The House Financial Services Committee has advanced four bills that address the establishment of protections across the financial system.
The Minority Business Resiliency Act, introduced by U.S. Rep. Al Green (D-TX), supersedes Executive Order 11625 created the original Minority Business Development Agency (MBDA) by organizing the development and resiliency of minority business enterprises (MBEs).
MBEs are firms that are at least 51 percent owned by one or more socially disadvantaged individuals, with management and daily business operations controlled by one or more socially disadvantaged individuals.
Additionally, the Greater Supervision In Banking (G-SIB) Act, a measure presented by U.S. Rep. Ayanna Pressley (D-MA), requires U.S. Global Systemically Important Banks (G-SIBs) to present detailed annual reports to the Federal Reserve and have them published on its website.
Meanwhile, the Central Liquidity Facility Enhancement Act, introduced by U.S. Rep. Maxine Waters (D-CA), permanently extends enhancements for the National Credit Union Administration’s (NCUA) Central Liquidity Facility (CLF) made in the CARES Act – broadening access to liquidity support for more credit unions.
Lastly, the Municipal I.D.’s Acceptance Act, introduced by U.S. Rep. Ritchie Torres (D-NY), directs federal financial regulators and the Financial Crime Enforcement Network (FinCEN) to update guidance on the Customer Identification Program (CIP) as a means of clarifying banks may incorporate municipal-issued identification (ID) into the financial institution’s risk-based approach.