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

July 07, 2021

By FedACTion Task Force

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PH Client Alerts

Click here to read more from our Coronavirus series.

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

Federal Deposit Insurance Corporation

FDIC Updates Public Information on Brokered Deposits

July 6, 2021

The Federal Deposit Insurance Corporation (FDIC) released a Financial Institution Letter and updated its resources available on the FDIC’s Banker Resource Center for Brokered Deposits. The website now includes:

  • a list of entities for which a Primary Purpose Exception Notice has been submitted; and
  • an updated Question and Answer document addressing questions received on the brokered deposits regulation.
  • Financial Institution Letter

FDITECH Opens Registration for Tech Sprint to Reach the Unbanked

July 6, 2021

The Federal Deposit Insurance Corporation (FDIC) has opened the registration period to participate in a Tech Sprint designed to explore new technologies and techniques that would help expand the capabilities of banks to meet the needs of the unbanked. Interested organizations can request to participate in the Tech Sprint by visiting the FDIC’s Tech Lab (FDITECH) website.

Office of the Comptroller of the Currency

OCC Announces Organizational Changes

July 6, 2021

The Office of the Comptroller of the Currency (OCC) announced various management and organizational changes. Specifically, the OCC is realigning its Economics, Supervision System and Analytical Support, and Systemic Risk Identification Support and Specialty Supervision units under a new Senior Deputy Comptroller for Supervision Risk and Analysis initially served by the current Chief Operating Officer. The role of Chief Operating Officer is being eliminated, and thus OCC bank supervision units (Bank Supervision Policy, Midsize and Community Bank Supervision, Large Bank Supervision, and Supervision Risk and Analysis) and the Office of Management will report directly to the Comptroller.

FINRA

FINRA Announces Updates to the Interpretations of FINRA’s Margin Rule Regarding Minimum Equity

July 6, 2021

The Financial Industry Regulatory Authority (FINRA) issued a regulatory notice which announces, effective immediately, clarifications of interpretations of the FINRA margin rule regarding minimum equity requirements in FINRA Rule 4210(b).

U.S. Department of Education

U.S. Department of Education Invites States and School Districts to Apply for Additional $600 Million in American Rescue Plan Funds for Students Experiencing Homelessness

July 6, 2021

The U.S. Department of Education (DoE) announced that it is inviting states to complete the application for their share of the second disbursement of $800 million in funding under the American Rescue Plan Act of 2021’s Homeless Children and Youth Fund (ARP-HCY). In April 2021, the DoE released the first $200 million of the $800 million in ARP-HCY funds to states. The distribution of the additional $600 million will give states and school districts access to funding before the beginning of the 2021-2022 school year.

International

European Commission

Commission Puts Forward New Strategy to Make the EU’s Financial System More Sustainable and Proposes New European Green Bond Standard

July 6, 2021

The European Commission (Commission) announced that it has adopted a number of measures to increase its level of ambition on sustainable finance. A new Sustainable Finance Strategy sets out several initiatives to tackle climate change, and other environmental challenges, while increasing investment – and the inclusiveness of small and medium-sized enterprises – in the European Union’s (EU) transition towards a sustainable economy. Specifically, a European Green Bond Standard will create a high-quality voluntary standard for bonds financing sustainable investment; and new disclosures by financial and non-financial companies about how sustainable their activities will be required based on Article 8 of the EU Taxonomy.

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 (effective April 17, 2021)

Small Business Administration - Isabella Casillas 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, 2021)