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.

Federal Agencies

U.S. Department of the Treasury

Secretary of the Treasury Janet L. Yellen's Second Meeting with the Heads and Private-Sector Leads of the Multilateral Development Banks to Discuss Climate Finance

October 12, 2021

Secretary of the Treasury Janet L. Yellen reconvened the heads and private sector leads of several of the multilateral development banks (MDBs) to follow-up on an initial July meeting in which she urged the MDBs to rapidly align their portfolios with the goals of the Paris Agreement and to redouble their efforts to mobilize significantly more private capital for climate. Participants included U.S. Special Presidential Envoy for Climate John Kerry and representatives from the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank Group and the World Bank Group.

Remarks: Secretary of the Treasury Yellen at the Countdown Summit regarding Climate Finance

October 12, 2021

Secretary of the Treasury Janet L. Yellen gave prepared remarks about climate finance at the Countdown Summit.

Federal Reserve Board

Speech: Vice Chair Clarida on the U.S. Economic Outlook and Monetary Policy

October 12, 2021

Vice Chair of the Federal Reserve Board Richard H. Clarida gave a speech titled, "U.S. Economic Outlook and Monetary Policy," at the 2021 Institute of International Finance Annual Membership Meeting: Sustainable Economic Growth and Financial Stability in a Diverging, Decarbonizing, Digitizing, Indebted World.

OIG Report: The Board Can Improve the Efficiency and Effectiveness of Certain Aspects of Its Consumer Compliance Examination and Enforcement Action Issuance Processes

October 12, 2021

The Board of Governors of the Federal Reserve System's Office of Inspector General published Board Report 2021-SR-B-012 titled, "The Board Can Improve the Efficiency and Effectiveness of Certain Aspects of Its Consumer Compliance Examination and Enforcement Action Issuance Processes."

Federal Reserve Bank of New York

Report: Consumers' Inflation Expectations Remain Elevated for the Short- and Medium-Term

October 12, 2021

The Federal Reserve Bank of New York's Center for Microeconomic Data released the September 2021 Survey of Consumer Expectations, which shows that short- and medium-term inflation expectations rose to their highest levels since the inception of the survey in 2013. In contrast, year-ahead home price and commodity price expectations all subsided in September. Labor market expectations improved slightly, while household finance expectations (e.g., income or spending growth) remained mostly unchanged.

Report: The Option Value of Municipal Liquidity: Evidence from Federal Lending Cutoffs during COVID-19

October 12, 2021

The Federal Reserve Bank of New York published a staff report titled, "The Option Value of Municipal Liquidity: Evidence from Federal Lending Cutoffs during COVID-19."

Securities and Exchange Commission

Remarks: Commissioner Peirce on Lawless in Austin

October 12, 2021

Securities and Exchange Commission Commissioner Hester M. Peirce gave remarks titled, "Lawless in Austin," before the Texas Blockchain Summit.

Remarks: SEC Chair Gensler and SEC Commissioners Crenshaw, Roisman, and Lee at SEC Speaks

October 12, 2021

Securities and Exchange Commission (SEC) Chair Gary Gensler and SEC Commissioners Caroline A. Crenshaw, Elad L. Roisman, and Allison Herren Lee gave prepared remarks at "SEC Speaks."

Consumer Financial Protection Bureau

Statement: Rohit Chopra on Swearing In as CFPB Director

October 12, 2021

Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra gave a statement on being sworn in as CFPB director.

Federal Housing Finance Agency

Report: 2020 Low-Income Housing and Community Development Activities of the Federal Home Loan Banks

October 12, 2021

The Federal Housing Finance Agency's Division of Housing Mission and Goals published a report titled, "2020 Low-Income Housing and Community Development Activities of the Federal Home Loan Banks."

International

European Commission

NextGenerationEU: European Commission Successfully Issues First Green Bond to Finance the Sustainable Recovery

October 12, 2021

The European Commission issued the first NextGenerationEU green bond, thus raising €12 billion to be used exclusively for green and sustainable investments across the EU. The offering represents the world's largest green bond issuance ever.

Administration Changes

Appointments/Confirmation Hearings

U.S. Department of the Treasury - Janet Yellen (effective January 26, 2021)

Consumer Financial Protection Bureau - Rohit Chopra (effective October 12, 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

U.S. Department of Housing and Urban Development - Marcia Fudge (effective March 10, 2021)

Federal Housing Finance Agency

U.S. Department of Education - Dr. Miguel Cardona (effective March 2, 2021)

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