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Daily Financial Regulation Update -- Thursday, September 2, 2021

September 02, 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 Small Business

What Comes Next? PPP Forgiveness

September 1, 2021

The House Committee on Small Business held a hearing titled, "What Comes Next? Paycheck Protection Program (PPP) Forgiveness," examining the current state of loan forgiveness under the PPP.

Federal Agencies

Consumer Financial Protection Bureau

CFPB Proposes Rule Requiring Lenders to Publish Statistics on Small Businesses Credit

September 1, 2021

The Consumer Financial Protection Bureau (CFPB) issued a long-awaited proposed rule regarding a new collection of small business lending data by lenders pursuant to its authority under section 1071 of the Dodd-Frank Act. In addition to the 918-page proposed rule, the CFPB also issued a summary of the proposed rule and a chart summarizing the proposed data points that covered financial institutions would be required to collect and report.

Federal Reserve Bank of New York

Blog Post: Going with the Flow: Changes in Banks' Business Model and Performance Implications

September 1, 2021

The Federal Reserve Bank of New York posted a Liberty Street Economics blog post titled, "Going with the Flow: Changes in Banks' Business Model and Performance Implications."

Securities and Exchange Commission

Speech: SEC Chair Gary Gensler Remarks Before the European Parliament Committee on Economic and Monetary Affairs

September 1, 2021

Securities and Exchange Commission Chair Gary Gensler Chair gave remarks before the European Parliament Committee on Economic and Monetary Affairs.

Department of Housing and Urban Development/Federal Housing Administration

HUD Announces Cross-Agency Efforts to Increase Affordable Housing Supply

September 1, 2021

The Department of Housing and Urban Development announced a series of actions it is taking as part of the Biden-Harris Administration's plan to create, preserve and sell nearly 100,000 additional affordable homes for homeowners and renters across the country over the next three years.

Federal Housing Finance Agency

FHFA Announces Increase in the Enterprises' LIHTC Cap

September 1, 2021

To support underserved markets, the Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac can each invest up to $850 million annually in the Low-Income Housing Tax Credit (LIHTC) market as equity investors, effective immediately. Previously, Fannie Mae and Freddie Mac were limited to $500 million each of investment annually in the LIHTC market.

FHFA Extends the Enterprises' REO First Look Period to 30 Days

September 1, 2021

Through the First Look Program, the Federal Housing Finance Agency extended from 20 to 30 days, the period during which owner occupants, public entities, and nonprofits will have exclusive ability to buy Fannie Mae and Freddie Mac real estate owned properties before they are available for investor purchase.

State Agencies

California Department of Financial Protection and Innovation

State Financial Regulator Moves Forward to License California Debt Collectors

September 1, 2021

The Department of Financial Protection and Innovation (DFPI) announced that all debt collectors operating in California are eligible to apply to be licensed by the DFPI, representing the first step in increased state oversight that will include an assessment of applications, formal examinations, and protections for California consumers. Debt collectors, debt buyers, and debt collection attorneys operating in the state may now submit their license applications online at the Nationwide Multistate Licensing System.

International

Bank of England Prudential Regulation Authority

Letter: Chair Andrew Bailey to the Chancellor Responding to the Recommendations from the Treasury

September 1, 2021

Chair of the Prudential Regulation Committee Andrew Bailey sent a letter to Chancellor of the Exchequer Rishi Sunak addressing the recommendations set out by the Chancellor of the Exchequer on the remit of the Prudential Regulation Authority.

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)