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Daily Financial Regulation Update -- Wednesday, January 21, 2020

January 21, 2021

By

FedACTion Task Force

 

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PH Client Alerts

Click here to read more from our Coronavirus series.

Major Developments

Treasury and SBA Issue Interim Final Rule on Loan Forgiveness Requirements and Updates Loan Forgiveness Applications

January 19, 2021

The U.S. Department of the Treasury and the U.S. Small Business Administration (i) issued an Interim Final Rule on loan forgiveness requirements and loan review procedures for loans made under the Paycheck Protection Program, as amended by the Economic Aid Act, and (ii) updated loan forgiveness applications related to such loans.

PH FedACTion is now including updates to the regulatory landscape by the Biden-Harris Administration in addition to our continuing updates regarding the federal and state legal and regulatory response to the ongoing COVID-19 pandemic.

Administration Changes

Appointments/Confirmation Hearings

Department of the Treasury – Janet Yellen (Nominee)

Consumer Financial Protection Bureau – Rohit Chopra (Nominee)

  • Confirmation hearing to be scheduled (additional details to follow)
  • Director Kathleen L. Kraninger resigned effective January 20, 2021

Securities and Exchange Commission – Gary Gensler (Nominee)

  • Confirmation hearing to be scheduled (additional details to follow)

Small Business Administration – Isabel Guzman (Nominee)

  • Confirmation hearing to be scheduled (additional details to follow)

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

Senators Brown and Reed Press FHFA for Information on Loan Sales Made During Covid-19 Pandemic

January 20, 2021

Senators Sherrod Brown (D-OH), presumed incoming chair of U.S. Senate Committee on Banking, Housing, and Urban Affairs and Jack Reed (D-RI), sent a letter to the Federal Housing Finance Agency (FHFA) requesting clarification on the FHFA’s policy regarding loan sales by Fannie Mae and Freddie Mac during the COVID-19 pandemic. The lawmakers requested clarity on the FHFA’s and Fannie Mae’s and Freddie Mac’s policies and urged them to do more to ensure that borrowers are protected by the foreclosure moratorium and forbearance protections.