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Daily Financial Regulation Update -- Tuesday, August 24, 2021

August 24, 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

Committee on Small Business Announces September Hearings

August 23, 2021

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


Wednesday, September 1, 2021-1:00 P.M.: What Comes Next? PPP Forgiveness

Tuesday, September 14, 2021-11:00 A.M.: National Small Business Week: Celebrating our Main Street Champions

Tuesday, September 21, 2021-10:00 A.M.: SBA's Entrepreneurial Development Programs

Wednesday, September 22, 2021-10:00 A.M.: Protecting Workers in a COVID Economy (Subcommittee on Innovation, Entrepreneurship, and Workforce Development)

Wednesday, September 29, 2021-10:00 A.M.: Sustainable Forestry's Role in Climate Solutions (Subcommittee on Underserved, Agricultural, and Rural Development)

Thursday, September 30, 2021-10:00 A.M.: The Plight of Employee-owned Entities and Revisiting the Main Street Employee Ownership Act

Federal Agencies

U.S. Department of the Treasury

Letter: Treasury Department Releases Letter from Financial Regulators to Nonfinancial Corporate Stakeholders on LIBOR Transition

August 23, 2021

U.S. Secretary of the Treasury Janet L. Yellen, Chair of the Board of Governors of the Federal Reserve System Jerome H. Powell, Chair of the Securities and Exchange Commission Gary Gensler, President and Chief Executive Officer of the Federal Reserve Bank of New York John C. Williams, and Acting Chairman of the Commodity Futures Trading Commission Rostin Behnam released a letter to nonfinancial corporate stakeholders following a discussion of the experiences and concerns of nonfinancial corporations as they prepare to transition from U.S. dollar LIBOR.

Commodity Futures Trading Commission

Statement: Commissioner Dawn D. Stump on the CFTC's Regulatory Authority Applicable to Digital Assets

August 23, 2021

Commodity Futures Trading Commission (CFTC) Commissioner Dawn D. Stump released a statement on the CFTC's regulatory authority as applicable to digital assets.

Department of Housing and Urban Development/Federal Housing Administration

Report: COVID-19 Forbearance Data in HUD's Single Family Default Monitoring System Generally Agreed With Information Maintained by Loan Servicers

August 16, 2021

The Office of Inspector General of the Department of Housing and Urban Development (HUD) released a report titled, "COVID-19 Forbearance Data in HUD's Single Family Default Monitoring System Generally Agreed with Information Maintained by Loan Servicers Reviewed."

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)

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