Treasury Janet L. Yellen addressed the threat of climate change before the Coalition of Finance Ministers for Climate Action.
Remarks by Secretary of the Treasury Janet L. Yellen, World Bank President David Malpass, and International Monetary Fund Managing Director Kristalina Georgieva in Conversation at the 2021 Spring Meeting, “Economic Recovery: Toward a Green, Resilient, and Inclusive Future”
April 6, 2021
Secretary of the U.S. Department of the Treasury Janet L. Yellen, World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva gave remarks at a meeting titled “Economic Recovery: Toward a Green, Resilient and Inclusive Future.”
Conference of State Bank Supervisors
Community Bankers Confidence in Economy Spikes as Regulatory Burden Concerns Rise
April 6, 2021
The Conference of Bank Supervisors issued a press release titled “Community Bankers Confidence in Economy Spikes as Regulatory Burden Concerns Rise.” According to the release, community bankers’ assessment about future economic and financial conditions markedly improved in early 2021 but concerns about future regulatory burden worsened.
Commodity Futures Trading Commission
New CFTC Customer Advisory Cautions the Public to Beware of Trading Based on Internet Hype
April 6, 2021
The Commodity Futures Trading Commission issued a Customer Advisory strongly encouraging the public to research and understand the commodity futures markets, physical markets, and securities markets before trading based on information on social media. The advisory also warns of the risks associated with futures trading or buying physical commodities, such as precious metals.
U.S. Department of Housing and Urban Development/Federal Housing Administration
HUD Allocates Nearly $700 Million for Affordable Housing
April 6, 2021
The Department of Housing and Urban Development announced the allocation of approximately $700 million through the nation’s Housing Trust Fund (HTF) for affordable housing. The HTF was launched in 2008 as an affordable housing production program that complements existing federal, state, and local efforts to increase and preserve the supply of decent, safe, and sanity affordable housing for low- and extremely low-income households, including families experiencing homelessness.
HUD Awards More Than $36 Million to Support Public Housing and Native American Residents In Achieving Economic and Housing Stability
April 6, 2021
The Department of Housing and Urban Development announced the award of $36.9 million to public housing authorities, public housing resident associations, Native American tribes, and nonprofit organizations across the nation. Grantees will use the Resident Opportunity and Self-Sufficiency grant funds to hire and/or retain service coordinators to assist public and Native American housing families in meeting their professional, financial, health, and educational goals.
International
Bank of England
Bank of England Statement on the Regulatory Treatment of the UK Recovery Loan Scheme
April 06, 2021
The UK government launched a Recovery Loan Scheme (RLS) as part of its continued COVID-19 support for UK businesses, as previously announced by HM Treasury on March 3, 2021. The statement released by the Bank of England sets out the Prudential Regulation Authority’s observations on whether the guarantees provided by the Secretary of State for Business, Energy and Industrial Strategy under the RLS are eligible for recognition as unfunded credit risk mitigation under the UK Capital Requirements Regulation.