those individuals to apply for PPP loans, consistent with SBA's rules and restrictions. The extension only applies to PPP loans. The Board is providing the rule extension for PPP loans made since March 31, and to allow banks to continue to make PPP loans to a broad range of small businesses within their communities. The SBA explicitly has prohibited banks from prioritizing or providing favorable processing time to PPP loan applications from a director or equity holder, and the Board will administer the rule extension accordingly. The rule extension, which is effective immediately, applies to PPP loans made from March 31 through June 30, 2021. The rule change will continue to apply if the PPP is extended, with the change ultimately sunsetting on March 31, 2022. Comments will be accepted for 45 days after publication in the Federal Register.

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Comment: The PPP funds have been exhausted except for participating community financial institutions included Certified Development Companies, SBA Microlenders, Community Development Financial Institutions and minority Depository Institutions.

Federal Reserve Board Invites Public Comment on Proposed Changes to Regulation II Regarding Network Availability for Card-Not-Present Debit Card Transactions and Publishes a Biennial Report Containing Summary Information on Debit Card Transactions In 2019 (05.07.2021) The Federal Reserve Board on Friday invited public comment on proposed changes to Regulation II (Debit Card Interchange Fees and Routing) to clarify that debit card issuers should enable, and allow merchants to choose from, at least two unaffiliated networks for card-not-present debit card transactions, such as online purchases. The Board views these clarifications of Regulation II's existing requirements as necessary in light of information indicating that often only one network is enabled for such transactions. Additionally, the Board published a biennial report containing summary information on debit card transactions in 2019. Regulation II implements section 920 of the Electronic Fund Transfer Act (EFTA). Among other things, the regulation requires that there be at least two unaffiliated payment card networks enabled on a debit card to process debit card transactions. At the time the Board promulgated Regulation II, the market had not developed solutions to broadly support multiple networks over which merchants could choose to route card-not-present transactions. Although technology has subsequently evolved to address these barriers, data collected by the Board and information from industry participants indicate that two unaffiliated networks are often not available to process card-not-present debit card transactions because some issuers do not enable two networks for those transactions. The absence of at least two unaffiliated networks for card-not-present transactions forecloses the ability of merchants to choose between competing networks when routing such transactions, an issue that has become increasingly pronounced because of continued growth in online transactions, particularly in the COVID- 19 environment. The proposed revisions would clarify that card-not-present transactions are a "particular type of transaction" for which two unaffiliated payment card networks must be available. The proposed revisions would further

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