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Daily Financial Regulation Update -- Wednesday, April 7, 2021

April 07, 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.

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.