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Daily Financial Regulation Update -- Friday, August 27, 2021

August 27, 2021

By FedACTion Task Force

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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.

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Senator Pat Toomey Requests Feedback on Clarifying Laws Around Cryptocurrency and Blockchain Technologies

August 26, 2021

U.S. Senate Banking Committee Ranking Member Pat Toomey (R-PA) announced he was soliciting ideas and legislative proposals to ensure federal law supports the development of emerging cryptocurrency and open blockchain network technologies while continuing to protect crypto investors. Senator Toomey intends to use the responses in forming legislation that clarifies ambiguity around how existing laws, especially in the tax and securities realms, may apply to cryptocurrencies.

Federal Agencies

Consumer Financial Protection Bureau

Blog Post: Credit Access Declined During the Pandemic for Credit Cards, but Increased for Mortgages and Auto Loans

August 26, 2021

The Consumer Financial Protection Bureau published a blog post titled, "Credit Access Declined During the Pandemic for Credit Cards, but Increased for Mortgages and Auto Loans." The post focuses on access to new credit – the share of new credit applications that result in new accounts and the amount of credit that is extended to consumers who open new accounts.

U.S. Small Business Administration

Statement: SBA Administrator Isabella Casillas Guzman Statement on Meeting to Discuss Strengthening Cybersecurity for America's Small Business Economy

August 26, 2021

U.S. Small Business Administration Administrator Isabella Casillas Guzman released a statement after participating in a meeting with President Joe Biden, members of his Cabinet and national security team, and private sector and education leaders to discuss how to improve our nation's cybersecurity infrastructure for its 31 million small businesses.

U.S. Department of Labor

Unemployment Insurance Weekly Claims Report Update

August 26, 2021

In the week ending August 21, the advance figure for seasonally adjusted initial claims was 353,000, an increase of 4,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 348,000 to 349,000. The 4-week moving average was 366,500, a decrease of 11,500 from the previous week's revised average. This is the lowest level for this average since March 14, 2020 when it was 225,500. The previous week's average was revised up by 250 from 377,750 to 378,000.

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)

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