PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday, June 7, 2021
By FedACTion Task Force
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PH Client Alerts
Click here to read more from our Coronavirus series.
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.
Committee on Banking, Housing, and Urban Affairs
Senators Brown, Reed, Tester Issue Statements on Fixes to VA’s Assistance for Military Borrowers
June 4, 2021
U.S. Sens. Sherrod Brown (D-OH), Chair of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Jack Reed (D-RI), Chair of the U.S. Senate Committee on Armed Services, and Jon Tester (D-MT), Chair of the U.S. Senate Committee on Veterans’ Affairs, issued statements on the Department of Veterans Affairs (VA) making changes to the agency’s proposed COVID-19 Veterans Assistance Partial Claim Payment (COVID-VAPCP) program in response to concerns raised by the Senators and other stakeholders. The program, finalized last week, will help veterans with VA-guaranteed home loans return to making normal payments after exiting a COVID-19-related forbearance.
Department of the Treasury
Secretary of the Treasury Janet L. Yellen Participates in G7 Finance Ministers Meetings
June 5, 2021
The Finance Ministers and Central Bank Governors of the G7, met virtually on May 28, 2021, and Finance Ministers met in London on June 4 and 5, 2021, joined by the Heads of the International Monetary Fund (IMF), World Bank Group, Organisation for Economic Cooperation and Development (OECD), Eurogroup, and (on May 28th) Financial Stability Board (FSB). The Ministers agreed to concrete actions to address today’s historic challenges including building inclusive global economic recovery, tackling climate change and taking steps to implement a global minimum tax rate of at least 15%.
- G7 Finance Ministers & Central Bank Governors Communique
- Transcript of Press Conference by Treasury Secretary Janet Yellen
- Statement by Treasury Secretary Janet Yellen on G7 Finance Ministers’ Commitment to Global Minimum Tax
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)