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

Federal Reserve Bank of New York

Survey: Further Rise in Consumers' Short- and Medium-Term Inflation Expectations

September 13, 2021

The Federal Reserve Bank of New York's Center for Microeconomic Data released the August 2021 Survey of Consumer Expectations, which shows that short- and medium-term inflation expectations rose to new series highs. Home price growth expectations continued to moderate in August but remain elevated. Perceptions about households' current financial situations improved and income growth expectations rose to a new series high.

New York Fed Releases New Community Development Newsletter, "Fed & Main"

September 13, 2021

The Federal Reserve Bank of New York released the inaugural issue of Fed & Main, a newsletter about the ongoing work of its Community Development team in three new focus areas: the economic drivers of health, household financial well-being, and climate-related risks to low- and moderate-income communities.

Federal Deposit Insurance Corporation

FDIC State Profiles

September 13, 2021

The Federal Deposit Insurance Corporation (FDIC) published its quarterly FDIC State Profiles, a summary of banking and economic conditions in each state.

Banker Series: Overview and Updates on Consumer Complaints Management

September 13, 2021

The Federal Deposit Insurance Corporation's (FDIC) Division of Depositor and Consumer Protection will host a webinar for FDIC-supervised institutions on October 5, 2021 to provide information and answer questions relating to consumer complaints management. The presentation will include a review of the most recent complaint data and will provide information to help banks with complaint management. It also will provide information on how the FDIC facilitates the resolution of complaints and how this information is used in supervision.

FDITECH Selects Three Winning Teams in Tech Sprint to Reach the Unbanked

September 13, 2021

The Federal Deposit Insurance Corporation (FDIC) announced the selection of three winning teams in a 'tech sprint' designed to explore new technologies and techniques to help banks meet the needs of unbanked consumers.

Office of the Comptroller of the Currency

Problem Bank Supervision: New Comptroller's Handbook Booklet and Rescissions

September 13, 2021

The Office of the Comptroller of the Currency (OCC) issued a new "Problem Bank Supervision" booklet of the Comptroller's Handbook.

National Credit Union Administration

Speech: NCUA Chairman Todd M. Harper Remarks at the 2021 NAFCU Congressional Caucus

September 13, 2021

National Credit Union Administration Chairman Todd M. Harper spoke at the National Association of Federally-Insured Credit Union's 2021 Congressional Caucus. Chairman Harper discussed the state of the economy and the near-term outlook, with a focus on those most affected by the pandemic. He also spoke about the need for credit unions to continue working closely with their members during the pandemic, the priorities of the Federal Financial Institutions Examination Council, and the issue of appraisal bias.

U.S. Small Business Administration

President Biden Proclaims September 12-18 as National Small Business Week

September 10, 2021

The U.S. Small Business Administration's (SBA) 2021 National Small Business Week celebrations will officially commence with a three-day virtual summit. SBA Administrator Isabella Casillas Guzman kicked off the national event on Monday, September 13, addressing nearly 30,000 registered participants during the educational, training and networking event.

SBA Announces Mark Cuban, Chef José Andrés, and White House Senior Advisor Cedric Richmond as Keynote Speakers for the National Small Business Week Virtual Summit 2021

September 10, 2021

U.S. Small Business Administration Administrator Isabella Casillas Guzman announced the full speaker slate for National Small Business Week, including entrepreneur Mark Cuban, Chef José Andrés and White House Senior Advisor and Director of the Office of Public Engagement Cedric Richmond. The National Small Business Week Virtual Summit takes place from September 13-15, 2021.

Ginnie Mae

APM 21-04: Extension of Temporary Relief from the Acceptable Delinquency Threshold Requirement

 

September 13, 2021

Due to the continuing impact of the COVID-19 Pandemic National Emergency on forbearance levels and delinquency rates, Ginnie Mae is further extending the exemptions that were announced in the APM 20-06: "Treatment of Mortgage Delinquency Ratios for Issuers Affected by COVID-19", extended in the APM 20-17: "Extension of Temporary Relief from the Acceptable Delinquency Threshold Requirement" and re-extended in the APM 21-01: "Extension of Temporary Relief from the Acceptable Delinquency Threshold Requirement" from January 31, 2022 through July 31, 2022 (June 2022 investor reporting).

State Agencies

California Department of Financial Protection and Innovation

DFPI Moves to Protect California Homeowners with Mandatory Reporting Requirements for Mortgage Servicers

September 13, 2021

As some pandemic foreclosure protections end, the California Department of Financial Protection and Innovation ("DFPI") to avoid a repeat of the 2008 foreclosure crisis, the DFPI is making sure that licensees servicing residential mortgages comply with state and federal laws protecting homeowners from COVID-19-related financial insecurity and inform eligible consumers about mortgage relief funds.

International

Bank of England

Speech: Bigger, Broader, Faster, Stronger? How Much Should Tomorrow's Central Bank Balance Sheets Do – And What Should We Leave to Financial Markets? Some Principles for Good Parenting

September 13, 2021

Executive Director for Markets of the Bank of England Andrew Hauser gave a speech about how central bank balance sheets have changed in the past. He looked at the relationship between central banks and financial markets, and suggested some principles for how central banks could work in the future.

Administration Changes

Appointments/Confirmation Hearings

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

Consumer Financial Protection Bureau - Rohit Chopra (Nominee)

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)

  •