PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, February 3, 2020
February 03, 2021
By Paul Hastings Professional
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Administration Changes
Appointments/Confirmation Hearings
Department of the Treasury – Janet Yellen (effective January 26, 2021)
- Treasury Announces Confirmation of Secretary Janet Yellen (January 26, 2021)
- Statement of House Committee on Financial Services Chairwoman Maxine Waters on Confirmation of Janet Yellen (January 26, 2021)
- Treasury Announces the Appointment of Members of Senior Staff (January 20, 2021)
Consumer Financial Protection Bureau – Rohit Chopra (Nominee)
- Acting Director: Dave Uejio (January 20, 2020)
- Confirmation hearing to be scheduled (additional details to follow)
- Director Kathleen L. Kraninger resigned effective January 20, 2020
Securities and Exchange Commission – Gary Gensler (Nominee)
- Acting Chair: Allison Herren Lee (January 21, 2021)
- Confirmation hearing to be scheduled (additional details to follow)
- Acting Chair Allison Herren Lee Announces Executive Staff (February 1, 2021)
Small Business Administration – Isabel Guzman (Nominee)
- Acting Administrator: Tami Perriello (January 20, 2021)
- Confirmation hearing to be scheduled (additional details to follow)
Department of Education – Miguel Cardona (Nominee)
- Acting Secretary: Phil Rosenfelt (January 20, 2021)
- Education Announces Senior Appointees (January 21, 2021)
Commodity Futures Trade Commission
National Credit Union Administration – Todd M. Harper
Department of Housing and Urban Development – Marcia Fudge (Nominee)
- Acting Secretary: Matthew E. Ammon
- HUD Announces New Leadership Appointees
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. House of Representatives
Committee on Financial Services
Congresswoman Waters Announces February Committee Hearing Schedule
February 1, 2021
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced the hearing schedule for February 2021, including a hearing entitled “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide,” to be held on February 18, 2020
Federal Agencies
Federal Reserve Board
The COVID-19 Shock and Consumer Credit: Evidence from Credit Card Data
February 2, 2021
The Divisions of Research & Statistics and Monetary Affairs of the Board of Governors of the Federal Reserve System released a paper titled “The COVID-19 Shock and Consumer Credit: Evidence from Credit Card Data.” The authors use credit card data to study the impact of the COVID-19 shock on the use and availability of consumer credit across borrower types from March through August 2020. The authors document an initial sharp decrease in credit card transactions and outstanding balances in March and April 2020. While spending starts to recover by May 2020, especially for risky borrowers, balances remain depressed overall.
Federal Reserve Bank of New York
New York Fed Releases Economist Spotlight Series
February 2, 2021
The Federal Reserve Bank of New York’s economic education team released the first in its Economist Spotlight Series. The series, which will start with a focus on Black economists, includes worksheets for middle school and high school students. The initial spotlight features Dr. Sadie T.M. Alexander, the first Black person in the U.S. to earn a Ph.D. in Economics.
Federal Reserve Bank of Boston
Boston Fed’s Rosengren: 'We Need to Rethink Jobs' to Help Those Most Hurt during Pandemic
February 2, 2021
Eric S. Rosengren, President and Chief Executive Officer of the Federal Reserve Bank of Boston, spoke alongside Rafael Bostin, President of the Federal Reserve Bank of Atlanta, during the Federal Reserve Bank’s Uneven Outcomes in the Labor Market conference.
Financial Industry Regulatory Authority
New Research: Global Pandemic Brings Surge of New and Experienced Retail Investors into the Stock Market
February 2, 2021
The Financial Industry Regulatory Authority issued a release titled “New Research: Global Pandemic Brings Surge of New and Experienced Retail Investors into the Stock Market.”
National Credit Union Administration
NCUA Chairman to hold Webinar on February 11, 2021 on NCUA Priorities
February 2, 2021
The National Credit Union Administration (NCUA) will hold a webinar on February 11, 2021 at 2 p.m. Eastern that will provide participants with an update on Chairman Todd M. Harper’s priorities, the NCUA’s supervisory activities and recently issued guidance and regulations.
Federal Housing Finance Agency
Mortgage Performance during the COVID-19 Pandemic
February 2, 2021
The Federal Housing Finance Agency (FHFA) issued a blog titled “Mortgage Performance during the COVID-19 Pandemic.” The blog presents data drawn from the National Mortgage Database (NMDB®) sponsored by the FHFA and the Consumer Financial Protection Bureau, which shows the national impact of the CARES Act on mortgage performance. The data is based on what the past-due status of mortgages reported to the credit bureaus would be if a credit report were pulled for every borrower on the last day of the month.
International
UK Financial Conduct Authority
FCA Publishes Review into Unsecured Credit Market
February 2, 2021
The Financial Conduct Authority published a report on change and innovation in the unsecured consumer credit market following a review by its former Interim Chief Executive, Christopher Woolard.