left-caret
Insights

ph fedaction financial regulatory updates homepage

Daily Financial Regulation Update -- Wednesday, May 12, 2021

May 12, 2021

By FedACTion Task Force

Subscribe to PH FedACTion: Financial Regulatory Updates

PH Client Alerts

Click here to read more from our Coronavirus series.

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 – Isabel 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)

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: Patience and Progress as the Economy Reopens and Recovers

May 11, 2021

Lael Brainard, Governor at the Board of Governors of the Federal Reserve System, gave a speech titled “Patient and Progress as the Economy Reopens and Recovers.” Ms. Brainard gave the speech at “The Road to Recovery and What’s Next,” a conference sponsored by the Society for Advancing Business Editing and Writing.

Federal Reserve Bank of New York

Remarks: Measure Twice, Cut Once

May 11, 2021

John C. Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, gave remarks at the SOFR Symposium: The Final Year (Part II), titled “Measure Twice, Cut Once.”

Federal Deposit Insurance Corporation

FDIC Publishes 2021 Risk Review

May 11, 2021

The Federal Deposit Insurance Corporation published its 2021 Risk Review, a comprehensive summary of emerging risks in the U.S. banking system.

Office of the Comptroller of the Currency

Michael J. Hsu Statement to Agency Employees on Becoming Acting Comptroller of the Currency

May 11, 2021

Acting Comptroller of the Currency Michael J. Hsu shared a statement with staff of the Office of the Comptroller of the Currency at the conclusion of his first day in the role.

Financial Crimes Enforcement Network

FinCEN Extends Application Deadline for Special Monthly Innovation Hours Sessions for Underserved Groups Developing Technology to Fight Illicit Financial Activity

May 10, 2021

The Financial Crimes Enforcement Network (FinCEN) announced that it is extending the deadline for its special monthly FinCEN Innovation Hours Program on June 10, 2021, which will focus on the important role of underserved groups in developing technology to fight illicit financial activity and protect the nation’s security.

National Credit Union Administration

Federal Financial Regulators to Hold Webinar on Emergency Capital Investment Program

May 11, 2021

The National Credit Union Administration announced that it will hold a webinar titled “An Overview of the Emergency Capital Investment Program,” on May, 24, 2021 at 3:00 p.m. Eastern.

Ginnie Mae

Ginnie Mae Reports April MBS Issuance of $89 Billion

May 11, 2021

Ginnie Mae announced that its mortgage-backed securities issuance volume was $89.70 billion in April 2021, up from $82.25 billion issued in March 2021.

U.S. Department of Education

U.S. Department of Education Makes Available $36 Billion in American Rescue Plan Funds to Support Students and Institutions

May 11, 2021

The U.S. Department of Education announced more than $36 billion in emergency grants provided under the American Rescue Plan Act for postsecondary education.

Secretary Cardona Holds Roundtable with Educators to Discuss the Public Service Loan Forgiveness Program

May 11, 2021

U.S. Department of Education Secretary Miguel Cardona held a roundtable to discuss the Public Service Loan Forgiveness program with educators who have student loans and are participating in the program.

International

Bank of England

Descending Safely: Life after LIBOR

May 11, 2021

Andrew Bailey, Governor at the Bank of England, gave a speech at Alternative Reference Rates Committee – the SOFR Symposium: The Final Year, titled “Descending Safely: Life after LIBOR.”

UK Financial Conduct Authority

Capital Market Liquidity in the 2020 Coronavirus Crisis

May 11, 2021

The Financial Conduct Authority released a research note titled “Capital Market Liquidity in the 2020 Coronavirus Crisis.”