Menu

Advice for Businesses in Dealing with the Expanding Coronavirus Events

< Back to the Summary Page

Daily Financial Regulation Update -- Thursday, October 22, 2020

By
FedACTion Task Force
On Oct 22, 2020

Subscribe to PH FedACTion: Financial Regulatory Updates

PH Client Alerts

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 Board

Achieving a Broad-Based and Inclusive Recovery

October 21, 2020

Governor Lael Brainard gave a speech at the Society of Professional Economists Annual Online Conference titled “Achieving a Broad-Based and Inclusive Recovery.” In the speech, she discusses the K-shaped recovery from the COVID-19 crisis and the Federal Reserve’s commitment to providing sustained accommodation to achieve a broad-based recovery.

Federal Reserve Bank of New York

Labor Market Policies during an Epidemic

October 21, 2020

The Federal Reserve Bank of New York has released a staff report titled “Labor Market Policies during an Epidemic.” In the report, the authors study the usefulness of the two types of labor market policies (both in isolation and in conjunction) implemented by the U.S. government in response to the COVID-19 pandemic: expanding unemployment insurance payments and granting payroll subsidies to vulnerable firms.

Federal Housing Finance Agency

Temporary Policy Allowing Purchase of Qualified Loans in Forbearance Extended

October 21, 2020

The Federal Housing Finance Agency approved an extension of the current temporary policy that allows for the purchase by Fannie Mae and Freddie Mac (the Enterprises) of certain single-family mortgages in forbearance that meet specific eligibility criteria as set by the Enterprises. The policy is extended for loans originated through November 30, 2020.

International

Bank of England

The Monetary Policy Toolbox in the UK

October 21, 2020

Dave Ramsden, Deputy Governor for Markets & Banking at the Bank of England and a member of the UK’s Monetary Policy Committee (MPC), gave a speech at the Society of Professional Economists’ Annual Conference titled “The Monetary Policy Toolbox in the UK.” In the speech, he gives his perspective on the MPC’s response to the policy challenges of the COVID-19 pandemic and how the MPC has used its “monetary policy toolbox.”