Daily Financial Regulation Update – Tuesday March 30, 2021

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Administrative changes

Appointments / Confirmation hearings

Treasury Department – Janet Yellen (effective January 26, 2021)

Consumer Financial Protection Bureau – Rohit Chopra (nominated)

Security and Trade Commission – Gary Gensler (nominated)

Small Business Administration – Isabel Guzman (effective March 16, 2021)

Commodity Futures Trade Commission

National Administration of Credit Unions – 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)


Click here to consult the full text of the law relating to aid, relief and economic security against the coronavirus (the “CARES law”), Adopted March 27, 2020.

Click here to view the full text of the Paycheck Protection Program Increase Act, 2020, Adopted April 24, 2020.

Click here to view the full text of the Paycheck Protection Program Flexibility Act, 2020, Adopted June 5, 2020.

Click here to display the full text of the Consolidated Appropriation Law of 2021, Adopted December 27, 2020.

Click here to read the full text of the 2021 US rescue plan, Adopted March 11, 2021.

Click here to see a current list of bills the Senate Banking, Housing and Urban Affairs Committee, the Senate Small Business and Entrepreneurship Committee, the House Committee on Financial Services and the House Committee on Small Business.

US senate

Banking, Housing and Urban Affairs Commission

President Brown: Moratorium on CDC eviction is ‘essential’

March 29, 2021

Senator Sherrod Brown (D-OH), chairman of the US Senate Committee on Banking, Housing, and Urban Affairs, issued a statement after Centers for Disease Control and Prevention (CDC) Director Walensky announced an extension of the moratorium on CDC evictions through June 30, 2021.

Federal agencies

US Department of the Treasury

Joint statement on the joint US-EU forum on financial regulation

March 29, 2021

The Treasury Department issued a statement saying that the United States and European Union (EU) participants in the Joint United States-EU Financial Regulation Forum met on March 24 and 25, 2021 to redeem points views on matters of mutual interest as part of their dialogue on financial regulation. The meetings focused on six themes: (i) next steps in COVID-19 recovery and financial stability risk mitigation, (ii) sustainable finance, (iii) multilateral and bilateral engagement in banking and insurance, (iv) cooperation in financial market regulation and supervision, (v) developments in financial innovation regulation and supervision, and (vi) the fight against money laundering money and the fight against terrorist financing.

Federal Reserve Board

Agencies seek a wide range of views on the use of artificial intelligence by financial institutions

March 29, 2021

The Federal Reserve Board of Governors, the Office of Consumer Financial Protection, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency issued a joint statement saying they were collecting information on the use of artificial intelligence by financial institutions. (HAVE). Agencies seek information from the public on how financial institutions are using AI in their businesses, including fraud prevention, personalization of customer service, credit underwriting, and other operations.

Speech: Treasury-Federal Reserve Cooperation and the Importance of Central Bank Independence

March 29, 2021

Christopher J. Waller, newly appointed Governor to the Federal Reserve Board of Governors, delivered a speech at the Peterson Institute for International Economics in Washington, DC, titled “The Cooperation Between the Treasury and the Federal Reserve and the Importance of independence of the central bank. “

Suspension of review procedures for Regulation D

March 29, 2021

The Federal Reserve Board of Governors has announced that it is joining other financial regulatory agencies in suspending the use by its consumer compliance examiners of Regulation D review procedures in light of the Interim Final Rule of last year amending Regulation D to remove the six per month limit on practical transfers from the definition of “savings deposit”.

Federal Reserve Bank of New York

Who pays what first? Debt prioritization during the COVID pandemic

March 29, 2021

The Federal Reserve Bank of New York’s Liberty Street Economy blog posted an article titled “Who Pays What First?” Debt prioritization during the COVID pandemic. The authors examine how consumers’ reimbursement priorities have evolved since the Great Recession.

Federal Reserve Bank of Boston

New report: Main Street loan program dramatically increased the supply of credit available to small and medium borrowers

March 29, 2021

The Main Street Loan Program (program) was aimed at fostering the flow of credit to small and medium-sized businesses and non-profit organizations so that they can continue to operate during the COVID-19 outbreak. According to a new report from the Federal Reserve Bank of Boston and the Board of Governors of the Federal Reserve System, the program has served its purpose, especially with regard to small businesses, even though the program only used a small fraction – $ 17.5 billion – of its ability to facilitate $ 600 billion in loans.

US Securities and Exchange Commission

Compliance issues related to monitoring and reporting suspicious activity at broker-dealers

March 29, 2021

The Securities and Exchange Commission issued an announcement titled “Compliance Issues with Monitoring and Reporting Suspicious Activity by Broker-Dealers.” The Examinations Division (EXAMS) conducts reviews of brokers and mutual funds regarding their compliance with anti-money laundering (AML) requirements. By sharing its observations on these broker-dealer reviews, EXAMS seeks to remind companies of their obligations under AML rules and regulations and to help broker-dealers review and improve their AML programs, in particular their oversight and their reporting of suspicious activity. law enforcement authorities and financial regulators.

Consumer Financial Protection Bureau

CFPB Acting Director Uejio and FTC Acting President Slaughter issue joint statement on preventing illegal evictions

March 29, 2021

Office of Consumer Financial Protection Acting Director Dave Uejio and Federal Trade Commission Acting Chairman Rebecca Slaughter released a joint statement regarding their agencies’ work to help end illegal evictions and to protect U.S. consumers facing economic hardship as a result of COVID-19.


FINRA Investor outlook: Invest in a SPAC

March 29, 2021

The Financial Sector Regulatory Authority has published a Investor outlook titled “Investing in a SPAC,” which provides information on the basics of investing in a Special Purpose Acquisition Company or SPAC.

US Department of Education

Department of Education Announces Relief for Student Loan Borrowers with Total and Permanent Disabilities During COVID-19 Emergency

March 29, 2021

The Department of Education has announced relief for certain borrowers who have received a student loan discharge due to total and permanent disability. The changes will ensure that no borrower is at risk of having their loans reinstated, meaning they would have to repay their debt for failing to provide income information during the COVID-19 emergency.


bank of england

Bank of England Policy on Operational Resilience of MFIs

March 29, 2021

The Bank of England issued a statement discussing its Operational Resilience Policy and the documents it has issued with the aim of putting in place a stronger regulatory framework to promote the operational resilience of businesses and infrastructure companies. financial markets.

FCA and Bank of England encourage market participants to switch to SONIA in the pound sterling non-linear derivatives market from May 11, 2021

March 29, 2021

The Bank of England and the Financial Conduct Authority have issued a statement encouraging liquidity providers in the pound sterling non-linear derivatives market to adopt new listing conventions for broker-to-broker transactions based on SONIA instead of LIBOR from of May 11, 2021.

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