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Daily Financial Regulation Update -- Monday, March 8, 2021

March 08, 2021

By FedACTion Task Force

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Major Developments

Senate Passes American Rescue Plan Act

March 6, 2021

The U.S. Senate passed the American Rescue Plan Act of 2021, including direct payments of up to $1,400 for many Americans; a $300-per-week supplement to unemployment benefits continuing into September 2021; a one-year expansion of the child tax credit, which will allow qualifying families to offset, for the 2021 tax year, $3,000 per child up to age 17 and $3,600 per child under age 6, up to a maximum of $8,000 in annual child care costs, with the size of the benefit diminishing for Americans earning more than $75,000 per year; and, new funding for COVID-19 vaccine distribution and testing, rental assistance for struggling households, and K-12 school reopening costs.

The U.S. House of Representatives plans to vote on the bill on Tuesday, March 9, and send it to President Biden for his signature prior to the March 14 unemployment aid renewal deadline.

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 (Nominee)

  • Acting Secretary: Matthew E. Ammon

Department of Education – Dr. Miguel Cardona

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 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.

International

European Banking Authority

European Banking Authority Impacted by Cyber-Attack

March 7, 2021

The European Banking Authority (EBA) was the subject of a cyber-attack against its Microsoft Exchange Servers, which is affecting many organizations worldwide. The EBA has swiftly launched a full investigation, in close cooperation with its internet provider, a team of forensic experts and other relevant entities.