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ph fedaction financial regulatory updates

Daily Financial Regulation Update -- Tuesday, January 26, 2020

January 26, 2021

By FedACTion Task Force

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PH Client Alerts

Click here to read more from our Coronavirus series.

Major Developments

PH FedACTion is now including updates to the regulatory landscape by the Biden-Harris Administration in addition to our continuing updates regarding the federal and state legal and regulatory response to the ongoing COVID-19 pandemic.

Administration Changes

Appointments/Confirmation Hearings

Department of the Treasury – Janet Yellen (Confirmed January 25, 2021)

Consumer Financial Protection Bureau – Rohit Chopra (Nominee)

Securities and Exchange Commission – Gary Gensler (Nominee)

Small Business Administration – Isabel Guzman (Nominee)

Department of Education – Miguel Cardona (Nominee)

Commodity Futures Trade Commission

National Credit Union Administration – Todd M. Harper

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 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 Bank of New York

FRBNY’s Center for Microeconomic Data Releases December 2020 Survey of Consumer Expectations Household Spending Survey Findings

January 25, 2021

The Federal Reserve Bank of New York’s Center for Microeconomic Data released findings from the December 2020 Survey of Consumer Expectations Household Spending Survey (Survey), which provides information on individuals’ experiences and expectations regarding household spending. The Survey shows a continuation of relatively modest monthly household spending growth compared to pre-COVID-19 levels.

International

European Banking Authority

EBA Announces Timing of 2021 EU-Wide Stress Test Exercise

January 25, 2021

The European Banking Authority (EBA) announced it will launch its 2021 EU-wide stress test exercise with the publication of the macroeconomic scenarios on January 29, 2021.

Bank of England

Bank of England Releases Asset Purchase Facility Quarterly Report for Fourth Quarter of 2020

January 25, 2021

The Bank of England (Bank) released its Asset Purchase Facility Quarterly Report (Report) for the fourth quarter of 2020. The Report contains information on the Bank’s Asset Purchase Facility for the fourth quarter of 2020 and describes operations carried out during that period.