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Daily Financial Regulation Update -- Friday, July 16, 2021

July 16, 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

Hearing: Chairman of the Federal Reserve's Semiannual Monetary Policy Report to the Congress

July 15, 2021

The U.S. Senate's Committee on Banking, Housing, and Urban Affairs met in open session for a hearing titled, "The Semiannual Monetary Policy Report to the Congress," with testimony from Federal Reserve Chairman Jerome Powell.

U.S. House of Representatives

Committee on Financial Services

Statement: Congresswoman Waters Applauds President Biden's Executive Order to Examine Bank Merger Practices, Urges Federal Reserve to Strengthen Merger Reviews

July 15, 2021

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, released a statement on President Biden's recent executive order encouraging the Department of Justice and prudential regulators to examine bank merger practices.

Federal Agencies

Federal Reserve Board

Paper: Un-used Bank Capital Buffers and Credit Supply Shocks at SMEs during the Pandemic

July 15, 2021

The Board of Governors of the Federal Reserve System published a paper analyzing whether banks curbed lending to creditworthy small and mid-sized enterprises during the COVID-19 pandemic.

Paper: U.S. Monetary Policy Spillovers to Emerging Markets: Both Shocks and Vulnerabilities Matter

July 15, 2021

The Board of Governors of the Federal Reserve System published a paper titled "U.S. Monetary Policy Spillovers to Emerging Markets: Both Shocks and Vulnerabilities Matter."

Department of Labor

Unemployment Insurance Weekly Claims Report Update

July 15, 2021

In the week ending July 10, the advance figure for seasonally adjusted initial claims was 360,000, a decrease of 26,000 from the previous week's revised level. This is the lowest level for initial claims since March 14, 2020 when it was 256,000. The previous week's level was revised up by 13,000 from 373,000 to 386,000. The 4-week moving average was 382,500, a decrease of 14,500 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 2,500 from 394,500 to 397,000.

International

UK Financial Conduct Authority

Report: FCA publishes Annual Report and Accounts 2020/21

July 15, 2021

The UK Financial Conduct Authority (FCA) has published its Annual Report and Accounts, which looks back on key pieces of work throughout 2020/21.

Business Plan 2021/22

July 15, 2021

The FCA's Business Plan 2021/22 explains how it sees our future role and priorities, how it intends to deliver them, and how it will measure its performance. The FCA made a commitment to be a more, innovative, adaptive and assertive regulator. The commitment reflects the FCA's Business Plan for 2021/22, the first annual plan since Nikhil Rathi joined the FCA as Chief Executive in October 2020.

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)