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Daily Financial Regulation Update -- Monday, March 15, 2021

March 15, 2021

By FedACTion Task Force

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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 (Nominee)

Small Business Administration – Isabel Guzman (Nominee)

Commodity Futures Trade Commission

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, 2011)

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 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.

Federal Agencies

U.S. Department of the Treasury

Treasury Department Begins Sending Economic Impact Payments from the American Rescue Plan to Americans

March 12, 2021

The Department of the Treasury announced that Economic Impact Payments from the American Rescue Plan will begin rolling out in tranches to millions of Americans in the coming weeks. 

U.S. Small Business Administration

SBA Extends Deferment Period for all COVID-19 EIDL and Other Disaster Loans until 2022

March 12, 2021

The U.S. Small Business Administration (SBA) announced an extension of the deferment periods for all disaster loans, including the Economic Injury Disaster Loan (EIDL) program, until 2022. All SBA disaster loans made in calendar year 2020, including EIDLs, will have a first payment due date extended from 12-months to 24-months from the date of the loan. All SBA disaster loans made in calendar year 2021, including EIDLs, will have a first payment due date extended from 12-months to 18-months from the date of the loan.

SBA Statement: American Rescue Plan Act Elevates Small Business Support in Response to COVID-19 Pandemic

March 11, 2021

The U.S. Small Business Administration’s Senior Advisor Michael Roth issued a statement after President Biden signed the American Rescue Plan Act of 2021 into law.

U.S. Department of Housing and Urban Development/Federal Housing Administration

HUD Secretary Fudge Issues Video Message to HUD Staff

March 12, 2021

U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge issued a message to HUD following her swearing in as the 18th Secretary of HUD.

U.S. Department of Education

Statement from U.S. Secretary of Education Miguel Cardona on Signing of the American Rescue Plan

March 12, 2021

U.S. Secretary of Education Miguel Cardona issued a statement on the signing into law of the American Rescue Plan Act of 2021.

U.S. Department of Education Continues Aggressive Plan to Safely Reopen Schools

March 12, 2021

The U.S. Department of Education (DoE) announced additional details on its plans to support schools in safely returning to in-person instruction. The DoE will provide best practices, guidance, and support to schools as they navigate reopening, while the American Rescue Plan Act of 2021 will provide $130 billion to help schools implement these safe reopening measures and address the academic, social, and emotional needs of students.