PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, January 21, 2020
January 21, 2021
FedACTion Task Force
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Major Developments
Treasury and SBA Issue Interim Final Rule on Loan Forgiveness Requirements and Updates Loan Forgiveness Applications
January 19, 2021
The U.S. Department of the Treasury and the U.S. Small Business Administration (i) issued an Interim Final Rule on loan forgiveness requirements and loan review procedures for loans made under the Paycheck Protection Program, as amended by the Economic Aid Act, and (ii) updated loan forgiveness applications related to such loans.
- Interim Final Rule on Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act
- PPP – Loan Forgiveness Application and Instructions – Form 3508S
- PPP – Loan Forgiveness Application and Instructions – Form 3508EZ
- PPP – Loan Forgiveness Application and Instructions – Form 3508
- PPP – Borrower’s Disclosure of Certain Controlling Interests
- Second Draw PPP Loans – How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide
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 (Nominee)
- Confirmation hearing conducted January 19, 2021
- Floor vote expected January 21, 2021 (additional details to follow)
- Nominee Opening Statement
- Senate Committee on Finance Chairman Charles Grassley’s Opening Statement
- Senate Committee on Finance Ranking Member Ron Wyden
Consumer Financial Protection Bureau – Rohit Chopra (Nominee)
- Confirmation hearing to be scheduled (additional details to follow)
- Director Kathleen L. Kraninger resigned effective January 20, 2021
Securities and Exchange Commission – Gary Gensler (Nominee)
- Confirmation hearing to be scheduled (additional details to follow)
Small Business Administration – Isabel Guzman (Nominee)
- Confirmation hearing to be scheduled (additional details to follow)
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.
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Senators Brown and Reed Press FHFA for Information on Loan Sales Made During Covid-19 Pandemic
January 20, 2021
Senators Sherrod Brown (D-OH), presumed incoming chair of U.S. Senate Committee on Banking, Housing, and Urban Affairs and Jack Reed (D-RI), sent a letter to the Federal Housing Finance Agency (FHFA) requesting clarification on the FHFA’s policy regarding loan sales by Fannie Mae and Freddie Mac during the COVID-19 pandemic. The lawmakers requested clarity on the FHFA’s and Fannie Mae’s and Freddie Mac’s policies and urged them to do more to ensure that borrowers are protected by the foreclosure moratorium and forbearance protections.