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Click here to read more from our Coronavirus series.
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.
Federal Reserve Bank of New York
New York Fed’s Center for Microeconomic Data Releases August 2020 SCE
September 14, 2020
The Federal Reserve Bank of New York’s Center for Microeconomic Data released the August 2020 Survey of Consumer Expectations (SCE), which shows a continued decline in pessimism about households’ financial situations. According to the SCE, home price growth expectations returned to levels close to those of a year ago, while delinquency expectations remain low. However, according to the SCE, year-ahead spending, household income and labor market expectations all remain weak compared to the pre-COVID-19 period. The SCE shows median inflation expectations increased at both the short and medium-term horizons, while uncertainty and disagreement about future inflation remain elevated.
Conference of State Bank Supervisors
CSBS Examines Relationship between Consumer Confidence, Unemployment Rate
September 14, 2020
In a blog post entitled “What Goes Up, Must Come Down?”, the Conference of State Bank Supervisors examined the negative relationship between the U.S. consumer confidence index and the unemployment rate, both in the long-run, and in the context of the COVID-19 pandemic.
Commodity Futures Trading Commission
CFTC Further Extends Certain No-Action Relief to Socially-Distancing Market Participants
September 11, 2020
The Commodity Futures Trading Commission (CFTC) announced the Division of Swap Dealer and Intermediary Oversight (DSIO) and the Division of Market Oversight (DMO) are further extending to January 15, 2021, certain elements of the temporary no-action relief issued in response to COVID-19, which had been set to expire on September 30, 2020. Subject to the conditions stated in the no-action letter, the relief provided is as follows: (i) DSIO is extending targeted no-action relief for affected firms from CFTC regulations requiring recording of oral communications related to voice trading and other telephonic communications, as well as time-stamping requirements when located in remote, socially-distanced locations; and, (ii) DMO is extending targeted no-action relief for Swaps Execution Facilities and Designated Contract Markets from certain CFTC regulations regarding audit trails, recording of oral communications, and related requirements as a result of the displacement of trading personnel from their normal business sites.