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Daily Financial Regulation Update -- Wednesday, July 28, 2021

July 28, 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. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: Cryptocurrencies: What Are They Good For?

July 27, 2021

The Committee on Banking, Housing, and Urban Affairs conducted a hearing titled, "Cryptocurrencies: What are they good for?"

U.S. House of Representatives

Committee on Financial Services

Hearing: The Promises and Perils of Central Bank Digital Currencies

The House Committee on Financial Services Subcommittee on National Security, International Development and Monetary Policy held a meeting titled, "The Promises and Perils of Central Bank Digital Currencies" to discuss what multilateral actions might be appropriate to shape global developments in a manner which benefits U.S. and allied interests, including monetary policy and national security objectives.

July 27, 2021

Chairwoman Waters Meets with Secretary Yellen to Discuss Implementation of Rental Assistance

July 27, 2021

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, met with Treasury Secretary Janet Yellen to discuss the implementation of emergency rental assistance, among other things.

Federal Agencies

Office of the Comptroller of the Currency

OCC Announces Climate Change Risk Officer, Membership in the NGFS

July 27, 2021

The Office of the Comptroller of the Currency announced the appointment of Darrin Benhart as its Climate Change Risk Officer and its membership in the Network of Central Banks and Supervisors for Greening the Financial System (NGFS).

Consumer Financial Protection Bureau

Special Issue Brief: CFPB Finds Credit Applications Have Mostly Recovered to Pre-Pandemic Levels

July 27, 2021

The Consumer Financial Protection Bureau (CFPB) published a report showing that consumer applications for auto loans, new mortgages and revolving credit cards had mostly returned to pre-pandemic levels by May 2021.

U.S. Small Business Administration

SBA Reaches New Milestone Awarding $7.5 Billion in Shuttered Venue Operators Grants to over 10,000 Venues

July 27, 2021

The U.S. Small Business Administration has successfully awarded more than $7.5 billion in Shuttered Venue Operators Grants (SVOGs) to more than 10,000 live entertainment small businesses, nonprofits, and venues. The SVOG program is designed to assist in getting the nation's cultural institutions, which are critical to the economy, and were among the first to shutter, back on track.

Department of Housing and Urban Development/Federal Housing Administration

Report: HUD's Major Program Offices Can Improve Their Preparedness to Respond to Upcoming Natural Disasters

July 27, 2021

The U.S. Department of Housing and Urban Development (HUD), Office of Inspector General (OIG), has completed its audit of the HUD's disaster preparedness from 2005 to 2018. The OIG performed this audit due to an agreement with six other Inspectors General as part of a Disaster Assistance Working Group-Cross Cutting Functional Effort by the Council of the Inspectors General on Integrity and Efficiency to determine to what extent the Federal departments were prepared for upcoming natural disasters.

International

Bank of England

Results of the Semi-Annual FX Turnover Surveys in April 2021

July 27, 2021

The Bank of England published the findings of the April 2021 survey in which 27 financial institutions active in the UK foreign exchange market participated in the semi-annual turnover for the Foreign Exchange Joint Standing Committee.

UK Financial Conduct Authority

Final Rules: FCA Publishes Final Rules to Strengthen Investor Protections in SPACs

July 27, 2021

The UK Financial Conduct Authority (FCA) published its final rules aimed at strengthening investor protections in SPACs.

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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