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Advice for Businesses in Dealing with the Expanding Coronavirus Events

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Daily Financial Regulation Update - Saturday, May 30, 2020

By
FedACTion Task Force
On May 30, 2020

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Click here to read more from our Coronavirus series.

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 Announces Virtual Hearings in June

May 29, 2020

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services (Committee), announced the following virtual hearings in the month of June:

June 3 at 12:00 PM – The Subcommittee on Consumer Protection and Financial Institutions will convene for a hearing entitled, “Promoting Inclusive Lending During the Pandemic: Community Development Financial Institutions and Minority Depository Institutions.”

June 10 at 12:00 PM – The Subcommittee on Housing, Community Development and Insurance will convene for a hearing entitled, “The Rent Is Still Due: America’s Renters, COVID-19, and an Unprecedented Eviction Crisis.”

June 11 at 12:00 PM – The Task Force on Financial Technology will convene for a hearing entitled, “Inclusive Banking During a Pandemic: Using FedAccounts and Digital Tools to Improve Delivery of Stimulus Payments.”

June 16 at 12:00 PM – The Subcommittee on National Security, International Development and Monetary Policy will convene for a hearing entitled, “Cybercriminals and Fraudsters: How Bad Actors Are Exploiting the Financial System During the COVID-19 Pandemic.”

June 17 at 12:00 PM – The full Committee will convene for a hearing entitled, “Monetary Policy and the State of the Economy.”

June 25 at 12:00 PM – The Subcommittee on Investor Protection, Entrepreneurship and Capital Markets will convene for a hearing entitled, “Capital Markets and Emergency Lending in the COVID-19 Era.”

June 26 at 12:00 PM – The Subcommittee on Housing, Community Development and Insurance will convene for a hearing entitled, “Insuring Against a Pandemic: Challenges and Solutions for Policyholders and Insurers.”

Waters Statement on Treasury and SBA Setting Aside $10 Billion for CDFIs for Paycheck Protection Program

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services (Committee), issued a statement regarding the U.S. Department of the Treasury’s and Small Business Administration’s announcement that it is setting aside $10 billion in Paycheck Protection Program funds to be distributed by Community Development Financial Institutions.

Federal Agencies

Federal Reserve Bank of New York

New York Fed Publishes Blog Post on the U.S. Treasury Markets

May 29, 2020

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “Treasury Market Liquidity and the Federal Reserve during the COVID-19 Pandemic” which examines Treasury market liquidity during the COVID-19 crisis through April 2020.

New York Fed Publishes Blog Post on the Types of Jobs that Bear the Greatest Risk During COVID-19

May 29, 2020

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “Which Workers Bear the Burden of Social Distancing Policies?”

International

European Banking Authority

EBA Publishes Guidelines on Loan Origination Standards, Taking into Consideration Significant Transition Periods to Facilitate Implementation

May 29, 2020

The European Banking Authority (EBA) published its Guidelines on loan origination and monitoring that expect institutions to develop robust and prudent standards to ensure newly originated loans are assessed properly. The Guidelines also aim to ensure that the institutions’ practices are aligned with consumer protection rules and respect fair treatment of consumers.

Bank of England Prudential Regulatory Authority

PRA Publishes Q&A on Capital Requirements Regulation Requirements for Property Valuations

May 29, 2020

The Prudential Regulatory Authority published a set of Q&As answering some commonly asked questions regarding residential and commercial property valuations for Capital Requirements Regulation purposes during the period of disruption caused by COVID-19.