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Daily Financial Regulation Update -- Wednesday, May 26, 2021

May 26, 2021

By FedACTion Task Force

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PH Client Alerts

Click here to read more from our Coronavirus series.

Major Developments

Hearing: Annual Oversight of Wall Street Firms

May 26, 2021

The Senate Committee on Banking, Housing and Urban Affairs (Senate Banking Committee) will conduct a hearing on May 26, 2021 at 10:00 a.m. Eastern titled, “Annual Oversight of Wall Street Firms.” The witnesses will be: Mr. Charles W. Scharf, CEO and President of Wells Fargo & Co.; Mr. David M. Solomon, Chairman and CEO of Goldman Sachs; Ms. Jane Fraser, CEO of Citigroup; Mr. Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co.; Mr. Brian Thomas Moynihan, Chairman and CEO of Bank of America; and Mr. James P. Gorman, Chairman and CEO of Morgan Stanley. The Senate Banking Committee released prepared remarks from the witnesses ahead of Wednesday’s hearing.

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

U.S. Department of the Treasury

Opening Statements of Nominees to the U.S. Department of the Treasury for the Senate Committee on Finance

May 25, 2021

In connection with the Senate Committee on Finance’s hearing on pending nominations to the U.S. Department of the Treasury (Treasury), Treasury released the opening statements of the following nominees:

  • J. Nellie Liang, to be Under Secretary of the Treasury,
  • Jonathan Davidson, to be Deputy Under Secretary of the Treasury,
  • Lily Lawrence Batchelder, to be an Assistant Secretary of the Treasury, and
  • Benjamin Harris, to be an Assistant Secretary of the Treasury.
  • News Release

FINRA

FINRA Publishes 2021 Industry Snapshot

May 25, 2021

The Financial Industry Regulatory Authority (FINRA) published the 2021 FINRA Industry Snapshot, its annual statistical report on the brokerage firms, registered representatives and market activity that FINRA regulates.

National Credit Union Administration

Letter: CFPB Delays Mandatory Compliance Date of General Qualified Mortgage (QM) Final Rule under Truth in Lending Act

May 24, 2021

The National Credit Union Administration issued a guidance letter to federally insured credit unions relating to the Consumer Financial Protection Bureau’s delay of the mandatory compliance date of the General Qualified Mortgage Final Rule under the Truth in Lending Act.

International

Bank of England

Speech: Cyber Risk: 2015 to 2027 and the Penrose Steps

May 25, 2021

Lyndon Nelson, Deputy CEO and Executive Director, Regulatory Operations and Supervisory Risk Specialists, at the Bank of England gave a speech at the City and Financial 8th Operational Resilience and Cyber Security Summit titled, “Cyber Risk: 2015 to 2027 and the Penrose Steps.”

Blog: How is UK GDP Growth Evolving?

May 25, 2021

The Bank of England’s Bank Overground blog issued a post titled “How is UK GDP Growth Evolving?”

Bank of England Prudential Regulation Authority

PRA Statement on Updating Requirements on the Identification of ‘Material Risk Takers’

May 25, 2021

This statement provides an update on the Prudential Regulation Authority’s (PRA’s) approach to updating the applicable requirements on the identification of ‘material risk takers’ (MRTs), and its position concerning applications for exclusion of MRTs in the current performance year. It should be read in conjunction with Chapter 3 of the Remuneration Part of the PRA Rulebook, and Supervisory Statement 2/17 ‘Remuneration’ (Chapter 3).

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, 2021)