Daily financial regulation update – Wednesday March 31, 2021

PH customer alerts

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Major developments

President Biden signs 2021 PPP extension law extending PPP until May 31

March 30, 2021

President Biden enacted the law PPP Extension Law 2021. The law extends the deadline for the Paycheck Protection Program by an additional two months until May 31, 2021 and provides for an additional 30 days (until June 30, 2021) for the Small Business Administration to process claims at that time. waiting.

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 Management – Isabel Guzman (effective March 16, 2021)

Commodity Futures 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 (in force since March 2, 2011)


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

Click here to see the full text of the 2021 Consolidated Appropriations Act, Adopted December 27, 2020.

Click here to view the full text of the 2021 US Rescue Plan, Adopted March 11, 2021.

Click here to see the full text of the PPP Extension Act of 2021, Adopted March 30, 2021.

Click here to view the list of proposed bills the Senate Banking, Housing and Urban Affairs Committee, the Senate Small Business and Entrepreneurship Committee, the House Financial Services Committee and the House Small Business Committee.

Federal agencies

US Department of the Treasury

IRS project stimulus payments to Social Security non-filers and other federal beneficiaries to be released by April 7, 2021

March 30, 2021

The Internal Revenue Service and the Treasury Department have announced that they expect Economic Impact Payments to begin issuing this weekend to Social Security beneficiaries and other federal beneficiaries who do not normally file tax returns. , with the projection that the majority of these payments would be sent electronically and received on April 7, 2021.

First meeting of the Joint Committee in the framework of the bilateral agreement between the United States of America and the United Kingdom on prudential measures in insurance and reinsurance

March 30, 2021

The US and UK held the first meeting of the Joint Committee established under the US-UK Agreement on Prudential Insurance and Reinsurance Measures (Agreement). The Agreement covers three areas of prudential supervision of insurance: (i) reinsurance, (ii) group supervision and (iii) exchange of information on insurance between supervisory authorities.

Assistant Treasury Secretary Wally Adeyemo meets with racial and economic justice leaders to ensure fair implementation of US bailout

March 30, 2021

Deputy Secretary of the Treasury Department Wally Adeyemo met virtually with leaders in racial and economic justice to discuss the Treasury Department’s commitment to a fair implementation of the US bailout ( ARP) and ways to leverage Treasury Department programs to address systemic inequalities. In his first outreach meeting since his confirmation last week, Assistant Secretary Adeyemo made it clear that racial fairness, both in terms of staff and policies, is a priority for him and for Secretary Yellen. , and reiterated its commitment to open dialogue with community-based groups. where the need for assistance is most acute.

Federal Financial Institutions Review Council

A Guide to HMDA Reports: Getting It Right!

March 30, 2021

The Federal Financial Institutions Examination Council’s Consumer Compliance Working Group recently produced a revised version of “A Guide to HMDA Reporting: Getting It Right!” ” (To guide). The updated guide is intended to help financial institutions comply with the Home Mortgage Disclosure Act (HMDA) as implemented by Regulation C of the Consumer Financial Protection Bureau. The Guide applies to HMDA data that financial institutions are required to collect as of January 1, 2021. and must be submitted by March 1, 2022. The Guide provides a summary of some key requirements, including those related to coverage. institutional, transactional coverage, and data collection, reporting and disclosure requirements.

Federal Reserve Board

Speech: The FSB in 2021: Meeting the challenges of financial stability in the era of interconnection, innovation and change

March 30, 2021

Randal K. Quarles, Chairman of the Financial Stability Board and Vice Chairman of Oversight of the Federal Reserve Board of Governors, delivered a speech at the Peterson Institute for International Economics in Washington, DC, titled “The FSB in 2021: Challenges of financial stability in the age of interconnection, innovation and change. “

Back to the present: Learning about the euro zone through an immediate casting model

March 30, 2021

The Federal Reserve Board of Governors released a paper as part of its series of talks on international finance titled “Back to the Present: Learning about the Eurozone with a Nowcasting Model”.

The dollar and corporate borrowing costs

March 30, 2021

The Federal Reserve Board of Governors released a paper as part of its series of discussions on international finance titled “The Dollar and the Costs of Corporate Borrowing”.

Federal Reserve Bank of New York

New York Fed, AARP Study Finds Decline in Active Business Ownership Among People 45 and Over

March 30, 2021

The Federal Reserve Bank of New York, in conjunction with AARP, released a report, Older Entrepreneur’s Condition During COVID-19, which sees a sharp decline in active business ownership among the 80% of small business owners aged 45 and over. The report finds that active business ownership for white homeowners aged 45 and over declined by 8% for the one-year period that ended in January 2021. The drop for Asian owners in the same group of age was more than twice as strong, at 19%. The drop was 16% for black homeowners and 11% for Latinos.

Federal Reserve Bank of Boston

Nick Stanescu Joins Boston Fed as Senior Vice President and Chief Commercial Officer of FedNow Service

March 30, 2021

The Federal Reserve Bank of Boston has announced the appointment of Nick Stanescu as senior vice president and chief commercial officer of FedNow Service, the new real-time payment and settlement service the Federal Reserve is developing to enable faster payments in the United States.

U.S. Small Business Administration

Assessment of SBA award procedures for CARES Law Entrepreneurship Development Cooperation Agreements

March 30, 2021

The Office of the Inspector General of the Small Business Administration (SBA) released a report titled “Assessment of SBA Award Procedures for CARES Act Entrepreneurial Development Cooperation Agreements”. The report found that the SBA has awarded CARES Act Cooperation Agreements and Entrepreneurial Development Grants in accordance with applicable federal laws, regulations and guidelines.

Small Business Facts: Science / Tech Workers and Small Businesses

March 30, 2021

The Office of Advocacy of the Small Business Administration published a bulletin entitled “Small Business Facts: Science / High-Tech Workers and Small Firms”. According to the bulletin, small businesses play a special role in innovation. In 2018, 37% of high tech workers worked for small businesses. According to the Census Bureau data series, Innovation measurement initiative, the bulk of STEM-related researchers working on university-funded research enter the private sector after completing their research, and a significant portion continue to work in small firms.

Federal Housing Finance Agency

FHFA house price index up 1.0% in January and 12.0% compared to last year

March 30, 2021

The Federal Housing Finance Agency released a statement saying house prices rose across the country in January 2021, up 1% from the previous month. House prices rose 12% from January 2020 to January 2021. The previously reported 1.1% price change for December 2020 has been revised upward to 1.2%.

US Department of Education

Education Department Announces Extension of COVID-19 Emergency Flexibilities to Additional Federal Student Loans in Default

March 30, 2021

The US Department of Education (DoE) has announced an extension of the break on interest and federal student loan collections to all overdue loans under the Federal Family Education Loans (FFEL) program. The DoE announced that it would extend the 0% interest rate and the pause in collection activities to 1.14 million borrowers in default of a loan from the private FFEL program. The action will protect more than 800,000 borrowers who risked having their federal tax refund seized to pay off a delinquent loan. The relief will be retroactive to March 13, 2020.


UK Financial Conduct Authority

FCA confirms final version of guidance for advice on defined benefit transfers

March 30, 2021

The Financial Conduct Authority has confirmed its final version of the defined benefit transfer guidelines for advisers. The finalized guide is designed to help companies identify weaknesses in their existing processes so that they can put in place an appropriate framework to manage and provide appropriate guidance in defined benefit transfers.

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