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Daily Financial Regulation Update -- Wednesday, May 5, 2021

May 05, 2021

By FedACTion Task Force

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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.

U.S. House of Representatives

Committee on Financial Services

Built to Last: Examining Housing Resilience in the Face of Climate Change

May 4, 2021

The U.S. House Committee on Financial Services held a hearing titled “Built to Last: Examining Housing Resilience in the Face of Climate Change.”

Waters Calls on Appropriators to Fund Affordable Housing, Community Development Lending and Investments, Investor Protections and Homelessness Assistance

May 3, 2021

Congresswoman Maxine Waters (D-CA), Chairwoman of the U.S. House Committee on Financial Services, sent letters to senior Members of the House Committee on Appropriations urging them to fund the Minority Business Development Agency, the Community Development Financial Institutions Fund, the Securities and Exchange Commission, and programs that support affordable housing and address homelessness within the U.S. Department of Housing and Urban Development.

Federal Agencies

Consumer Financial Protection Bureau

CFPB Issues Reports Detailing Mortgage Borrowers’ Continuing COVID-19 Challenges

May 4, 2021

The Consumer Financial Protection Bureau (CFPB) released two reports showing that more work needs to be done to help mortgage borrowers coping with the COVID-19 pandemic and economic downturn. The first report documents that Black and Hispanic mortgage borrowers are much more likely to be delinquent or in a forbearance program than white borrowers. In a second report, the CFPB reports that overall mortgage complaints to the CFPB have risen to their highest level in three years.

International

Bank of England

Money and Credit - March 2021

May 4, 2021

The Bank of England (BoE) released its statistical release for March 2021 titled “Money and Credit.” The monthly statistics on the amount of, and interest rates on, borrowing and deposits by households and businesses are used by the BoE’s policy committees to understand economic trends and developments in the banking system.

UK Financial Conduct Authority

FCA to Require Pension Providers to Offer to Book Pension Wise Appointments for Consumers

May 4, 2021

The Financial Conduct Authority proposed new rules to require pension providers to “nudge” consumers to the Pension Wise program in order to help consumers benefit from guidance before they access their defined contribution pension savings.