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Daily Financial Regulation Update -- Wednesday, June 2, 2021

June 02, 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 Reserve Board

Speech: Remaining Steady as the Economy Reopens

June 1, 2021

Governor Lael Brainard of the Board of Governors of the Federal Reserve System, gave a speech at the Economic Club of New York, titled “Remaining Steady as the Economy Reopens.”

U.S. Securities and Exchange Commission

Chair Gensler’s Statement on the Application of the Proxy Rules to Proxy Voting Advice

June 1, 2021

Gary Gensler, Chair of the Securities and Exchange Commission, issued a statement on the application of the proxy rules to proxy voting advice.

CorpFin Statement on Compliance with the Commission’s 2019 Interpretation and Guidance Regarding the Applicability of the Proxy Rules to Proxy Voting Advice and Amended Rules 14a-1(1), 14a-2(b) and 14a-9

June 1, 2021

The Securities and Exchange Commission’s (SEC) Division of Corporate Finance issued a statement on compliance with the SEC’s 2019 interpretation and guidance regarding the applicability of the proxy rules to proxy voting advice.

FINRA

2021 Annual Conference: Robert Cook and Eileen Murray Fireside Chat

June 1, 2021

The Financial Institution Regulatory Authority (FINRA) released a podcast titled “2021 Annual Conference: Robert Cook and Eileen Murray Fireside Chat.” The podcast includes a fireside chat between FINRA Chief Executive Officer Robert Cook and FINRA Board Chair Eileen Murray.

U.S. Small Business Administration

SBA Administrator Issues Statement on the Closure of the Paycheck Protection Program

June 1, 2021

Small Business Administration Administrator Isabella Casillas Guzman issued a statement on the closure of the Paycheck Protection Program to new loan guaranty applications, which has provided over $798 billion in economic relief to small businesses and nonprofits across the nation.

International

European Banking Authority

EBA Announces Changes to its Internal Organization and Appoints Two New Directors

June 1, 2021

The European Banking Authority announced a series of changes to its internal organization.

Bank of England

Speech: Tackling Climate for Real: The Role of Central Banks

June 1, 2021

Governor Andrew Bailey of the Bank of England gave a speech titled, “Tackling Climate for Real: The Role of Central Banks.”

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, 2011)