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Daily Financial Regulation Update -- Wednesday, June 9, 2021

June 09, 2021

By FedACTion Task Force

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Click here to read more from our Coronavirus series.


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

U.S. Securities and Exchange Commission

Statement on Commencement of Appointment Process for Five Public Company Accounting Oversight Board Seats

June 8, 2021

U.S. Securities and Exchange Commission Chair Gary Gensler gave a statement on the commencement of the appointment process to identify five Public Company Accounting Oversight Board seats.

Commodity Futures Trading Commission

CFTC’s Interest Rate Benchmark Reform Subcommittee Recommends July 26, 2021 for Transitioning Interdealer Swap Market Trading Conventions from LIBOR to SOFR

June 8, 2021

The Commodity Futures Trading Commission’s Market Risk Advisory Committee’s (MRAC) Interest Rate Benchmark Reform Subcommittee (Subcommittee) voted to recommend a market best practice for switching interdealer trading conventions from LIBOR to the Secured Overnight Financing Rate (SOFR) for U.S. Dollar (USD) linear interest rate swaps. This is the third recommendation the Subcommittee has referred to the MRAC for consideration in connection with the transition of USD derivatives and related contracts away from LIBOR.

Remarks of Acting Chairman Rostin Behnam at The SOFR Symposium: The Final Year Sponsored by the Alternative Reference Rates Committee

June 8, 2021

Commodity Futures Trading Commission Chairman Rostin Behnam gave remarks at The SOFR Symposium: The Final Year Sponsored by the Alternative Reference Rates Committee.


FINRA Alerts Firms to Phishing Email Using “gateway-finra.org” Domain Name

June 7, 2021

The Financial Institution Regulatory Authority (FINRA) issued a notice warning member firms of an ongoing phishing campaign that involves fraudulent emails purporting to be from FINRA and using the domain name “@gateway-finra.org.” The email asks the recipient to click a link to “view request” and provide information to “complete” that request, noting that “late submission may attract penalties.” FINRA recommends that anyone who clicked on any link or image in the email immediately notify the appropriate individuals in their firm of the incident.

U.S. Small Business Administration

Webinar: Briefing on Covid-19 Economic Programs and How to Be a Vaccine Leader

June 8, 2021

The U.S. Small Business Administration (SBA) and the Public Private Strategies Institute are hosting a webinar on Thursday, June 10 at 2:00 p.m. Eastern featuring SBA Administrator Isabella Casillas Guzman and Dr. Bechara Choucair, White House COVID-19 Vaccinations Coordinator, to discuss the importance of vaccinations, and provide updates on COVID-19 economic aid programs, such as the Economic Injury Disaster Loan, and what they mean for small businesses.


European Commission

EU Budget 2022: Speeding up Europe’s Recovery and Progressing towards a Green, Digital and Resilient Future

June 8, 2021

The European Commission proposed an annual European Union budget of €167.8 billion for 2022, to be complemented by an estimated €143.5 billion in grants under NextGenerationEU.

2020 EU Budget: Performance Report Highlights Swift and Global EU Response to the Coronavirus Crisis while Supporting Key EU Priorities

June 8, 2021

According to the European Commission (EC), the European Union (EU) budget has helped ensure a swift and comprehensive EU response to the ongoing coronavirus crisis and its consequences, while supporting overarching EU priorities.

Bank of England

Bank of England publishes the key elements of the 2021 Biennial Exploratory Scenario: Financial risks from climate change

June 8, 2021

The Bank of England (Bank) published the Climate Biennial Exploratory Scenario (CBES) to explore the financial risks posed by climate change for the largest UK banks and insurers (participants).

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)