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Daily Financial Regulation Update -- Wednesday, February 17, 2021

February 17, 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 (Nominee)

Commodity Futures Trade Commission

National Credit Union Administration – Todd M. Harper

Department of Housing and Urban Development – Marcia Fudge (Nominee)

Department of Education – Miguel Cardona (Nominee)

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 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 Applauds Federal Agencies’ Expansion, Extension of COVID-19 Homeowner Relief

February 16, 2021

Senator Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, released a statement about the announcement of the U.S. Departments of Housing and Urban Development, Veterans Affairs and Agriculture that the agencies would extend foreclosure and forbearance protections and improve options available to assist borrowers exit forbearance and stay in their homes.

Toomey, McHenry Ask SEC to Undertake ‘Good Government’ Reforms

February 16, 2021

Senator Pat Toomey (R-PA), Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and Representative Patrick McHenry (R-NC), Ranking Member of the U.S. House Committee on Financial Services, wrote a letter to Allison Herren Lee, Acting Chair of the U.S. Securities and Exchange Commission (SEC), urging the SEC to start or complete seven good government initiatives.

Federal Agencies

Federal Reserve Board

Governor Bowman Delivers Speech on Bank Regulation, Supervision

February 16, 2021

Governor Michelle W. Bowman, a member of the Board of Governors of the Federal Reserve System, delivered a speech entitled “My Perspective on Bank Regulation and Supervision,” at the Conference for Community Bankers sponsored by the American Bankers Association.

Federal Reserve Board Publishes Paper on the Fed Information Effect

February 16, 2021

The Board of Governors of the Federal Reserve System’s Divisions of Research & Statistics and Monetary Affairs published a paper titled “Monetary Policy and the Corporate Bond Market: How Important is the Fed Information Effect?”, as part of the Finance and Economics Discussion Series.

Federal Reserve Board Publishes Paper on Drivers of Bank Performance

February 16, 2021

The Board of Governors of the Federal Reserve System’s Divisions of Research & Statistics and Monetary Affairs published a paper titled “What Drives Bank Performance?”, as part of the Finance and Economics Discussion Series.

Federal Reserve Bank of New York

FRBNY Releases Monthly Empire State Manufacturing Survey Results

February 16, 2021

The Federal Reserve Bank of New York released results of the February 2021 Empire State Manufacturing Survey.

Conference of State Bank Supervisors

CSBS Issues Comment Letter Supporting Uniform, Transparent CRA Modernization

February 16, 2021

The Conference of State Bank Supervisors (CSBS) issued a comment letter in response to the Advance Notice of Proposed Rulemaking issued by the Board of Governors of the Federal Reserve System concerning the Community Reinvestment Act regulations.

CSBS Publishes February 2021 Economic Update Blog Post

February 16, 2021

The Conference of State Bank Supervisors (CSBS) published a blog post titled “February 2021 Economic Update: A Look at Employment, Confidence and the Economy’s Distance from Normal”.

Federal Deposit Insurance Corporation

FDIC Appoints First Chief Innovation Officer

February 16, 2021

The Federal Deposit Insurance Corporation (FDIC) named Sultan Meghji as the agency’s first Chief Innovation Officer, to lead the FDIC’s efforts to promote the adoption of innovative technologies across the financial services sector.

FDIC Board Adopts Final Rule

February 16, 2021

The Federal Deposit Insurance Corporation’s (FDIC) adopted a final rule addressing the temporary deposit insurance assessment effects resulting from certain optional regulatory capital transition provisions relating to the implementation of the current expected credit losses (CECL) methodology. The final rule removes the double counting of a specified portion of the CECL transitional amount or the modified CECL transitional amount, as applicable, in the calculation of certain financial measures used to determine assessment rates for large or highly complex insured depository institutions.

FINRA

FINRA Releases Study on Americans’ Financial Resilience

February 16, 2021

The Financial Industry Regulatory Authority (FINRA) Investor Education Foundation released a study titled “Bouncing Back? The Financial Resilience of Americans.”

Department of Housing and Urban Development/Federal Housing Administration

HUD Announces Extensions and Expansions of COVID-19 Homeowner Relief and Home Retention Measures

February 16, 2021

The U.S. Department of Housing and Urban Development announced extensions of the Federal Housing Administration’s foreclosure and eviction moratoriums, as well as an extension of the initial start date of a COVID-19 forbearance period.