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Daily Financial Regulation Update -- Thursday, July 22, 2021

July 22, 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. House of Representatives

Committee on Financial Services

Hearing: Banking the Unbanked: Exploring Private and Public Efforts to Expand Access to the Financial System

July 21, 2021

The House Committee on Financial Services held a meeting titled, "Banking the Unbanked: Exploring Private and Public Efforts to Expand Access to the Financial System." The hearing examined trends in unbanked and underbanked households, challenges to improve access to mainstream financial services, and current initiatives and proposals to better expand the availability of safe and affordable banking and financial services for all people and in every community.

Committee on Small Business

SBA's Role in Climate Solutions

July 21, 2021

The House Committee on Small Business Subcommittee on Oversight, Investigations, and Regulations held a hearing titled, "SBA's Role in Climate Solutions." The hearing addressed the role that small business can play in addressing climate change, and how federal programs and services support small businesses as they adapt, innovate and thrive.

Federal Agencies

U.S. Department of the Treasury

More Than 2.2 Million Additional Economic Impact Payments Disbursed Under the American Rescue Plan

July 21, 2021

The U.S. Department of the Treasury (Treasury), the Internal Revenue Service, and the Bureau of the Fiscal Service announced they have disbursed more than 2.2 million additional Economic Impact Payments under the American Rescue Plan.

Treasury Data: Amount of June Emergency Rental Assistance Resources to Households More Than All Previous Months Combined

July 21, 2021

The U.S. Department of the Treasury (Treasury) released new grantee performance data for the month of June on the Emergency Rental Assistance (ERA) program that shows a significant increase in the number of households served and the amount of funds provided to households as state and local programs continued to ramp up their efforts. More than $1.5 billion in assistance was delivered to eligible households in the month of June, more than the assistance provided all three previous reporting periods combined.

Securities and Exchange Commission

Remarks: Prepared Remarks of Chair of the Securities and Exchange Commission, Gary Gensler, Before the American Bar Association Derivatives and Futures Law Committee Virtual Mid-Year Program

July 21, 2021

Chair of the Securities Exchange Commission Gary Gensler prepared remarks before the American Bar Associate Derivatives and Futures Law Committee Virtual Mid-Year program.

U.S. Small Business Administration

Annual Report of the Chief Counsel for Advocacy on Implementation of the Regulatory Flexibility Act and Executive Order 13272

July 21, 2021

The Office of Advocacy (Advocacy) within the U.S. Small Business Administration has issued its annual report in compliance with the Regulatory Flexibility Act (RFA), summarizing changes to rules that reduced the regulatory burden for small businesses.

Department of Housing and Urban Development/Federal Housing Administration

HUD Makes Over $19 Million Available To Fight Housing Discrimination

July 21, 2021

The U.S. Department of Housing and Urban Development (HUD) announced that it is making $19.4 million available to help HUD Fair Housing Initiatives Program agencies conduct activities that will address discriminatory housing practices related to the COVID-19 pandemic.

International

European Banking Authority

Report: EBA Found that Extensive Use of Central Bank Facilities Drove Asset Encumbrance Ratios Up in 2020

July 21, 2021

The European Banking Authority (EBA) published its annual report on asset encumbrance. As COVID-19 spread across Europe, banks made extensive use of central bank facilities to strengthen their liquidity buffers and maintain the flow of credit to the real economy. According to the report, this resulted in the largest yearly rise in the asset encumbrance ratio since data became available.

Bank of England

Speech: Executive Director of Prudential Policy Victoria Saporta Gives Speech on Emerging Prudential Lessons from the COVID Stress

July 21, 2021

Executive Director of Prudential Policy at the Bank of England Vicky Saporta gave a speech titled, "Emerging Prudential Lessons from the COVID Stress," and reflected on how the prudential rules put in place after the 2008 financial crisis worked during the COVID-19 pandemic. She looked back at the main concerns at the start of the pandemic, and outlined how regulatory buffers behaved to absorb the effects of economic stress.

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)