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Daily Financial Regulation Update -- Wednesday, August 4, 2021

August 04, 2021

By FedACTion Task Force

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Major Developments

Securities and Exchange Commission

Statement: SEC Chair Gary Gensler Remarks on Digital Assets Before the Aspen Security Forum

August 3, 2021

Securities and Exchange Commission Chair Gary Gensler gave a statement before the Aspen Security Forum on cryptocurrency's intersection with national security.

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

Hearing: Oversight of Regulators: Does our Financial System Work for Everyone?

August 3, 2021

The Committee on Banking, Housing, and Urban Affairs (Committee) held a hearing titled, "Oversight of Regulators: Does our Financial System Work for Everyone?" The Committee heard testimony from the heads of the National Credit Union Administration, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency.

Statement: Toomey on Cryptocurrency Tax in Infrastructure Package: Text is Unworkable

August 3, 2021

U.S. Senate Banking Committee Ranking Member Pat Toomey (R-PA) released a statement regarding a provision in the bipartisan infrastructure package that would tax cryptocurrency transactions.

U.S. House of Representatives

Committee on Financial Services

Letter: Congresswoman Maxine Waters Continues to Seek an Eviction Moratorium

August 3, 2021

Chairwoman of the House Committee on Financial Services Congresswoman Maxine Waters (D-CA) sent a letter to Speaker of the House Nancy Pelosi. In the letter, Congresswoman Waters reiterates her call for President Biden to direct the Centers for Disease Control and Prevention to extend the eviction moratorium.

Federal Agencies

Federal Reserve Bank of New York

Total Household Debt Climbs in Q2 2021, New Extensions of Credit Hit Series Highs

August 3, 2021

The Federal Reserve Bank of New York's Center for Microeconomic Data issued its Quarterly Report on Household Debt and Credit, which shows that total household debt increased by $313 billion (2.1%) to $14.96 trillion in the second quarter of 2021. The total debt balance is now $812 billion higher than at the end of 2019. The 2.1% increase in aggregate balances was the largest seen since Q4 2013 and marked the largest nominal increase in debt balances since Q2 2007.

National Credit Union Association

Polanco Named NCUA Director for the Office of Minority and Women Inclusion

August 3, 2021

The National Credit Union Administration (NCUA) named Miguel A. Polanco as its Director for the Office of Minority and Women Inclusion. In this role, Mr. Polanco will report to NCUA Chairman Todd M. Harper and oversee the agency's requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 to develop and promote standards for workforce diversity, supplier diversity and equal employment opportunity and assess the diversity policies and practices throughout the credit union industry.

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)