- The SEC’s new Investment Adviser Marketing Rule went into effect on May 4 with compliance required in eighteen months. The rule expands the definition of “advertisement” and reflects the use of electronic media and mobile communications.
- A federal judge ruled the CDC did not have authority to issue its eviction moratorium, now scheduled to expire on June 30. DOJ is appealing the case and the judge has placed a temporary stay on the ruling. New CFPB reports focus on consumers that are “housing insecure”, including those with mortgages in forbearance or delinquent, and those at risk of tenant eviction.
- SBA says the PPP funds have been exhausted and it is no longer accepting new PPP loan applications from most lenders; funds do remain for PPP loans made by CDFIs and MDIs.
- The FRB is proposing guidelines to evaluate requests by entities seeking accounts and payment services at Federal Reserve Banks. The proposal responds to an increasing number of requests from companies with fintech and other narrow purpose charters, referred to as “novel charters.”
- The FRB features responsible AI and the transition away from LIBOR in its Supervision and Regulatory Report.
Financial services regulatory and policy news
- Proposed guidelines to evaluate requests for accounts and payment services at Federal Reserve Banks
- Published a report on the effect of the PPPLF on PPP lending by community
- Spoke about community development
- Treasury Secretary Yellen designated Michael Hsu as the new Acting Comptroller
- Reminded large landlords of the federal protections enacted to keep tenants in their homes during the pandemic
- Released reports on:
- Mortgage borrowers impacted by COVID-19, including a research brief and consumer complaints bulletin
- Consumer financial status showing fewer consumers had difficulty paying their bills early in the pandemic than one year earlier
- Consumer use of payday, auto title, and pawn loans
- The Office of Servicemember Affairs (annual report)
- Provided remarks about fair access to capital before the Small Business Capital Formation Advisory Committee;
- Began a countdown to the compliance date for its Investment Adviser Marketing Rule, which became effective May 4, 2021
- Released a podcast on advanced analytics and transforming advertising regulation
- House FS Committee:
- Held a hearing on examining housing resilience in the face of climate change
- Conducted a third hearing on the recent market volatility; SEC Gensler testimony indicated the agency is working on a staff report assessing the market events
- Announced that the PPP funds have been exhausted except for certain reserved funds
- BCBS, CPMI, and IOSCO launch a survey clients and non-bank intermediaries on margin calls
- Spoke about “Central Banks and Inequality”
- Announced a G20 TechSprint Initiative on Green and Sustainable Finance
- Finalized a rule requiring Fannie Mae and Freddie Mac to develop resolution plans
- Published an RFI on Short-Term Rental Unit Development Projects
- Conducted a webinar in its series on culture: Purpose and the Employee as Stakeholder
- Finalized the definition of comparable outcomes and the high-level principles to inform the development of the comparability criteria—a key milestone in the Aggregation Method (AM) comparability assessment project
Industry news headlines
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- Richard Cordray to head Student-Loan Agency (WSJ)
- Deluge of debt Is tied to carbon emissions and diversity
- Pandemic payment habits are looking sticky (WSJ)
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