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Daily Financial Regulation Update -- Friday, July 30, 2021

July 30, 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

U.S. Senators Seek to Cap all Consumer Loans at 36%

July 28, 2021

In an effort to address purported abusive and predatory lending practices that target vulnerable consumers, U.S. Senators Jack Reed (D-RI), Jeff Merkley (D-OR), Sherrod Brown (D-OH), and Chris Van Hollen (D-MD), led the reintroduction of legislation that would extend the protections of the Military Lending Act (MLA), which caps the annual percentage rate on consumer loans at 36 percent, to cover veterans and other consumers.

  • Press Release

Senate Hearing Extending the Military's 36% Interest Rate Cap to All Consumers

July 29, 2021

The Senate Committee on Banking, Housing, and Urban Affairs held a hearing titled, "Protecting Americans from Debt Traps by Extending the Military's 36% Interest Rate Cap to Everyone."

Committee on Small Business and Entrepreneurship

Senators Cardin & Risch Introduce Bipartisan Legislation to Make SBA Venture Capital Fund More Equitable

July 28, 2021

Senate Committee on Small Business & Entrepreneurship Chair Ben Cardin (D-MD) and U.S. Senator Jim Risch (R-ID) introduced the SBIC Working Group Act of 2021 – legislation to make the U.S. Small Business Administration's Small Business Investment Company (SBIC) Program more equitable.

U.S. House of Representatives

Committee on Small Business

Committee Passes Seven Bipartisan Bills

July 29, 2021

Under House Chairwoman Nydia M. Velázquez, the House Small Business Committee passed seven bipartisan bills to improve the U.S. Small Business Administration's lending programs, boost small business cyber-security, and reauthorize a program providing entrepreneurial development training to veterans.

Federal Agencies

U.S. Department of the Treasury

The U.S. Department of the Treasury Expands Paid Leave Tax Credit to Enable More Vaccinations

July 29, 2021

The U.S. Department of the Treasury and the Internal Revenue Service announced that eligible employers can claim tax credits equal to the wages paid for providing paid time-off to employees to take a family or household member or certain other individuals to get vaccinated, or to care for a family or household member or certain other individuals recovering from the vaccination. Comparable tax credits are also available for self-employed individuals.

Policy Statement: U.S. Department of the Treasury Policy Statement on State and Local Fiscal Recovery Funds and Individual Vaccine Incentives

July 29, 2021

The U.S. Department of the Treasury released a policy statement on the use of State and Local Recovery Funds for individual vaccine incentives.

Federal Reserve Board

Report: 107th Annual Report of the Board of Governors of the Federal Reserve System

July 29, 2021

The Board of the Governors (Board) of the Federal Reserve System published its 107th Annual Report. The report covers the calendar-year operations and activities carried out by the Board in its five key functional areas: (1) monetary policy, (2) financial stability, (3) supervision and regulation, (4) payment system and Reserve Bank oversight, and (5) consumer and community affairs.

Federal Reserve, FDIC, and OCC Issue Answers to Frequently Asked Questions on the Transition Away from LIBOR

July 29, 2021

The federal bank agencies issued answers to frequently asked questions to assist its supervised firms in the transition away from using the London Interbank Offered Rate (LIBOR) as a reference rate.

Department of Labor

Unemployment Insurance Weekly Claims Report Update

July 29, 2021

In the week ending July 24, the advance figure for seasonally adjusted initial claims was 400,000, a decrease of 24,000 from the previous week's revised level. The previous week's level was revised up by 5,000 from 419,000 to 424,000. The 4-week moving average was 394,500, an increase of 8,000 from the previous week's revised average. The previous week's average was revised up by 1,250 from 385,250 to 386,500.

State Agencies

New York State Department of Financial Services

Superintendent Lacewell Announces New DFS Initiative to Promote Diversity, Equity, and Inclusion in Depository and Non-Depository Institutions

July 29, 2021

Superintendent of Financial Services Linda A. Lacewell announced new action by the New York State Department of Financial Services (DFS) to promote diversity, equity, and inclusion in the banking and non-depository financial industries.

International

European Commission

Commission Adopts New Guidance on How to Climate-Proof Future Infrastructure Projects

July 29, 2021

The European Commission published new technical guidance on climate-proofing of infrastructure projects for the period 2021-2027.

UK Financial Conduct Authority

FCA Proposing Changes to Streamline Decision-Making

July 29, 2021

The UK Financial Conduct Authority is proposing changes to its decision-making process, which will enable it to make faster and more effective decisions. These changes will help the FCA improve how it tackles firms and individuals who do not meet the required standards.

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)