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Daily Financial Regulation Update -- Saturday, August 7, 2021

August 07, 2021

By FedACTion Task Force

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Click here to read more from our Coronavirus series.


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 Small Business and Entrepreneurship

Senate Approves Bipartisan Amendment to Expand and Make Permanent Minority Business Development Agency

August 6, 2021

The Senate approved a bipartisan amendment to expand and make permanent the Minority Business Development Agency. The measure, sponsored by Senate Committee on Small Business and Entrepreneurship Chair Ben Cardin (D-MD), Senate Committee on Commerce Chair Maria Cantwell (D-WA), Senate Committee on Commerce Ranking Member Roger Wicker (R-MS), and Senators Tim Scott (R-SS), Tammy Baldwin (D-WS) and John Cornyn (R-TX), is now included in the Bipartisan Infrastructure Investment and Jobs Act.

U.S. House of Representatives

Committee on Financial Services

Letter: Congresswoman Waters Urges Federal Agencies and Bank Regulators to Strengthen and Enforce Foreclosure Protections for Homeowners

August 5, 2021

Chairwoman of the House Financial Services Committee Congresswoman Maxine Waters (D-CA) sent two letters to federal agencies and banking regulators, urging them to strengthen foreclosure and mortgage servicing protections for borrowers and provide greater oversight to prevent unnecessary foreclosures during the pandemic.

Federal Agencies

Securities and Exchange Commission

Statement: SEC Approves Nasdaq's Proposal for Disclosure about Board Diversity and Proposal for Board Recruiting Service by SEC Chair Gary Gensler

August 6, 2021

Securities and Exchange Commission (SEC) Chair Gary Gensler released a statement, stating that the SEC approved NASDAQ's proposed rule changes requiring issuers to disclose certain information about the diversity of the company's board and to offer certain companies access to a complimentary board recruiting service.

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)