PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, June 18, 2021
June 18, 2021
FedACTion Task Force
Subscribe to PH FedACTion: Financial Regulatory Updates
PH Client Alerts
Click here to read more from our Coronavirus series.
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
House Passes Corporate Improvement and Investor Protection Act
June 17, 2021
The U.S. House of Representatives, by a vote of 215-214, passed H.R. 1187, the Corporate Improvement and Investor Protection Act, which seeks to protect investors by requiring that companies provide environmental, social, and governance information that can assist investors in determining risks. Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, delivered a statement in support of the bill on the House floor.
Federal Agencies
Department of the Treasury
Treasury Issues Additional COVID-19-Related Licenses and Guidance
June 17, 2021
In order to further aid the global fight against COVID-19, the U.S. Department of the Treasury’s (Treasury) Office of Foreign Assets Control issued three general licenses to build upon Treasury’s existing authorizations for COVID-19-related transactions and activities. The new COVID-19-related general licenses expand upon longstanding humanitarian exemptions, exceptions, and authorizations to cover additional COVID-19-related transactions and activities. These include transactions and activities involving the delivery of face masks, ventilators and oxygen tanks, vaccines and the production of vaccines, COVID-19 tests, air filtration systems, and COVID-19-related field hospitals, among others.
Treasury Secretary Yellen Delivers Testimony to House Ways and Means Committee
June 17, 2021
Janet L. Yellen, Secretary of the U.S. Department of the Treasury, delivered testimony to the U.S. House Committee on Ways and Means. In her testimony, Secretary Yellen addressed various problems facing the U.S. economy beyond those caused by the COVID-19 pandemic, including wage inequality, dropping labor force participation, climate change, and racial inequality.
Federal Deposit Insurance Corporation
FDIC Releases FDIC Quarterly Report of the Banking Industry
June 17, 2021
The Federal Deposit Insurance Corporation released the FDIC Quarterly for the first quarter of 2021. The FDIC Quarterly provides a comprehensive summary of the most current financial results for the banking industry, along with feature articles.
Federal Financial Institutions Examination Council
FFIEC Announces Availability of 2020 Data on Mortgage Lending
June 17, 2021
The Federal Financial Institutions Examination Council announced the availability of data on 2020 mortgage lending transactions at 4,475 U.S. financial institutions reported under the Home Mortgage Disclosure Act. Covered institutions include banks, savings associations, credit unions, and mortgage companies.
FINRA
FINRA Releases 2020 Diversity & Inclusion Report
June 17, 2021
The Financial Industry Regulatory Authority released its FINRA Diversity & Inclusion Report – 2020 Year in Review. The report describes FINRA’s diversity and inclusion programs, and the progress FINRA made in achieving the programs’ goals in 2020.
Department of Labor
Labor Department Issues News Release on Unemployment Insurance Weekly Claims
June 17, 2021
The U.S. Department of Labor issued a news release regarding weekly unemployment insurance claims. The release states that, in the week ending June 12, the advance figure for seasonally adjusted initial claims was 412,000, an increase of 37,000 from the previous week's revised level; the previous week's level was revised down by 1,000 from 376,000 to 375,000; the four-week moving average was 395,000, a decrease of 8,000 from the previous week's revised average (and the lowest level for this average since March 14, 2020 when it was 225,500); and the previous week's average was revised up by 500 from 402,500 to 403,000.
International
Bank of England
Director Mutton Delivers Speech on Central Bank Digital Currencies
June 17, 2021
Tom Mutton, the Bank of England’s (Bank) Director of Fintech, delivered a speech at the FS Tech: Future of FinTech Conference in which he addressed the outlook for central bank digital currencies, and the principles that are guiding the Bank’s work in this area.
Bank of England and Prudential Regulation Authority Publish Annual Reports and Accounts
June 17, 2021
The Bank of England and the Prudential Regulation Authority published separate annual reports and accounts, providing information on their activities and finances for the preceding year.
Bank of England Releases Climate-Related Financial Disclosure
June 17, 2021
The Bank of England published its second annual climate-related financial disclosure report, which sets out the Bank’s approach to managing risks from climate change across its operations.
Bank Releases Enforcement Decision Making Committee Annual Report
June 17, 2021
The Bank of England (Bank) released its Enforcement Decision Making Committee (EDMC) annual report, covering the period from March 1, 2020 to February 28, 2021. The EDMC works to strengthen the Bank’s enforcement processes by ensuring a functional separation between the Bank’s investigation teams and executive as a whole, and the Bank’s decision makers in contested enforcement cases.
Bank Publishes Covid Corporate Financing Facility Limited Annual Report and Accounts
June 17, 2021
The Bank of England released its Covid Corporate Financing Facility (CCFF) Limited Annual Report and Accounts, covering the period from March 1, 2020 to February 28, 2021. The CCFF was designed to support liquidity among larger firms that provide a material contribution to the UK, helping them to bridge COVID-19-related disruption to their cash flows through the purchase of short-term debt in the form of commercial paper.
Bank of England Prudential Regulation Authority
Bank of England Releases Prudential Regulation Authority Practitioner Panel and Insurance Sub-Committee Annual Report
June 17, 2021
The Bank of England released its PRA Practitioner Panel and Insurance Sub-Committee Annual Report, covering the period from March 1, 2020 to February 28, 2021.
UK Financial Conduct Authority
FCA Research Reveals Increase in Cryptoasset Ownership
June 17, 2021
Research published by the UK Financial Conduct Authority estimates that 2.3 million adults now hold cryptoassets (up from 1.9 million last year), and that 78% of adults have now heard of cryptoassets, up from 73% in a year.
Administration Changes
Appointments/Confirmation Hearings
Department of the Treasury - Janet Yellen (effective January 26, 2021)
Consumer Financial Protection Bureau - Rohit Chopra (Nominee)
- Acting Director: Dave Uejio (January 20, 2020)
- Confirmation hearing held on March 2, 2021
- Committee approval March 10, 2021
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)