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Advice for Businesses in Dealing with the Expanding Coronavirus Events

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Daily Financial Regulation Update -- Wednesday, September 16, 2020

By
FedACTion Task Force
On Sep 16, 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”), 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 Agencies

Federal Reserve Bank of New York

New York Fed Releases Monthly Empire State Manufacturing Survey Results

September 15, 2020

The Federal Reserve Bank of New York released results of the September 2020 Empire State Manufacturing Survey (Survey), reflecting survey responses collected between September 2 and September 9, 2020. According to the Survey results, the headline general business conditions index climbed, new orders increased modestly and shipments grew significantly, while unfilled orders continued to decline and inventories edged slightly lower. Employment was again little changed, though the average workweek picked up, and input prices increased at a faster pace than in August. Looking ahead, firms remained optimistic that conditions would improve over the next six months despite COVID-19.

National Credit Union Association

NCUA Releases Quarterly U.S. Map Review

September 15, 2020

The National Credit Union Administration (NCUA) released its U.S. Map Review (Review) for the second quarter of 2020. According to the Review, federally insured credit unions saw median asset growth of 10.0% over the year ending in the second quarter of 2020, compared to 1.7% during the year ending in the second quarter of 2019. According to the Review, the median growth rate of loans outstanding was 0.2% over the year ending in the second quarter of 2020, compared to 4.6% over the year ending in the second quarter of 2019.