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Daily Financial Regulation Update -- Wednesday, April 21, 2021

April 21, 2021

By FedACTion Task Force

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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 – Isabel 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, 2011)

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 Banking, Housing, and Urban Affairs

Banking Committee Holds Hearing on Investing in Rural Communities

April 20, 2021

The U.S. Senate Committee on Banking, Housing, and Urban Affairs met remotely to conduct a hearing entitled “An Economy that Works For Everyone: Investing in Rural Communities.” The witnesses were: Mr. William J. (Bill) Bynum, Chief Executive Officer, HOPE (Hope Enterprise Corporation, Hope Credit Union, Hope Policy Institute); Ms. Stacy Mitchell, Co-Executive Director, Institute for Local Self-Reliance; Ms. Marcia Erickson, Chief Executive Officer, GROW South Dakota; The Honorable Affie Ellis, Wyoming State Senator, District 8; and Ms. Kathleen Sgamma, President, Western Energy Alliance.

U.S. House of Representatives

Committee on Financial Services

Financial Services Committee Meets to Mark up Resolutions

The U.S. House Committee on Financial Services met to mark up the following resolutions: FY20 Budget Views and Estimates; H.R. 1087; H.R. 1187; H.R. 1277; H.R. 2123; H.R. 2516; H.R. 2543; H.R. 2547; H.R. 2553; and Resolution to establish the Task Force on Artificial Intelligence & Resolution to establish the Task Force on Financial Technology

April 20, 2021

Committee on Small Business

Representative Velazquez Issues Update on SBA’s Pandemic Response Programs

April 20, 2021

Congresswoman Nydia M. Velazquez (D-NY), Chairwoman of the Committee on Small Business, issued a statement regarding the Small Business Administration’s (SBA) pandemic response programs, summarizing that since the passage of the CARES Act, the SBA has approved 4.2 million Paycheck Protection Program loans worth $229 billion, 3.77 Economic Injury Disaster Loans (EIDL) for approximately $195 billion, and has disbursed 5.8 million EIDL advances amounting to $20 billion.

Velázquez, Evans, and Golden Look to Extend SBA Lending to Small Cannabis Businesses

April 20, 2021

Committee on Small Business Chairwoman Nydia M. Velázquez (D-NY), Rep. Dwight Evans (D-PA), and Rep. Jared Golden (D-ME) reintroduced legislation to open several Small Business Administration programs to small firms operating in the legal cannabis sector. 

Federal Agencies

Department of the Treasury

Deputy Secretary of the Treasury Wally Adeyemo Holds Roundtable Discussion with Bank Policy Institute Members

April 20, 2021

Deputy Secretary of the Treasury Wally Adeyemo met virtually with 20 CEOs who are members of the Bank Policy Institute (BPI) for a roundtable discussion focused on the importance of forging strong partnerships between the public and private sectors to tackle challenges facing Americans.

Commodity Futures Trading Commission

Commissioner Stump Issues Remarks Before Texas A&M’s Bitcoin Conference

April 16, 2021

Commissioner Dawn D. Stump of the Commodity Futures Trading Commission issued remarks at Texas A&M’s Bitcoin Conference. Stump’s remarks focused on the regulation of Bitcoin.

International

Bank of England Prudential Regulation Authority

PRA Publishes Supervisory Disclosures Regarding Approach and Insurance Regulations Applicable in the UK Year-End 2019

April 20, 2021

The Bank of England Prudential Regulation Authority (PRA) published supervisory disclosures, including: aggregate statistical data on key aspects of the application of the prudential framework; a table covering the manner of exercise of the options provided for in the Solvency II Directive; links to the texts of insurance regulations applicable in the United Kingdom; and links to the PRA’s supervisory approach.

UK Financial Conduct Authority

FCA CEO Rathi Delivers Speech on Innovation in the Service of Consumers and the Market

April 20, 2021

Nikhil Rathi, CEO of the UK Financial Conduct Authority, delivered a speech at FinTech Week.