PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, November 13, 2020
November 13, 2020
FedACTion Task Force
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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.
U.S. House of Representatives
Committee on Financial Services
Hearing: Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions during the Pandemic
November 12, 2020
The Committee on Financial Services held a hearing titled “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions during the Pandemic.”
Statement by Acting Comptroller of the Currency Brian Brooks
Statement by National Credit Union Administration Chairman Rodney Hood
Statement by Federal Deposit Insurance Corporation Chairman Jelena McWilliams
Statement by Federal Reserve Vice Chairman of Supervision Randal Quarles
Federal Agencies
Federal Housing Finance Agency
Temporary Policy Allowing Purchase of Qualified Loans in Forbearance Extended
November 12, 2020
The Federal Housing Finance Agency approved an extension of the current temporary policy that allows for the purchase of certain single-family mortgages in forbearance that meet specific eligibility criteria as set by Fannie Mae and Freddie Mac, in order to further support homeowners and mortgage lenders during COVID-19. The policy is extended for loans originated through December 31, 2020.
U.S. Department of Labor
Labor Department Issues Release on Unemployment Insurance Weekly Claims
November 12, 2020
The U.S. Department of Labor issued a release regarding weekly unemployment insurance claims. The release states that, in the week ending November 7, the advance figure for seasonally adjusted initial claims was 709,000, a decrease of 48,000 from the previous week’s revised level; the previous week’s level was revised up by 6,000 from 751,000 to 757,000; the four-week moving average was 755,250, a decrease of 33,250 from the previous week’s revised average; and the previous week’s average was revised up by 1,500 from 787,000 to 788,500.
International
Bank of England
Speech: The Impact of Leveraged Investors on Market Liquidity and Financial Stability
November 12, 2020
Sir Jon Cunliffe, Deputy Governor Financial Stability and Member of the Financial Policy Committee, Monetary Policy Committee and Prudential Regulation Committee at the Bank of England, gave a speech titled “The Impact of Leveraged Investors on Market Liquidity and Financial Stability,” highlighting the extreme turmoil in financial markets in March 2020 due to COVID-19.
UK Financial Conduct Authority
Facing the Future – Challenges and Priorities for the FCA
November 12, 2020
Nikhil Rathi, Chief Executive Officer of the Financial Conduct Authority (FCA) gave a speech at the Address to the City Regulators, Mansion House. His speech focused on the challenges the financial services industry and the FCA face in the coming months, including due to COVID-19 and the FCA’s efforts in the immediate environment and in 2021.