The Federal Reserve Board proposed amendments to the risk management standards governing operations related to the payment, clearing and settlement activities of certain designated financial market utilities.
The Federal Reserve Board, CFPB, FDIC, OCC, National Credit Union Administration and state financial regulators alerted mortgage servicers that they will resume their respective pre-pandemic supervisory and enforcement approaches towards noncompliance with mortgage-servicing rules.
At a hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Treasury Secretary Janet L. Yellen and Federal Reserve Board Chair Jerome H. Powell touted the federal government's financial response to the pandemic and urged Congress to raise the debt limit.
The Federal Reserve Board extended the termination date of its Paycheck Protection Program Liquidity Facility from June 30, 2021 to July 31, 2021.
Federal Reserve Board Vice Chair for Supervision Randal K. Quarles highlighted measures to promote efficiency in the financial system after the "Great Financial Crisis."