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Daily Financial Regulation Update -- Wednesday, June 16, 2021

June 16, 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

21st Century Communities: Local Leaders on the Infrastructure Needs Facing America’s States, Cities, and Towns

June 15, 2021

The Committee on Banking, Housing, and Urban Affairs conducted a hearing titled, “21st Century Communities: Local Leaders on the Infrastructure Needs Facing America’s States, Cities, and Towns.”

Committee on Small Business and Entrepreneurship

Senators Duckworth, Scott, Cardin and Collins Reintroduce Bipartisan Bill to Support Women Entrepreneurs

June 15, 2021

U.S. Senate Committee on Small Business and Entrepreneurship members Tammy Duckworth (D-IL) and Tim Scott (R-SC), along with Committee Chair Ben Cardin (D-MD) and U.S. Senator Susan Collins (R-ME) re-introduced bipartisan legislation to help increase support to female entrepreneurs and women-owned businesses.

U.S. House of Representatives

Committee on Financial Services

Digitizing the Dollar: Investigating the Technological Infrastructure, Privacy, and Financial Inclusion Implications of Central Bank Digital Currencies

June 15, 2021

The Task Force on Financial Technology of the House Committee on Financial Services held a hearing titled, “Digitizing the Dollar: Investigating the Technologies Infrastructure, Privacy and Financial Inclusion Implications of Central Bank Digital Currencies.”

Chairwoman Waters Joins Vice President Kamala Harris on the Initial Release of Funds for Minority Banks and Community Based Lenders

June 15, 2021

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave a statement at the White House, where she was joined by Vice President Kamala Harris, U.S. Department of the Treasury Secretary Janet Yellen, Senator Mark Warner (D-VA), and Opportunity Finance Network President and CEO Lisa Mensah, on the initial release of funds secured by Congresswoman Waters as part of the December stimulus package.

Committee on Small Business

Reversing the Decline in Women Entrepreneurship: Opportunities for Rebuilding the Economy

June 15, 2021

The Committee on Small Business Subcommittee on Economic Growth, Tax and Capital Access held a hearing titled, “Reversing the Decline in Women Entrepreneurship: Opportunities for Rebuilding the Economy.”

Federal Agencies

U.S. Department of the Treasury

Remarks by Secretary of the Treasury Janet L. Yellen on $1.25 Billion Award to CDFIs to Support Economic Relief in Underserved Communities Affected by COVID-19

June 15, 2021

U.S. Department of the Treasury (Treasury) Secretary Janet L. Yellen gave remarks on Treasury’s $1.25 billion award to 863 Community Development Financial Institutions (CDFIs) across the country. The grants will be made through Treasury’s CDFI Rapid Response Program and will provide necessary capital for CDFIs to respond to economic challenges created by the COVID-19 pandemic, particularly in underserved communities.

Federal Deposit Insurance Corporation

FDIC Board of Directors Meeting

June 15, 2021

The Federal Deposit Insurance Corporation’s Board of Directors met in open session. A recording of the meeting can be viewed here. Materials and information relative to the Board actions are available here:

FDIC Restoration Plan Semiannual Update


Final Policy Statement Regarding Minority Depository Institutions


Proposed Rulemaking on Real Estate Lending Standards

Office of the Comptroller of the Currency

Remarks by the Acting Comptroller of the Currency on Reducing Bias in Real Estate Appraisals

June 15, 2021

Acting Comptroller of the Currency Michael J. Hsu delivered remarks to raise awareness about the need to reduce bias in real estate appraisals, during an event on the subject hosted by the Consumer Financial Protection Bureau. His comments highlighted the significant impact bias in appraisals has on minority families and how it contributes to a greater wealth gap between minority and majority populations.

Consumer Financial Protection Bureau

A Brief Note on General Lending Patterns of Small to Medium Size Closed-end HMDA Reporters

June 14, 2021

The Consumer Financial Protection Bureau has issued “A Brief Note on General Lending Patterns of Small to Medium Sized Closed-end HMDA Reporters.”

Federal Housing Finance Agency

Annual Report to Congress - 2020

June 15, 2021

The Federal Housing Finance Agency (FHFA) released its Report to Congress 2020, which covers the activities of FHFA and its regulated entities in 2020. 

International

European Commission

EU-US Launch Trade and Technology Council to Lead Values-Based Global Digital Transformation

June 15, 2021

European Commission President Ursula von der Leyen and President Joe Biden have launched the EU-US Trade and Technology Council at the US-EU Summit in Brussels on June 15, 2021.

Emerging Stronger from the Pandemic: Acting on the Early Lessons Learned

June 15, 2021

The European Commission presented a communication on the early lessons learned from the COVID-19 pandemic over the past 18 months and building on them to improve action at the European Union and national level.

Bank of England

Innovation to Serve the Public Interest

June 15, 2021

Governor Andrew Bailey of the Bank of England gave a speech at the City UK Annual Conference titled, “Innovation to Serve the Public Interest.”

Solvency II Review: Protecting Policyholders while Improving the Regime

June 15, 2021

Anna Sweeney, Executive Director, Insurance at the Bank of England, gave a speech at the JP Morgan European Insurance Conference titled, “Solvency II Review: Protecting Policyholders while Improving the Regime.”

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)