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Daily Financial Regulation Update -- Saturday, October 2, 2021

October 02, 2021

By Paul Hastings Professional

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Click here to read more from our Coronavirus series.

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 Small Business and Entrepreneurship

Statement: GAO Report Confirms Congressional and SBA Policies Increased Equity and Fairness in Paycheck Protection Program

October 1, 2021

U.S. Senate Committee on Small Business & Entrepreneurship Chair Ben Cardin (D-MD) released a statement on a recent report issued by the Government Accountability Office. The report found that changes to the Paycheck Protection Program (PPP) implemented by Congress and the U.S. Small Business Administration (SBA) successfully increased access to PPP loans for underserved small businesses.

U.S. House of Representatives

Committee on Financial Services

Congresswoman Waters Announces October Committee Schedule

October 1, 2021

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced the following schedule for the month of October:

Tuesday, October 5, 2021-12:00 P.M.: Oversight of the U.S. Securities and Exchange Commission: Wall Street's Cop Is Finally Back on the Beat

Tuesday, October 12, 2021-12:00 P.M.: Zoned Out: Examining the Impact of Exclusionary Zoning on People, Resources, and Opportunity

Wednesday, October 13, 2021-12:00 P.M.: Beyond I, Robot: Ethics, Artificial Intelligence, and the Digital Age

Thursday, October 14, 2021-12:00 P.M.: Cashed Out: How a Cashless Economy Impacts Disadvantaged Communities and Peoples

Wednesday, October 20, 2021-10:00 A.M.: The State of the International Financial System and U.S. Participation in the International Financial Institutions

Tuesday, October 26, 2021-10:00 A.M.: Taking of Stock of 'China, Inc.': Examining Risks to Investors and the U.S. Posed by Foreign Issuers in U.S. Markets

Wednesday, October 27, 2021-10:00 A.M.: Bringing Consumer Protection Back: A Semi-Annual Review of the Consumer Financial Protection Bureau

Committee on Small Business

Chairwoman Velázquez Announces October Hearings

October 1, 2021

House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) announced several committee hearings throughout October:

Wednesday, October 6, 2021-10:00 A.M.: SBA's Entrepreneurial Development Programs


Wednesday, October 13, 2021-12:00 P.M.: Growing the Small Business Supplier Base in Government Contracting

Wednesday, October 20, 2021-10:00 A.M.: Global Supply Chains and Small Business Trade Challenges

Wednesday, October 27, 2021-10:00 A.M.: A Review of the SBIC Program

Federal Agencies

Federal Deposit Insurance Corporation

FDIC Names Charles Vice to Advisory Committee of State Regulators

October 1, 2021

The Federal Deposit Insurance Corporation (FDIC) announced that Charles Vice, Commissioner of the Commonwealth of Kentucky's Department of Financial Institutions, is the newest member of the FDIC's Advisory Committee of State Regulators.

National Credit Union Administration

Remarks: NCUA Chairman Rodney E. Hood Remarks at the National Council of Firefighters Credit Unions

October 1, 2021

National Credit Union Administration Chairman Rodney E. Hood gave remarks at the National Council of Firefighters Credit Unions.

International

Bank of England

Notice: Statistical Notice 2021/08

October 1, 2021

The Bank of England published Statistical Notice 2021/08 to provide guidance to reporters about how bad and doubtful debts, and the potentially resulting guarantees received on loans made under the government COVID-19 loan guarantees, should be reported.

Administration Changes

Appointments/Confirmation Hearings

U.S. Department of the Treasury - Janet Yellen (effective January 26, 2021)

Consumer Financial Protection Bureau - Rohit Chopra (effective September 30, 2021)

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

U.S. Department of Housing and Urban Development - Marcia Fudge (effective March 10, 2021)

Federal Housing Finance Agency

U.S. Department of Education - Dr. Miguel Cardona (effective March 2, 2021)