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Advice for Businesses in Dealing with the Expanding Coronavirus Events

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Daily Financial Regulation Update -- Friday, July 31, 2020

By
FedACTion Task Force
On Jul 31, 2020

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Major Developments

Bureau of Economic Analysis Releases GDP Estimate

July 30, 2020

Real gross domestic product (GDP) decreased at an annual rate of 32.9% in the second quarter of 2020 according to the “advance” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 5.0%. The GDP estimate is based on source data that are incomplete or subject to further revision.

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 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

Oversight Hearing on the Consumer Financial Protection Bureau’s Activities During COVID-19 Addresses Issues on the Treatment of Consumers

July 30, 2020

The House Committee on Financial Services held an oversight hearing addressing the Consumer Financial Protection Bureau (CFPB) and whether it was protecting consumers during the COVID-19 pandemic. Chairwoman Maxine Waters (D-CA) raised issues with the CFPB’s record of protecting consumers during the COVID-19 pandemic, including the CFPB’s weakening of reporting requirements under the Home Mortgage Disclosure Act and the rollback of rules meant to protect against predatory payday loans.

Federal Agencies

Financial Crimes Enforcement Network

FinCEN Issues Advisory on Cybercrime and Cyber-Enabled Crime Exploiting the COVID-19 Pandemic

July 30, 2020

The Financial Crimes Enforcement Network (FinCEN) issued an advisory to alert financial institutions to potential indicators of cybercrime and cyber-enabled crime observed during the COVID-19 pandemic. The advisory contains descriptions of COVID-19-related malicious cyber activity and scams, associated financial red flag indicators, and information on reporting suspicious activity. The advisory is based on FinCEN’s analysis of COVID-19-related information obtained from Bank Secrecy Act data, open source reporting, and law enforcement partners.

Ginnie Mae

Ginnie Mae Releases Global Market Analysis Report

July 29, 2020

Ginnie Mae released its monthly Global Market Analysis Report for July 2020, which covers the relative attractiveness of U.S. fixed income and Ginnie Mae mortgage-backed securities, the state of the U.S. housing market and the effects of COVID-19 forbearances on delinquencies and buyouts.

Department of Labor

DOL Releases Data on Unemployment Insurance Weekly Claims

July 30, 2020

The United States Department of Labor released a report on unemployment insurance weekly claims. In the week ending July 25, 2020, the advance figure for seasonally adjusted initial claims was 1,434,000, an increase of 12,000 from the previous week’s revised level. The previous week’s level was revised up by 6,000 from 1,416,000 to 1,422,000. The 4-week moving average was 1,368,500, an increase of 6,500 from the previous week’s revised average. The previous week's average was revised up by 1,750 from 1,360,250 to 1,362,000.

International

European Banking Authority

EBA Sees First Impact of COVID-19 Materializing in EU Banks’ Q1 Data

July 30, 2020

The European Banking Authority published its quarterly Risk Dashboard together with the results of the Risk Assessment Questionnaire. The updated data shows that the impact of COVID-19 was mainly reflected in a contraction of banks’ capital ratios and profitability, the cost of risk increased, whereas non-performing loans ratios remained stable.