PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, June 30, 2021
June 30, 2021
FedACTion Task Force
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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.
U.S. Supreme Court
June 29, 2021
The U.S. Supreme Court left in place the U.S. Centers for Disease Control and Prevention’s ban on residential evictions imposed to combat the spread of COVID-19 and prevent homelessness during the pandemic.
U.S. House of Representatives
Committee on Financial Services
Hearing: A Biased, Broken System: Examining Proposals to Overhaul Credit Reporting to Achieve Equity
June 29, 2021
The House Committee on Financial Services held a hearing titled “A Biased, Broken System: Examining Proposals to Overhaul Credit Reporting to Achieve Equity.”
Committee on Small Business
Representatives Testify on Priorities for Small Business Recovery During Annual “Member Day” Hearing
June 29, 2021
The House Small Business Committee held its annual “Member Day” hearing featuring testimony from members of Congress regarding the issues that are impacting small businesses in their home districts. During the hearing, members focused on topics related to the ongoing recovery from the COVID-19 crisis and the ways in which Congress can support small firms.
Federal Agencies
U.S. Department of the Treasury
Treasury and IRS Release State-by-State Data on Third Round of Economic Impact Payments Totaling Nearly $390 Billion
June 29, 2021
The U.S. Department of the Treasury and the Internal Revenue Service released state-by-state data through early June 2021 for the 163.5 million Economic Impact Payments totaling nearly $390 billion received by individuals through the American Rescue Plan Act.
Federal Reserve Board
Paper: Nonlinear Unemployment Effects of the Inflation Tax
June 29, 2021
The Divisions of Research & Statistics and Monetary Affairs of the Federal Reserve Board released a paper as part of its Finance and Economics Discussion Series, titled “Nonlinear Unemployment Effects of the Inflation Tax.”
Federal Reserve Bank of New York
Report: Who Pays the Price? Overdraft Fee Ceilings and the Unbanked
June 29, 2021
The Federal Reserve Bank of New York released a staff report titled “Who Pays the Price? Overdraft Fee Ceilings and the Unbanked.”
Federal Reserve Bank of Boston
Policy Perspective: The Drivers of Inflation Dynamics during the Pandemic: (Early) Evidence from Disaggregated Consumption Data
June 29, 2021
The Federal Reserve Bank of Boston issued a policy perspective titled “The Drivers of Inflation Dynamics during the Pandemic: (Early) Evidence from Disaggregated Consumption Data.”
U.S. Securities and Exchange Commission
SEC Appoints New Jersey Attorney General Gurbir S. Grewal as Director of Enforcement
June 29, 2021
The U.S. Securities and Exchange Commission announced that Gurbir S. Grewal has been appointed Director of the Division of Enforcement, effective July 26, 2021. Grewal currently serves as Attorney General for the State of New Jersey, a role he has held since January 2018.
Commodity Futures Trading Commission
CFTC Staff Issues Interpretation to Swap Dealers Regarding Calculating Capital Requirements
June 29, 2021
The Commodity Futures Trading Commission’s Market Participants Division issued an interpretation concerning capital and financial reporting obligations for swap dealers and major swap participants that compute minimum capital requirements based on the respective firm’s tangible net worth.
Speech: Back to the Future – The Year 1999
June 29, 2021
Commissioner Dawn D. Stump of the Commodity Futures Trading Commission gave remarks at the ISDA Derivatives Trading Forum titled “Back to the Future – The Year 1999.”
Consumer Financial Protection Bureau
CFPB Report Highlights Supervisory Findings of Wide-Ranging Violations of Law in 2020
June 29, 2021
The Consumer Financial Protection Bureau (CFPB) issued a report highlighting legal violations identified by the CFPB’s examination staff in 2020. The report also highlights prior CFPB supervisory findings that led to public enforcement actions in 2020 resulting in more than $124 million in consumer remediation and civil money penalties.
U.S. Small Business Administration
Report: Millennial Veteran Entrepreneurship: Research On the Next Generation Of Veteran Entrepreneurs
June 29, 2021
The U.S. Small Business Administration released a report titled “Millennial Veteran Entrepreneurship: Research on the Next Generation of Veteran Entrepreneurs.”
Federal Housing Finance Agency
FHFA Protects Borrowers after COVID-19 Foreclosure and REO Eviction Moratoriums End
June 29, 2021
The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac servicers will not be permitted to make a first notice or filing for foreclosure that would be prohibited by the Consumer Financial Protection Bureau’s (CFPB) Protections for Borrowers Affected by the COVID-19 Emergency Under the Real Estate Settlement Procedures Act, Regulation X Final Rule before the CFPB rule takes effect.
International
European Banking Authority
EBA Assesses Benefits, Challenges and Risks of RegTech Use in the EU and Puts Forward Steps to be Taken to Support Sound Adoption and Scale-Up of RegTech Solutions
June 29, 2021
The European Banking Authority published an analysis of the current RegTech landscape in the European Union. The report assesses the overall benefits and challenges faced by financial institutions and RegTech providers in the use of RegTech.
Administration Changes
Appointments/Confirmation Hearings
Department of the Treasury - Janet Yellen (effective January 26, 2021)
Consumer Financial Protection Bureau - Rohit Chopra (Nominee)
- Acting Director: Dave Uejio (January 20, 2020)
- Confirmation hearing held on March 2, 2021
- Committee approval March 10, 2021
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)