Daily Financial Regulation Update -- Thursday, July 29, 2021

July 29, 2021

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 Financial Services

Hearing: Full Committee Markup

July 28, 2021

The House Committee on Financial Services (Committee) held a markup hearing, where the full Committee discussed several measures and amendments.

Hearing: NAHASDA Reauthorization: Addressing Historic Disinvestment and the Ongoing Plight of the Freedmen in Native American Communities

July 28, 2021

The House Committee on Financial Services Subcommittee on Housing, Community Development and Insurance held a hearing titled, "NAHASDA Reauthorization: Addressing Historic Disinvestment and the Ongoing Plight of the Freedmen in Native American Communities."

Federal Agencies

U.S. Department of the Treasury

Treasury Joins Administration Call to Action to Alert Americans to Emergency Rental Assistance and Promote CFPB "Rental Assistance Finder"

July 28, 2021

The U.S. Department of the Treasury (Treasury) joined the White House, multiple agencies, non-profits, and major companies in raising awareness about the historic emergency rental assistance available to Americans in need. Renters and landlords looking for assistance can now use the Consumer Financial Protection Bureau's new "Rental Assistance Finder" tool to find information on rental assistance in their area.

Federal Reserve Board

Implementation Note: Federal Reserve Issues FOMC Statement

July 28, 2021

The Federal Reserve issued an Implementation Note outlining several decisions to implement the monetary policy stance announced by the Federal Open Market Committee.

Statement Regarding Repurchase Agreement Arrangements

July 28, 2021

The Federal Open Market Committee (FOMC) announced the establishment of two standing repurchase agreement (repo) facilities – a domestic standing repo facility (SRF) and a repo facility for foreign and international monetary authorities (FIMA repo facility). These facilities will serve as backstops in money markets to support the effective implementation of monetary policy and smooth market functioning.

Securities and Exchange Commission

Remarks: SEC Chair Gary Gensler Gives Prepared Remarks Before the "Principles for Responsible Investment 'Climate and Global Financial Markets'" Webinar

July 28, 2021

Gary Gensler, Chair of the Securities and Exchange Commission, gave prepared remarks before the "Principle for Responsible Investment 'Climate and Global Financial Markets'" Webinar.

Speech

U.S. Small Business Administration

SBA Announces Opening of Paycheck Protection Program Direct Forgiveness Portal

July 28, 2021

The U.S. Small Business Administration (SBA) is launching a streamlined application portal to allow borrowers with Paycheck Protection Program loans $150,000 or less through participating lenders to apply for forgiveness directly through the SBA.

Press Release

State Agencies

New York State Department of Financial Services

Report: Superintendent Lacewell Announces New DFS Report on New York Domestic Insurers' Management of the Financial Risks From Climate Change

July 28, 2021

Superintendent of Financial Services Linda A. Lacewell announced that the New York State Department of Financial Services (DFS) issued a report analyzing New York domestic insurers' management of the financial risks from climate change based on their 2020 responses to the National Association of Insurance Commissioners (NAIC) Climate Risk Disclosure Survey and their Task Force on Climate-Related Financial Disclosures reports.

International

European Banking Authority

EBA Publishes Its Final Guidelines on the Monitoring of the Threshold for Establishing An Intermediate EU Parent Undertaking

July 28, 2021

The European Banking Authority (EBA) published its final Guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate European Union parent undertakings (IPU) as laid down in the Capital Requirements Directive. The Guidelines specify how third country groups should calculate and monitor the total value of their assets in the Union in order to ensure timely application of the IPU requirement.

Bank of England

Speech: Accessible FX Market Disclosures: Transparency for a Virtual Environment by Rohan Churm

July 28, 2021

Rohan Churm, Chair of the Global Foreign Exchange Committee's (GFXC) Disclosure and Transparency Working Group, reflects on the GFXC's three-year review of the FX Global Code in his speech titled, "Accessible FX Market Disclosures: Transparency for a Virtual Environment."