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Advice for Businesses in Dealing with the Expanding Coronavirus Events

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Daily Financial Regulation Update - Monday, May 18, 2020

By
FedACTion Task Force
On May 18, 2020

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PH Client Alerts

Click here to read more from our Coronavirus series.

Major Developments

Regulators Temporarily Change the Supplementary Leverage Ratio to Increase Banks’ Ability to Support Credit to Households and Businesses in Light of the Coronavirus Response

May 15, 2020

The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency issued an interim final rule temporarily changing the supplementary leverage ratio rule. The temporary modifications provide flexibility to certain depository institutions to expand their balance sheets in order to provide credit to households and businesses in light of the challenges arising from the coronavirus response.

House Passes HEROES Act

May 15, 2020

The House of Representatives passed the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, H.R. 6800, in a 208-199 vote.

Congress

Click here to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), 116 HR. 748, 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 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

Waters Urges Congress to Pass HEROES Act

May 15, 2020

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave a floor statement in support of the HEROES Act (H.R. 6800).